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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 25.70 | ACUITE C | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 9.30 | ACUITE D | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 35.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long-term rating from‘ACUITE BB+’ (read as ACUITE Double B Plus) to 'ACUITE D' (read as ACUITE D) on the Rs.9.30 crore bank facilities of Palogix Infrastructure Private Limited(PIPL).
Also, Acuité has downgraded the long-term rating from‘ACUITE BB+’ (read as ACUITE Double B Plus) to 'ACUITE C' (read as ACUITE C) on the Rs.25.70 crore bank facilities of Palogix Infrastructure Private Limited(PIPL). The rating is now flagged as “Issuer Not-Cooperating” category, since Palogix Infrastructure Private Limited(PIPL) has been an NDS defaulter for more than three months and feedback received from the banker. |
| About the Company |
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Incorporated in 2007, PIPL is a Kolkata based company, promoted by Mr. Ramesh Rai, Mr. Atul Paliwal and Mr. Vishal Rai. The company is engaged in development of PFT and providing logistics solutions through terminal access, transportation of rail borne-cargo, warehousing, road transportation and container handling services. PIPL is the first company to operationalize a Greenfield PFT in India. The company has already commissioned two railway PFTs – Durgapur, West Bengal in October 2012 and Muradnagar, Uttar Pradesh in February, 2015. Furthermore, it is also setting up another two PFTs at Rudrapur in Uttarakhand and Kolkata in West Bengal.
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| Non-cooperation by the issuer/borrower |
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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.
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| Limitation regarding information availability |
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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.
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| Rating Sensitivities |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Material Covenants |
| Not Applicable |
| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| Not Applicable |
| Particulars | Unit | FY 22 (Provisional) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 24.68 | 20.61 |
| PAT | Rs. Cr. | 3.20 | 2.80 |
| PAT Margin | (%) | 12.98 | 13.59 |
| Total Debt/Tangible Net Worth | Times | 0.70 | 0.86 |
| PBDIT/Interest | Times | 3.36 | 3.20 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| Acuite is yet to receive the latest No Default Statement, from the rated entity, despite repeated requests and followups |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm |
| Note on Complexity Levels of the Rated Instrument |
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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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