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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 175.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 175.00 | - | - |
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Rating Rationale |
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Acuité has withdrawn its long term rating on the issue of non-convertible debentures of Rs.175 Cr of Rajasthan State Road Transport Corporation (RSRTC) without assigning any rating. The oustanding NCDs have been paid off and the rating has been withdrawn on account of the request received from the company along with Debenture Trustee confiirmation for redemption as per Acuité's policy on withdrawal of ratings.
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| About the Company |
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Rajasthan State Road Transport Corporation (RSRTC) was incorporated in 1964 under the Road Transport Act 1950 with the objective of providing economic, adequate, punctual and efficient transportation services to the people in Rajasthan. As on March 31, 2021, the company had 3492 owned, and 864 hired buses across 56 depots, It’s buses travel more than 7.55 lakhs kilometers per day, with more than 3.25 lakh passengers on board.
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| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Not Applicable |
| Key Rating Drivers |
| Strengths |
| Not Applicable |
| Weaknesses |
| Not Applicable |
| ESG Factors Relevant for Rating |
| Not Applicable |
| Rating Sensitivities |
| Not Applicable |
| Liquidity: Not Applicable |
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| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 1628.35 | 1456.32 |
| PAT | Rs. Cr. | (392.70) | (120.14) |
| PAT Margin | (%) | (24.12) | (8.25) |
| Total Debt/Tangible Net Worth | Times | (0.80) | (0.46) |
| PBDIT/Interest | Times | (3.95) | 0.27 |
| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on complexity levels of the rated instrument |
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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
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