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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 6.61 | ACUITE B- | Downgraded | Issuer not co-operating* | - |
Total Outstanding | 6.61 | - | - |
Total Withdrawn | 0.00 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuité has downgraded its long-term rating to 'ACUITE B-' (read as ACUITE B Minus) from 'ACUITE B' (read as ACUITE B) on the Rs. 6.61 crore bank facilities of Seema Enterprises (SE). The rating is now being flagged as “Issuer Not Cooperating” and is based on the best available information. The rating has been downgraded on account of information risk and non submission of NDS for the last 03 months.
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About the Company |
Thane based, Seema Enterprises established in 1988 is the Authorised Dealer of Force Motors Limited, Akurdi, Pune for their entire vehicle product range, sales and service. Ms. Leela Pandit Natu, Mr. Ajit Ramchandra Thatte and Ms. Shilpa Sumant Natu are the partners of this firm.
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Unsupported Rating |
Not Applicable
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Non-cooperation by the issuer/borrower |
Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. 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.
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Limitation regarding information availability |
Rating Sensitivities |
No information provided by the issuer / available for Acuite to comment upon.
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Liquidity Position |
No information provided by the issuer / available for Acuite to comment upon.
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Outlook: Not Applicable |
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Other Factors affecting Rating |
None
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Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
Operating Income | Rs. Cr. | 17.02 | 9.57 |
PAT | Rs. Cr. | (0.96) | (0.24) |
PAT Margin | (%) | (5.65) | (2.51) |
Total Debt/Tangible Net Worth | Times | (6.03) | (29.37) |
PBDIT/Interest | Times | (0.76) | 0.64 |
Status of non-cooperation with previous CRA |
Not Applicable
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Interaction with Audit Committee anytime in the last 12 months (applicable for rated-listed / proposed to be listed debt securities being reviewed by Acuite) |
Not applicable |
Any other information |
None |
Applicable Criteria |
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Trading Entitie: https://www.acuite.in/view-rating-criteria-61.htm |
Note on complexity levels of the rated instrument |
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* The issuer did not co-operate; based on best available information. |
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Contacts |
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