Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 26.17 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 2.50 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 28.67 - -
 
Rating Rationale
­Acuité has reaffirmed the long term rating of ‘ACUITE B+’ (read as ACUITE B plus)  and short term rating of ‘ACUITE A4’ (read as ACUITE A four)  on the Rs.28.67 crore bank facilities of Placebo Fabtech Private Limited (PFPL). This rating is now an indicative rating and is based on account of information risk.

About the Company
­Placebo Fabtech Private Limited (PFPL), is a Hyderabad based company incorporated in 2018.  PFPL commenced its operations in December, 2018.  The company is promoted by Mr. Ch. Chandra Shekar Reddy and is engaged in steel fabrications of steel girders, pre engineering structures for Railway bridges, Flyovers, high rise buildings and industries. There are three divisions mainly fabrications of Steel girders, Pre Engineered structures and Technological structures.
 
Non-cooperation by the issuer/borrower
Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. 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 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 Sensitivities
­No information provided by the issuer / available for Acuite to comment upon.
 
All Covenants
­Not Applicable
 
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 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 33.28 22.67
PAT Rs. Cr. 0.75 0.43
PAT Margin (%) 2.25 1.90
Total Debt/Tangible Net Worth Times 2.89 2.10
PBDIT/Interest Times 2.71 2.23
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­Not Applicable
 
Applicable Criteria
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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.
 
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
26 May 2023 Proposed Bank Facility Long Term 4.46 ACUITE B+ | Stable (Assigned)
Bank Guarantee Short Term 2.50 ACUITE A4 (Reaffirmed)
Term Loan Long Term 1.89 ACUITE B+ | Stable (Reaffirmed)
Proposed Term Loan Long Term 11.56 ACUITE B+ | Stable (Assigned)
Secured Overdraft Long Term 5.00 ACUITE B+ | Stable (Assigned)
Covid emergency line Long Term 1.15 ACUITE B+ | Stable (Assigned)
Proposed Term Loan Long Term 2.11 ACUITE B+ | Stable (Reaffirmed)
19 Apr 2022 Term Loan Long Term 2.00 ACUITE B+ ( Issuer not co-operating*)
Cash Credit Long Term 2.00 ACUITE B+ ( Issuer not co-operating*)
Bank Guarantee Short Term 2.50 ACUITE A4 ( Issuer not co-operating*)
04 Feb 2021 Bank Guarantee Short Term 2.50 ACUITE A4 (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE B+ | Stable (Reaffirmed)
Term Loan Long Term 2.00 ACUITE B+ | Stable (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Canara Bank Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 2.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Canara Bank Not Applicable Covid Emergency Line. Not Applicable Not Applicable Not Applicable 1.15 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 4.46 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 2.11 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 11.56 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Canara Bank Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Canara Bank Not Applicable Term Loan Not available Not available Not available 1.89 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*

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