* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to ‘ACUITE B-’ (read as ACUITE B minus) from 'ACUITE B' (read as ACUITE B) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.10.32 crore bank facilities of Parasnath Enterprises (PE) on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Parasnath Enterprises (PE), established in 1997, is a Delhi-based partnership firm. Mr. Ashok Kumar Jain, the key partner, has around three decades of experience in the rubber and plastic business. The firm is engaged into manufacturing of rubber component for the automobile industry.
About the Group
While assigning the rating, Acuite has taken into account the consolidated operational and financial performance of Adinath Industries and Parasnath Enterprises, together referred to as the ‘AIPE Group’. The consolidation is in view of the common customer base, management and similarity in the lines of business of both entities. The Delhi-based AIPE Group, incorporated in 1997 was promoted by Mr. Ashok Kumar Jain who possesses around three decades of experience in the rubber and plastic business.
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 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 is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
Limitation regarding information availability
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Proposed Long Term Loan
Long Term
2.87
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
16 Apr 2024
Bank Guarantee/Letter of Guarantee
Short Term
3.45
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Letter of Credit
Short Term
1.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
3.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan
Long Term
2.87
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
18 Jan 2023
Bank Guarantee/Letter of Guarantee
Short Term
3.45
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Letter of Credit
Short Term
1.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
3.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan
Long Term
2.87
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
BANK OF INDIA
Not avl. / Not appl.
Bank Guarantee/Letter of Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.45
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
BANK OF INDIA
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
BANK OF INDIA
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Long Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.87
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
