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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 9.05 | ACUITE BB | Downgraded | Issuer not co-operating* | - |
Bank Loan Ratings | 4.00 | - | ACUITE A4+ | Reaffirmed | Issuer not co-operating* |
Total Outstanding | 13.05 | - | - |
Total Withdrawn | 0.00 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuité has downgraded its long-term rating to ‘ACUITE BB’ (read as ACUITE double B) from ‘ACUITE BB+’ (read as ACUITE double B plus) on the Rs. 9.05 Cr. and reaffirmed its short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.4.00 Cr. bank facilities of Paramount Powders Private Limited (PPPL).
The rating downgrade is based on non-submission of NDS for 03 consecutive months.The rating is now flagged as “Issuer Not-Cooperating” on account of information risk and is based on the best available information. |
About the Company |
Based in Delhi, Paramount Powders Private Limited (PPPL) is established in 1997 and is managed by Mr. Tarlochan Singh Badyal and Mr. Manish Jain. The company is engaged in the manufacturing of polyurethanes and thermosetting powder coating.
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Unsupported Rating |
Not applicable |
Non-cooperation by the issuer/borrower |
Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. 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 |
Rating Sensitivities |
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 |
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Other Factors affecting Rating |
None |
Particulars | Unit | FY 24 (Actual) | FY 23 (Actual) |
Operating Income | Rs. Cr. | 86.92 | 86.13 |
PAT | Rs. Cr. | 1.51 | 0.93 |
PAT Margin | (%) | 1.74 | 1.09 |
Total Debt/Tangible Net Worth | Times | 0.56 | 0.58 |
PBDIT/Interest | Times | 4.98 | 3.68 |
Status of non-cooperation with previous CRA |
Not Applicable |
Interaction with Audit Committee anytime in the last 12 months (applicable for rated-listed / proposed to be listed debt securities being reviewed by Acuite) |
Not applicable |
Any other information |
None |
Applicable Criteria |
• 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 • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
Note on complexity levels of the rated instrument |
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* The issuer did not co-operate; based on best available information. |
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Contacts |
About Acuité Ratings & Research |
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