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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 27.01 | ACUITE D | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 27.01 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 27.01 Crore bank facilities of Singh Cycle And Motor Co. Private Limited. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
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| About the Company |
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Pune based, Singh Cycle And Motor Co. Private Limited was incorporated in 2012. The company is an authorised distributor of Hyundai Motor Company. The company has 1 showroom in Nagar Road, Pune and 2 workshops one in Shivaji Nagar and another in Wagoli, Pune. Mr. Kawarpalsingh Palindersingh Bedi, Mr. Palindersingh Avatarsingh Bedi are directors of the company.
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| Non-cooperation by the issuer/borrower: |
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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: |
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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. This rating is, therefore, being flagged as “Issuer not- cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
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| Rating Sensitivity |
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No information provided by the issuer / available for Acuite to comment upon.
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| All Covenants |
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Not Applicable
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| Liquidity Position |
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No information provided by the issuer / available for Acuite to comment upon.
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| Outlook |
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Not Applicable
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| Other Factors affecting Rating |
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Not Applicable
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| Particulars | Unit | FY 17 (Actual) | FY 16 (Actual) |
| Operating Income | Rs. Cr. | 78.80 | 9.76 |
| PAT | Rs. Cr. | (6.06) | (2.19) |
| PAT Margin | (%) | (7.70) | (22.44) |
| Total Debt/Tangible Net Worth | Times | (5.68) | (13.37) |
| PBDIT/Interest | Times | (0.13) | (2.04) |
| Status of non-cooperation with previous CRA |
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Not Applicable
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| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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| Applicable Criteria |
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• Service Sector: https://www.acuite.in/view-rating-criteria-50.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 |
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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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