Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 8.95 ACUITE B- | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 0.05 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 9.00 - -
Total Withdrawn 0.00 - -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) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 9.00 crore bank facilities of ­Pinto's Cold Storage and Ice Plant (PCSIP) 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

­Pinto’s Cold Storage and Ice Plant (PCSIP) is established as a partnership firm by Mr. Gabriel L. Pinto, Mr. Sanjiv Gomes, Mr. Ariston E. Severes Mr. Sueman Ahamad and Mr. Nazario Pinto. The construction started in July, 2017 and commenced operations from November, 2018. PCSIP is planning to produce ice and provide cold storage facility for sea food. The storage capacity for ice plant is 100 tons/day for block ice and 20 tons/day for tube ice. The cold storage capacity is 1000 tons. The registered office of the firm is located in South Goa.

 
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

Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
22 Jan 2024 Proposed Short Term Bank Facility Short Term 0.05 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 3.00 ACUITE B (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 5.95 ACUITE B (Reaffirmed & Issuer not co-operating*)
16 Nov 2022 Proposed Short Term Bank Facility Short Term 0.05 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 3.00 ACUITE B (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 5.95 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
Bank of Baroda Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Not Applicable Not avl. / Not appl. Proposed Short Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.05 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.95 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.

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