Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 50.00 ACUITE BB | Reaffirmed | Issuer not co-operating* -
Total Outstanding 50.00 - -
 
Rating Rationale

­­Acuité has reaffirmed the long-term rating of 'ACUITE BB' (read as ACUITE double B ) on the Rs.50 crore bank facilities of Pragati Green Meadows And Resorts Limited(PGMRL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­Incorporated in 1996, Pragati Green Meadows And Resorts Limited(PGMRL) is an ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, Organic & IGBC rated Resorts. It is a flagship Company of Pragati Group promoted by Mr. Gaddipati Bala Koteswara Rao (Chairman) and his wife Mrs. Venkata Kumari Gaddipati Pragati and son Mr. Ajay Chandra Gaddipati (Managing Director) operates an eco-friendly resort in Hyderabad, Telangana and is also engaged in sale of plots.

 
Unsupported Rating
­None
 
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."

 
All Covenants
­None
 
Liquidity Position

­­"No information provided by the issuer / available for Acuite to comment upon."

 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­Not Applicable
 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 88.46 42.13
PAT Rs. Cr. 8.57 3.06
PAT Margin (%) 9.69 7.26
Total Debt/Tangible Net Worth Times 0.35 0.45
PBDIT/Interest Times 5.70 2.78
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
26 Oct 2022 Working Capital Term Loan Long Term 5.00 ACUITE BB ( Issuer not co-operating*)
Term Loan Long Term 7.00 ACUITE BB ( Issuer not co-operating*)
Proposed Term Loan Long Term 15.00 ACUITE BB ( Issuer not co-operating*)
Proposed Term Loan Long Term 10.00 ACUITE BB ( Issuer not co-operating*)
Term Loan Long Term 4.00 ACUITE BB ( Issuer not co-operating*)
Term Loan Long Term 9.00 ACUITE BB ( Issuer not co-operating*)
04 Aug 2021 Proposed Term Loan Long Term 25.00 ACUITE BB | Stable (Assigned)
Term Loan Long Term 4.00 ACUITE BB | Stable (Assigned)
Working Capital Term Loan Long Term 5.00 ACUITE BB | Stable (Assigned)
Term Loan Long Term 9.00 ACUITE BB | Stable (Assigned)
Term Loan Long Term 7.00 ACUITE BB | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 15.00 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available Not available 4.00 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available Not available 7.00 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available Not available 9.00 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Working Capital Term Loan Not available Not available Not available 5.00 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
­

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