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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 38.00 | ACUITE BB+ | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 2.50 | - | ACUITE A4+ | Downgraded | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 40.50 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long term rating to ‘ACUITE BB+’ (read as ACUITE double B plus) from‘ACUITE BBB’ (read as ACUITE triple B) and short term rating to 'ACUITE A4+ (read as ACUITE A four plus) from 'ACUITE A3+ (read as ACUITE A three plus) on the Rs. 40.50 crore bank facilities of Phil Coal Benefication Private Limited. The rating is now flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.
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| About the Company |
| Incorporated in 2006- Phil Coal Benefication Private Limited (PCBPL), the flagship entity of the Phil group is a Bilaspur (Chhattisgarh) based company engaged in in coal washing, coal crushing, coal trading and handling along with transportation and logistics services. The group is promoted by the Jha family. It procures coal from various collieries from SECL and its subsidiary through auction and also procures Indonesian coal as per their requirement. |
| About the Group |
| PCBPL has two subsidiaries- Phil Minerals Benefication and Energy Private Limited (PMBEPL) and Phil Systems (PS). Both the companies provide logistical support to PCBP. The group caters to the coal requirements of power, metal, paper, steel and cement industries and most of its customers are located in Central India including the states of Chhattisgarh and Madhya Pradesh. The group is operating a coal washery of 2.5 MTPA capacity and 2.4 MTPA coal crushing and screening capacity at Bilaspur along with 0.96 MTPA Coal Washery in Raigarh. It has a dedicated Railway siding with South Eastern Central Railway on which it provides coal handling through wreck loading and charging service charges from the client. |
| 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 compoent in such ratings, and noncooperation by the issuer along with un willingness toprovide 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. |
| 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 ratingis based. |
| Rating Sensitivities |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Material Covenants |
| None |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
| Not Applicable |
| Key Financials: |
| The rated entity has not shared the latest financial statement for Acuite to comment. |
| Status of non-cooperation with previous CRA |
| None |
| Any other information |
| Acuite has not received the latest No Default Statement from the company 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 • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.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 |
| 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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