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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 1.00 | - | ACUITE A4 | Downgraded | Issuer not co-operating* |
| Bank Loan Ratings | 13.65 | ACUITE B+ | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 14.65 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long-term rating to ‘ACUITE B+’ (read as ACUITE single B plus) from ‘ACUITE BB-’ (read as ACUITE double B minus) and the short-term rating to ‘ACUITE A4’ (read as ACUITE A four)’ from ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 14.65 crore bank facilities of Pandit Automobiles Private Limited (PAPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.
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| About the Company |
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The Haryana-based PAPL, established in 1998 is an authorised dealer of Maruti Suzuki India Limited (MSIL). The company, promoted by Mr. Jitender Sharma has a showroom and service centre in Yamunanagar, Haryana. PAPL undertakes sale of second hand cars through the True Value Channel. The company also runs NEXA showroom which commenced operations from July 2016 at Yamuna Nagar, Haryana.
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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 non-cooperation 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 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 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.
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| About the Rated Entity - Key Financials |
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The rated entity has not shared the latest financial statements despite repeated requests.
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| Rating Sensitivity |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Material Covenants |
| None |
| 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 |
| Status of non-cooperation with previous CRA |
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" Brickwork , vide its press release dated February 28, 2022 had denoted the long term rating of Pandit Automobiles Pvt. Ltd. as ‘BWR B +/Stable Downgrade/ISSUER NOT COOPERATING’ and short term rating as 'BWR A4
Reaffirmation/ISSUER NOT COOPERATING' on account of lack of adequate information required for monitoring of ratings. The earlier rating, however, stood at ‘BWR BB- /Stable Downgrade/ISSUER NOT COOPERATING’ and 'BWR A4 Reaffirmation/ISSUER NOT COOPERATING' vide its press release dated January 22, 2021 . " |
| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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| Applicable Criteria |
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• 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 |
| https://www.acuite.in/view-rating-criteria-55.htm |
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