Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 20.00 ACUITE C | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 30.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 50.00 - -
 
Rating Rationale

­Acuité has reafirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C)  and the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.50.00 crore bank facilities of P. P. Pandey Infrastructure Private limited (PPPIL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­Kanpur based P. P. Pandey Infrastructure Private limited (PPPIL) is engaged in mining and stone crushing. The company was established in 1992 as a partnership firm and later the constitution was changed to Private limited company in 2008. PPPIL is also engaged in the construction of road. The company is registered with various State and Central Government Agencies as class 'A' contractor. Directors of P.p.pandey Infrastructure Private Limited are Nitish Kumar Pandey, Jitendra Pandey, Manish Kumar Pandey and Pateshwari Prasad Pandey.

 
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 noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating continues to be 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."

 
Liquidity Position

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

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

­None

 

Particulars Unit FY 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 64.97 98.94
PAT Rs. Cr. 0.50 (0.84)
PAT Margin (%) 0.78 (0.85)
Total Debt/Tangible Net Worth Times 0.96 1.51
PBDIT/Interest Times 4.00 4.43
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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
23 Dec 2022 Proposed Bank Guarantee Short Term 30.00 ACUITE A4 (Downgraded & Issuer not co-operating*)
Proposed Cash Credit Long Term 20.00 ACUITE C | Not Applicable (Downgraded & Issuer not co-operating*)
13 Jul 2022 Proposed Cash Credit Long Term 20.00 ACUITE BB- | Not Applicable (Downgraded & Issuer not co-operating*)
Proposed Bank Guarantee Short Term 30.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
14 Apr 2021 Proposed Bank Guarantee Short Term 30.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Proposed Cash Credit Long Term 20.00 ACUITE BB (Downgraded & Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Not Applicable Not avl. / Not appl. Proposed Bank Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
­

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