Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 18.00 ACUITE BB | Downgraded & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 20.00 Not Applicable | Withdrawn -
Bank Loan Ratings 2.50 - ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding 0.00 - -
Total Withdrawn 40.50 - -
 
Rating Rationale

­Acuité has downgraded and withdrawn the long-term rating to ‘ACUITE BB’ (read as ACUITE double B) from ‘ACUITE BB+’ (read as ACUITE double B plus) on Rs.18.00 Cr. bank facilities of PHIL COAL BENEFICATION PRIVATE LIMITED and reaffirmed  and withdrawn the short-term rating of 'ACUITE A4+' (read as ACUITE A four plus) on the Rs.2.50 Cr. bank facilities of PHIL COAL BENEFICATION PRIVATE LIMITED .The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information and downgraded  the long-term rating on account of information risk. Further, Acuité has withdrawn the long-term rating on the Rs.20.00 Cr. bank facilities of PHIL COAL BENEFICATION PRIVATE LIMITED without assigning any rating as it is a proposed facility.
The rating has been withdrawn on Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility. The rating has been withdrawn on account of the request received from the company, and the NOC(No Objection Certificate) received from the banker.

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.
 
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 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.
 
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 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.
 
Rating Sensitivity
­"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
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 21 (Provisional) FY 20 (Actual)
Operating Income Rs. Cr. 237.30 226.18
PAT Rs. Cr. 15.40 15.28
PAT Margin (%) 6.49 6.75
Total Debt/Tangible Net Worth Times 0.34 0.22
PBDIT/Interest Times 16.81 13.92
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.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.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
18 Jan 2023 Cash Credit Long Term 18.00 ACUITE BB+ | Not Applicable (Downgraded & Issuer not co-operating*)
Proposed Cash Credit Long Term 20.00 ACUITE BB+ | Not Applicable (Downgraded & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee Short Term 2.50 ACUITE A4+ (Downgraded & Issuer not co-operating*)
17 Nov 2021 Bank Guarantee/Letter of Guarantee Short Term 2.50 ACUITE A3+ (Assigned)
Proposed Cash Credit Long Term 20.00 ACUITE BBB | Stable (Assigned)
Cash Credit Long Term 18.00 ACUITE BBB | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
State Bank of India Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.50 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 18.00 Simple ACUITE BB | Downgraded & Withdrawn | Issuer not co-operating* ( from ACUITE BB+ )
Not Applicable Not avl. / Not appl. Proposed Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple Not Applicable|Withdrawn

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