Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 18.00 ACUITE B- | Downgraded | Issuer not co-operating* -
Total Outstanding 18.00 - -
Total Withdrawn 0.00 - -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 minus) from 'ACUITE B' (read as ACUITE B) on the Rs.18.0 crore bank facilities of Pritika Industries Limited (PIL) 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

­Punjab-based, ­Pritika Industries Limited, is a flagship company of Pritika Group and is a machining unit set up for manufacture of auto/tractor components. Mr. Raminder Singh Nibber, initially established this as a partnership firm in the name of Pritika Industries in 1974. Subsequently, this has been converted to a company with current nomenclature in the year 1997, which has taken over the assets and liabilities of the partnership firm.

 
About the Group

­Acuite has consolidated the risk profiles of Pritika Industries Limited, Pritika Autocast Limited and Nibber Casting Private Limited on account of same promoter group, cross corporate guarantees and significant business linkages. Punjab-based, ­Pritika Industries Limited, is a flagship company of Pritika Group and is a machining unit set up for manufacture of auto/tractor components. Mr. Raminder Singh Nibber, initially established this as a partnership firm in the name of Pritika Industries in 1974. The present directors of the company are Mr. Harpreet Singh Nibber, Mr. Ajay Kumar, Ms. Neha and Mr. Ramesh Chander Saini. Pritika Autocast Limited, incorporated in 2005 is promoted by Mr. Raminder Singh Nibber & Harpreet Singh Nibber and is based in Himachal Pradesh. The Company is engaged in Manufacturing of machined castings and forging for tractor /automobile manufacturers in India. The present directors of the company are Mr. Raminder Singh Nibber, Harpreet Singh Nibber and Mr. Neeraj Bajaj. ­­Incorporated in 1996, Nibber Castings Private Limited (NCPL) is a producer of raw castings based in Northern India. The company is a mechanised foundry producing Grey Iron Castings ranging in 5 Kgs. to 120 Kgs. and catering to Tractor and Commercial Vehicle Industry. Mr. Raminder Singh Nibber is the Wholetime Director of the company.

 
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
About the Rated Entity - Key Financials

­­The rated entity has not shared the latest financial statements despite repeated requests.

 
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

 
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
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm

Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
24 May 2024 Cash Credit Long Term 16.50 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE B+)
Term Loan Long Term 1.50 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE B+)
24 Feb 2023 Cash Credit Long Term 16.50 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 1.50 ACUITE B+ (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
ICICI Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 16.50 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
ICICI Bank Ltd Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.50 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.

Disclosure of list of non-cooperative issuers
• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php


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