Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 3.00 ACUITE C | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 10.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 13.00 - -
 
Rating Rationale

­Acuité has reaffirmed its long term rating of ‘ACUITE C (read as ACUITE C)’ and the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.13.00 crore bank facilities of Onus Enterprise Private Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­OEPL was incorporated in the year 2014 to take over the running business of Onus Enterprise (proprietorship concern). Onus Enterprise (OE) is engaged in trading of food products like cashew, biscuits, wine, spices chemicals, etc. The firm is also engaged in processing of cashew and manufacturing of biscuits. For biscuits, OE gets it manufactured on job work basis. For spices, undertakes mixing and repackaging before sale. The company is directed by Mr Kalpesh Mukundlal Shah, and Rakesh Narayan Revandkarwas, situated in Mumbai.

 
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 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 continues to be flagged as “Issuer notcooperating”, 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 endeavored 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 rating is 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 17 (Actual) FY 16 (Actual)
Operating Income Rs. Cr. 151.96 98.12
PAT Rs. Cr. 3.91 2.32
PAT Margin (%) 2.57 2.36
Total Debt/Tangible Net Worth Times 2.34 2.19
PBDIT/Interest Times 3.89 2.85
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.

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
23 Dec 2022 Proposed Cash Credit Long Term 3.00 ACUITE C | Not Applicable (Downgraded & Issuer not co-operating*)
Proposed Letter of Credit Short Term 10.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
22 Nov 2021 Proposed Cash Credit Long Term 3.00 ACUITE B+ | Not Applicable (Downgraded & Issuer not co-operating*)
Proposed Letter of Credit Short Term 10.00 ACUITE A4 (Downgraded & Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Not Applicable Not avl. / Not appl. Proposed Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
­

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