Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 245.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Non Convertible Debentures (NCD) 35.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Total Outstanding 280.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on Rs.35.00 crore proposed non-convertible debentures and also reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on  Rs.245.00 crore of bank facility of Pincon Spirit Limited (PSL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­Pincon Spirit Limited (­PSL) was Incorporated in 1978 and engaged in the business of manufacturing and trading of IMFL (Indian Made Foreign Liquor) and IMIL (Indian Made Indian Liquor) in the state of West Bengal, Karnataka, Orissa, Uttarakhand and other states in South India. The company is also engaged in the business of trading of edible oil in West Bengal and neighboring states. ACUITE has taken a consolidated view of the financial and business risk profile of PSL and its subsidiaries. Together, they have been referred as Pincon Group (PG). The Directors of Pincon Spirit Limited are Aneet Sachar, Sandip Roy Chowdhury, Ramnath Pradeep, Abhijit Datta.

 
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:

­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 rating is 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 17 (Actual) FY 16 (Actual)
Operating Income Rs. Cr. 1561.72 987.95
PAT Rs. Cr. 43.96 25.50
PAT Margin (%) 2.81 2.58
Total Debt/Tangible Net Worth Times 1.14 1.26
PBDIT/Interest Times 3.69 3.48
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

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
28 Feb 2023 Proposed Non Convertible Debentures Long Term 35.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 50.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 100.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 20.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 19.50 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 5.50 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 20.00 ACUITE D ( Issuer not co-operating*)
02 Mar 2022 Cash Credit Long Term 10.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 100.00 ACUITE D ( Issuer not co-operating*)
Proposed Non Convertible Debentures Long Term 35.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 50.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 20.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 20.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 5.50 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 19.50 ACUITE D ( Issuer not co-operating*)
05 Mar 2021 Cash Credit Long Term 245.00 ACUITE D (Issuer not co-operating*)
Proposed Non Convertible Debentures Long Term 35.00 ACUITE D (Issuer not co-operating*)
­

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. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 19.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Tamil Nadu Mercantile Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
DBS Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 35.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*

Contacts




About Acuité Ratings & Research

© Acuité Ratings & Research Limited. All Rights Reserved.www.acuite.in