Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 13.29 ACUITE BB- | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 13.29 - -
 
Rating Rationale

­Acuité has reaffirmed the long term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs.13.29 crore bank facilities of P Dass Forging Private Limited. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

­P Dass Forging Private Limited (PDFPL) was incorporated by Mr. Vijaypal Bansal, Mr. Ajay Kumar Bansal, Mr. Manish Bansal and Mr. Ashish Bansal in 1998. PDF is engaged in manufacturing of automotive components mainly for OEMs such as Hero Motocorp Limited, QH Talbros Private Limited and Sona Koyo Steering Private Limited. The product portfolio includes axle, bolts, and precision turned and forged components. PDF has its manufacturing unit located in Rohtak, Haryana with installed capacity of 8400 MTPA.

 
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 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 Sensitivity

­"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

­Not Applicable

 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 98.14 84.96
PAT Rs. Cr. 5.28 5.68
PAT Margin (%) 5.38 6.69
Total Debt/Tangible Net Worth Times 0.57 0.78
PBDIT/Interest Times 6.32 5.59
Status of non-cooperation with previous CRA

­None

 
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
22 Aug 2022 Cash Credit Long Term 7.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 3.79 ACUITE BB- (Downgraded and Issuer not co-operating*)
Proposed Term Loan Long Term 2.50 ACUITE BB- (Downgraded and Issuer not co-operating*)
24 May 2021 Proposed Term Loan Long Term 2.50 ACUITE BB (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 7.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Term Loan Long Term 3.79 ACUITE BB (Downgraded and Issuer not co-operating*)
28 Feb 2020 Term Loan Long Term 3.79 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 7.00 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Proposed Term Loan Long Term 2.50 ACUITE BB+ (Downgraded and Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 7.00 Simple ACUITE BB- | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 2.50 Simple ACUITE BB- | Reaffirmed | Issuer not co-operating*
Small Industries Development Bank of India Not Applicable Term Loan Not available Not available Not available 3.79 Simple ACUITE BB- | Reaffirmed | Issuer not co-operating*

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