* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has reaffirmed the long-term rating of ‘ACUITE B-’ (read as ACUITE B Minus) on the Rs.8.00 Cr bank facilities of Upaj Investment And Finance Private Limited. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
Incorporated in 1990, Upaj Investment and Finance Private Limited was engaged in investing in shares & stocks of companies for long term purposes. Virtually, this company’s role was to park the funds of the promoters in the form of investments in shares and securities & sell off the shares as and when profit was booked. The company has its registered office in Mumbai, Maharashtra and the manufacturing unit is at Vapi, Gujarat. However, in the year 2018, the company ventured into manufacturing punnets & clamshells under the same brand name. The construction started in around May – June 2018 and commercial operations started in December 2018. The said products are widely used in packaging of fruits, eggs, meat & other perishable products. The company has obtained necessary registrations for starting the manufacturing and the same was started in May 2019. The company exports most of its products to Mediterranean Countries, where Fruits / Vegetables are grown. To name a few, Spain, Italy, South Africa, Mexico, California. Directors of the company are Mr. Janak Ghanshyamlal Parekh and Mr. Tejas Uppal Parekh.
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
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE B- | Stable
(Downgraded from ACUITE B | Stable)
Term Loan
Long Term
3.78
ACUITE B- | Stable
(Downgraded from ACUITE B | Stable)
Proposed Long Term Bank Facility
Long Term
2.38
ACUITE B- | Stable
(Downgraded from ACUITE B | Stable)
Term Loan
Long Term
0.84
ACUITE B- | Stable
(Downgraded from ACUITE B | Stable)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Bank Of Baroda
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.00
Simple
ACUITE B- | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.38
Simple
ACUITE B- | Reaffirmed | Issuer not co-operating*
Bank Of Baroda
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
31 Oct 2024
0.84
Simple
ACUITE B- | Reaffirmed | Issuer not co-operating*
Bank Of Baroda
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
31 May 2025
3.78
Simple
ACUITE B- | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
