Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 55.00 ACUITE BB+ | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 55.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long term rating of ‘ACUITE BB+’(read as ACUITE double B plus) on the Rs. 55.00 crore bank facilities of Odyssey Motors Private Limited (OMPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company
­Incorporated in 1998, Odyssey Motors Private Limited (OMPL) is an authorized dealer of Maruti Suzuki India Limited (MSIL) and engaged in trading and servicing of passenger vehicles. Currently, the company is headed by Mr. Ashok Kumar Jalan, Mr. Yogesh Jalan, Mrs. Ruchi Jalan and Mrs. Manorama Devi Jalan. The company is having 8 showrooms (7 showrooms for new vehicles and 1 showroom for pre-owned vehicles), 6 workshops and 4 stockyards in the western part of Orissa.
 
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 noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
 
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."
 
Material Covenants
­Not Applicable.
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
­Not Applicable.
 
Other Factors affecting Rating
­Not Applicable.
 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 303.40 296.13
PAT Rs. Cr. 10.81 8.87
PAT Margin (%) 3.56 3.00
Total Debt/Tangible Net Worth Times 0.21 0.14
PBDIT/Interest Times 21.28 12.42
Status of non-cooperation with previous CRA
­Not Applicable.
 
Any other information
­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
 
Applicable Criteria
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
14 Mar 2022 Cash Credit Long Term 3.00 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Channel Financing Long Term 10.00 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Channel Financing Long Term 15.00 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Proposed Bank Facility Long Term 2.00 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Channel Financing Long Term 25.00 ACUITE BB+ (Downgraded and Issuer not co-operating*)
24 Dec 2020 Channel Financing Long Term 25.00 ACUITE BBB | Stable (Assigned)
Cash Credit Long Term 3.00 ACUITE BBB | Stable (Assigned)
Channel Financing Long Term 10.00 ACUITE BBB | Stable (Assigned)
Channel Financing Long Term 15.00 ACUITE BBB | Stable (Assigned)
Proposed Bank Facility Long Term 2.00 ACUITE BBB | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 3.00 Simple ACUITE BB+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Channel/Dealer/Vendor Financing Not Applicable Not Applicable Not Applicable 25.00 Simple ACUITE BB+ | Reaffirmed | Issuer not co-operating*
Indusind Bank Ltd Not Applicable Channel/Dealer/Vendor Financing Not Applicable Not Applicable Not Applicable 15.00 Simple ACUITE BB+ | Reaffirmed | Issuer not co-operating*
Axis Bank Not Applicable Channel/Dealer/Vendor Financing Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE BB+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 2.00 Simple ACUITE BB+ | Reaffirmed | Issuer not co-operating*
­

Contacts
Analytical Rating Desk
About Acuité Ratings & Research
Acuité Ratings & Research Limitedwww.acuite.in