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Total Withdrawn 0.00 - -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.

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.
 
Unsupported Rating
­Not Applicable
 
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.
 
Limitation regarding information availability
Rating Sensitivities
­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. 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
 
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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
04 Mar 2024 Cash Credit Long Term 0.59 ACUITE B | Stable (Assigned)
Cash Credit Long Term 2.76 ACUITE B | Stable (Assigned)
Proposed Long Term Bank Facility Long Term 1.31 ACUITE B | Stable (Assigned)
Funded Interest Term Loan Long Term 0.50 ACUITE B | Stable (Assigned)
Term Loan Long Term 1.45 ACUITE B | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Dombivli Nagari Sahakari Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.76 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Dombivli Nagari Sahakari Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.59 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Dombivli Nagari Sahakari Bank Ltd Not avl. / Not appl. Funded Interest Term Loan 30 Mar 2022 Not avl. / Not appl. 30 Mar 2027 0.50 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.31 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Dombivli Nagari Sahakari Bank Ltd Not avl. / Not appl. Term Loan 11 Sep 2015 Not avl. / Not appl. 31 Aug 2027 1.45 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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