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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Total Withdrawn | 0.00 | - | - |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. |
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 |
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* 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 |
Contacts |
About Acuité Ratings & Research |
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