Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 1.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 7.50 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding 8.50 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the short-term rating of ‘ACUITE D’ (read as ACUITE D)  to the Rs.8.50 Cr. bank facilities of Shri Ganesh Enterprises (SGE). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information.
 


About the Company

Shri Ganesh Enterprises was established in the year 2001 as a partnership firm by Mr. Amit Jain and Mrs. Rachna Jain in Ernakulam, Kerala. The firm is engaged in the business of Import and trading of Carbon Black, Synthetic Rubber, Natural Rubber, Rubber Process Oil etc. The firm imports these goods from various suppliers of South Korea, Russia, UAE, China and Vietnam and sells across North and south India region. Further, the firm also trades in DEPB license.

 
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:

­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 18 (Actual) FY 17 (Actual)
Operating Income Rs. Cr. 68.42 57.06
PAT Rs. Cr. 0.28 0.38
PAT Margin (%) 0.41 0.67
Total Debt/Tangible Net Worth Times 0.61 0.34
PBDIT/Interest Times 2.49 2.58
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information
­None
 
Applicable Criteria
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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
21 Dec 2022 Cash Credit Long Term 1.00 ACUITE D ( Issuer not co-operating*)
Letter of Credit Short Term 7.50 ACUITE D ( Issuer not co-operating*)
22 Sep 2021 Letter of Credit Short Term 7.50 ACUITE D (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE D (Downgraded and Issuer not co-operating*)
30 Jul 2021 Letter of Credit Short Term 7.50 ACUITE A4 ( Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE B+ ( Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Canara Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Canara Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*

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