Press Release

Prithvi Pumps
September 17, 2021
Ratings
Amount
Facilities/Instruments Ratings Rating Action
(Rs. crore)
CARE C;
Rating continues to remain
ISSUER NOT COOPERATING*
Long Term Bank Facilities 5.46 under ISSUER NOT
(Single C
COOPERATING category
ISSUER NOT COOPERATING*)
5.46
Total Bank Facilities (Rs. Five Crore and Forty-
Six Lakhs Only)
Details of instruments/facilities in Annexure-1

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 24, 2020, placed the rating(s) of Prithvi Pumps (PP) under the ‘issuer non-
cooperating’ category as PP had failed to provide information for monitoring of the rating and had not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement. PP continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls and email dated July 10, 2021, July 20, 2021, July 30,
2021.
In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which
however, in CARE’s opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while
using the above rating(s).

Detailed description of the key rating drivers

Please refer to PR dated August 24, 2020

Analytical approach: Standalone

Applicable Criteria
Policy in respect of Non-cooperation by issuer
Policy on default recognition

About the firm

Rajkot (Gujarat) based, PP was established in the year 2005 as a partnership firm. PP is promoted by Mr. Bhaveshkumar
Bhandari, Mr. Piyushkumar Gondaliya and Mr. Ketanbhai Vaghasiya. PP is engaged in the manufacturing of submersible
pumps and it is an ISO 9001: 2008 certified entity.
Brief financials of PP:
Brief Financials (Rs. crore) FY14(A) FY15(A)
Total operating income 18.58 19.92
PBILDT 1.08 0.95
PAT 0.08 0.83
Overall gearing (times) 2.37 2.43
Interest coverage (times) 1.33 1.07
A: Audited

Status of non-cooperation with previous CRA: Not applicable

Any other information: Not applicable

Rating History for last three years: Please refer Annexure-2

Complexity level of various instruments rated for this firm: Annexure-3

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 Press Release

Annexure-1: Details of Instruments/Facilities

Name of the Date of Coupon Maturity Size of the Issue Rating assigned along with
Instrument Issuance Rate Date (Rs. crore) Rating Outlook
Fund-based - LT-Term September, CARE C; ISSUER NOT
- - 0.46
Loan 2019 COOPERATING*
Fund-based - LT-Cash CARE C; ISSUER NOT
- - - 5.00
Credit COOPERATING*
*Issuer did not cooperate; Based on best available information

Annexure-2: Rating History of last three years

Current Ratings Rating history
Name of the
Sr. Instrument Date(s) & Date(s) & Date(s) & Date(s) &
Amount
No. /Bank Rating(s) Rating(s) Rating(s) Rating(s)
Type Outstanding Rating
Facilities assigned in assigned in assigned in assigned in
(Rs. crore)
2021-2022 2020-2021 2019-2020 2018-2019
1)CARE C; 1)CARE B; 1)CARE B+;
CARE C; ISSUER
Fund-based - LT- ISSUER NOT ISSUER NOT ISSUER NOT
1. LT 0.46 NOT -
Term Loan COOPERATING COOPERATING COOPERATING
COOPERATING*
* (24-Aug-20) * (19-Aug-19) * (31-May-18)
1)CARE C; 1)CARE B; 1)CARE B+;
CARE C; ISSUER
Fund-based - LT- ISSUER NOT ISSUER NOT ISSUER NOT
2. LT 5.00 NOT -
Cash Credit COOPERATING COOPERATING COOPERATING
COOPERATING*
* (24-Aug-20) * (19-Aug-19) * (31-May-18)

Annexure-3: Complexity level of various instruments rated for this Firm

Sr. No. Name of the Instrument Complexity Level
1. Fund-based - LT-Cash Credit Simple
2. Fund-based - LT-Term Loan Simple

Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity. This
classification is available at www.careratings.com. Investors/market intermediaries/regulators or others are welcome to write
to [email protected] for any clarifications.

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 Press Release

Contact us
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Contact No.: +91-79-4026 5683
Email ID – [email protected]

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Mr. Deepak Prajapati
Contact No.: +91-79-4026 5656
Email ID – [email protected]

About CARE Ratings:

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Disclaimer
CARE’s ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not
recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security.
CARE’s ratings do not convey suitability or price for the investor. CARE’s ratings do not constitute an audit on the rated
entity. CARE has based its ratings/outlooks on information obtained from sources believed by it to be accurate and reliable.
CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for
any errors or omissions or for the results obtained from the use of such information. Most entities whose bank
facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank
facilities/instruments. CARE or its subsidiaries/associates may also have other commercial transactions with the entity. In
case of partnership/proprietary concerns, the rating /outlook assigned by CARE is, inter-alia, based on the capital deployed
by the partners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in case
of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial
performance and other relevant factors. CARE is not responsible for any errors and states that it has no financial liability
whatsoever to the users of CARE’s rating. Our ratings do not factor in any rating related trigger clauses as per the terms of
the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such
clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.
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