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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 35.00 | ACUITE D | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 35.00 | - | - |
| Rating Rationale |
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ACUITE has downgraded & withdrawn the long term rating to ‘ACUITE D’ (read as ACUITE D) from‘ACUITE B+’ (read as ACUITE B plus) on the Rs.35.00 Cr. bank facilities of Pluto Plaza Private Limited (PPPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
The rating has been withdrawn on account of request received from the company and NOC received from the banker. The downgrade is on account of the feedback received from the banker that the account had been classified as NPA (Non Perfoming Asset). |
| About the Company |
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Pluto Plaza Private Limited (PPPL), an Odisha based Company was incorporated in 2005. The Directors are Mr. Hanuman Khedaria, Ms. Mamta Khedaria, and Ms. Alka Kadmawala. It is engaged in the construction of a shopping mall of around 3.5 lakh square feet (sqft) with the name ‘Pluto Plaza’.
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| Non-cooperation by the issuer/borrower: |
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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.
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| Limitation regarding information availability: |
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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.
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| Rating Sensitivity |
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"No information provided by the issuer / available for Acuite to comment upon." |
| Material Covenants |
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None |
| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
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Not Applicable |
| Other Factors affecting Rating |
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None |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 46.27 | 12.21 |
| PAT | Rs. Cr. | (272.43) | (266.82) |
| PAT Margin | (%) | (588.81) | (2185.32) |
| Total Debt/Tangible Net Worth | Times | 4.64 | 2.74 |
| PBDIT/Interest | Times | 0.12 | (0.01) |
| Status of non-cooperation with previous CRA |
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Brickworks vide its press release dated 29.09.2022, had downgraded the company to BWR C; Issuer Not Cooperating. ICRA vide its press release dated 23.03.2022, had denoted the company to ICRA B+ (Stable); Issuer Not Cooperating. |
| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups. |
| Applicable Criteria |
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• 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 |
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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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