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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 33.00 | ACUITE B- | Reaffirmed | Issuer not co-operating* | - |
Bank Loan Ratings | 3.00 | - | ACUITE A4 | Reaffirmed | Issuer not co-operating* |
Total Outstanding | 36.00 | - | - |
Rating Rationale |
Acuité has reaffirmed the long-term rating of ‘ACUITE B-’ (read as ACUITE B minus) and the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 36.00 crore bank facilities of National Oxygen Limited. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information. |
About the Company |
National Oxygen Limited (NOL) a Public Limited Company was incorporated in 1974, registered with Bombay & Madras Stock Exchanges. NOL is a producer and supplier of Industrial Gases both in Liquid and Gaseous form to Industries and Hospitals. In 1980 the Company installed and commissioned the first oxygen plant of 60 cubic metres per hour capacity at Mathur Village, Pudukottai District, and Tamil Nadu. NOL currently has a capacity of 2500 m3 per hour of Oxygen / Nitrogen gases and 2,00,000 m3 per annum capacity of Dissolved Acetylene gas having manufacturing facilities at Pondicherryand Tamil Nadu. The company is currently managed by Mr. Rajeshkumar Saraf, Mr. Gajanand Saraf, Mrs. Sarita Saraf, Mr. Shanmugavadivel Siva, Mrs. Mona Milan Parekh and Mr. Amit Kumar Agarwal. |
Unsupported Rating |
Not Applicable |
Non-cooperation by the issuer/borrower: |
Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. |
Limitation regarding information availability: |
The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavoured to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit ratingis based. |
Rating Sensitivity |
"No information provided by the issuer / available for Acuite to comment upon." |
Liquidity Position |
"No information provided by the issuer / available for Acuite to comment upon." |
Outlook |
Not Applicable |
Other Factors affecting Rating |
None |
Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
Operating Income | Rs. Cr. | 47.70 | 52.05 |
PAT | Rs. Cr. | (0.79) | 7.62 |
PAT Margin | (%) | (1.66) | 14.64 |
Total Debt/Tangible Net Worth | Times | (31.00) | 2077.23 |
PBDIT/Interest | Times | 2.38 | 5.98 |
Status of non-cooperation with previous CRA |
Not Applicable |
Any other information |
None |
Applicable Criteria |
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
Note on Complexity Levels of the Rated Instrument |
In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in. |
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