Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 3.00 ACUITE BB | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 27.00 - ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 30.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long-term rating of ‘ACUITE BB’ (read as ACUITE BB) and the short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 30.00 crore bank facilities of Vikrma Impex 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 1994 by Mr. Nand Kishore Agarwal, Vikrma Impex Private Limited (VIPL) is engaged in the blending and export of tea (Black Tea, CTC, Orthodox Tea, Darjelling, Green Tea and Flavoured Tea) at Kolkata. The manufacturing units are located at Khidderpore and Maheshtala (Kolkata). The company sells its products under the 'Meri Chai', 'Munna Meri', 'Royal Cup', 'Popular' and 'Vikram' brand names. Company is also engaged into warehouse rental business as it lease out its warehouses to reputed clients such as Sheenlac paints ltd. among others.
 
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."
 
All Covenants
­Not Applicable.
 
Liquidity Position
­No information provided by the issuer / available for Acuité to comment upon.
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­Not Applicable
 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 215.82 276.55
PAT Rs. Cr. 8.10 8.48
PAT Margin (%) 3.75 3.07
Total Debt/Tangible Net Worth Times 1.67 1.51
PBDIT/Interest Times 2.85 2.89
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
 
Applicable Criteria
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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
11 Aug 2022 Proposed Long Term Loan Long Term 3.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 1.00 ACUITE A4+ ( Issuer not co-operating*)
Packing Credit Short Term 25.00 ACUITE A4+ ( Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4+ ( Issuer not co-operating*)
14 May 2021 Letter of Credit Short Term 1.00 ACUITE A4+ (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4+ (Downgraded and Issuer not co-operating*)
Proposed Long Term Loan Long Term 3.00 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Packing Credit Short Term 25.00 ACUITE A4+ (Downgraded and Issuer not co-operating*)
19 Feb 2020 Bank Guarantee Short Term 1.00 ACUITE A3 (Reaffirmed)
Letter of Credit Short Term 1.00 ACUITE A3 (Reaffirmed)
Proposed Long Term Loan Long Term 3.00 ACUITE BBB- | Stable (Reaffirmed)
Packing Credit Short Term 25.00 ACUITE A3 (Reaffirmed)
02 Jan 2020 Proposed Long Term Loan Long Term 3.00 ACUITE BBB- | Stable (Reaffirmed)
Packing Credit Short Term 25.00 ACUITE A3 (Reaffirmed)
Bank Guarantee Short Term 1.00 ACUITE A3 (Reaffirmed)
Letter of Credit Short Term 1.00 ACUITE A3 (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
State Bank of India Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable PC/PCFC Not Applicable Not Applicable Not Applicable 25.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 3.00 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*

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