Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 12.00 ACUITE B+ | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 31.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 43.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­­Acuité has downgraded the long-term rating to ‘ACUITE B+’ (read as ACUITE B plus) from 'ACUITE BB-' (read as ACUITE double B minus) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.43.00 Crore bank facilities of PIMS Medical And Education Charitable Society 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

­­­Established in the year 1999 by the Punjab Government, PIMS Medical And Education Charitable Society is a Jalandhar, Punjab based medical college and hospital. The hospital commenced its operation in the year 2010. Subsequently, it was converted into a Public Private Partnership Society and was taken over by a professional board in 2013. Since 2011, the college has started operating.

 
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

­"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 19 (Actual) FY 18 (Actual)
Operating Income Rs. Cr. 66.87 52.25
PAT Rs. Cr. 7.47 (5.62)
PAT Margin (%) 11.17 (10.76)
Total Debt/Tangible Net Worth Times 0.01 0.13
PBDIT/Interest Times 15.86 1.11
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
23 Jan 2024 Bank Guarantee/Letter of Guarantee Short Term 31.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Secured Overdraft Long Term 10.00 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Proposed Secured Overdraft Long Term 2.00 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
31 Oct 2022 Bank Guarantee/Letter of Guarantee Short Term 31.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Secured Overdraft Long Term 10.00 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Proposed Secured Overdraft Long Term 2.00 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Union Bank of India Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 31.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Union Bank of India Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
* The issuer did not co-operate; based on best available information.

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