Press Release
Atishay Limited
July 22, 2019
Ratings
Amount 1
Facilities Ratings Rating Action
(Rs. in crore)
Long-term Bank Facilities - - Withdrawn
Short-term Bank Facilities - - Withdrawn
Total Facilities -
Details of instruments/facilities in Annexure-I
Detailed Rationale & Key Rating Drivers
CARE has withdrawn the outstanding ratings of ‘CARE BBB; Stable/ CARE A3+ [Triple B; Outlook: Stable /A Three Plus]
assigned to the bank facilities of Atishay Limited (AIL) with immediate effect. The above action has been taken at the request
of AIL and ‘No Objection Certificate’ received from the bank that has extended the facilities rated by CARE.
Analytical approach: Not Applicable
Applicable Criteria
Policy on Withdrawal of ratings
About the Company
Atishay Limited (AIL) was formed as a proprietorship firm in 1989 by Mr Akhilesh Jain who is a chartered accountant by
qualification. Later, in March 2000, AIL was reconstituted as private limited company and in May 2013, it had been further
reconstituted as a limited company by the name of Atishay Infotech Limited. Further, it got listed on Bombay Stock Exchange
(vide listing in SME Exchange) in October 2014 through public issue. Atishay Infotech Limited rechristened its name to Atishay
Limited in January 2016. In 2017, AIL migrated its shares from SME platform to main board of Bombay Stock Exchange. AIL
provides services like large scale data entry, scanning solutions, database management, etc. AIL is an ISO/IEC 20000-1:2011,
ISO 27001:2013 and ISO 9001:2015 certified company.
Brief Financials (Rs. crore) FY18 (A) FY19 (A)
Total operating income 22.64 27.21
PBILDT 4.69 7.46
PAT 3.03 4.20
Overall gearing (times) 0.12 0.13
Interest coverage (times) 8.87 22.80
A=Audited
Status of non-cooperation with previous CRA: Nil
Any other information: None
Rating History for last three years: Please refer Annexure-2
Annexure-1: Details of Instruments/Facilities
Name of the Date of Coupon Maturity Size of the Rating assigned along with
Instrument Issuance Rate Date Issue Rating Outlook
(Rs. crore)
Fund-based - LT-Bank - - - 0.00 Withdrawn
Overdraft
Non-fund-based - ST-Bank - - - 0.00 Withdrawn
Guarantees
Fund-based - LT-Term - - - 0.00 Withdrawn
Loan
1
Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications
1 CARE Ratings Limited
Press Release
Annexure-2: Rating History of last three years
Sr. Name of the Current Ratings Rating history
No. Instrument/Bank Type Amount Rating Date(s) & Date(s) & Date(s) & Rating(s) Date(s) &
Facilities Outstanding Rating(s) Rating(s) assigned in 2017-2018 Rating(s)
(Rs. crore) assigned in assigned in assigned in
2019-2020 2018-2019 2016-2017
1. Fund-based - LT- LT - - - 1)Withdrawn 1)CARE
Term Loan - (09-Aug-17) BBB
(21-Sep-
16)
2. Fund-based - LT- LT - - 1)CARE 1)CARE BBB; Stable 1)CARE
Bank Overdraft - BBB; (09-Aug-17) BBB
Stable (21-Sep-
(27-Sep- 16)
18)
3. Non-fund-based - ST - - 1)CARE 1)CARE A3+ 1)CARE
ST-Bank Guarantees - A3+ (09-Aug-17) A3+
(27-Sep- (21-Sep-
18) 16)
4. Fund-based - LT- LT - - 1)CARE 1)CARE BBB; Stable 1)CARE
Term Loan - BBB; (09-Aug-17) BBB
Stable (21-Sep-
(27-Sep- 16)
18)
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 care@careratings.com for any clarifications.
Contact us
Media Contact
Mradul Mishra
Contact no. – +91-22-6837 4424
Email ID – mradul.mishra@careratings.com
Analyst Contact
Group Head Name - Mr Abhishek Jain
Group Head Contact no. - 0141-4020213/14
Group Head Email ID- abhishek.jain@careratings.com
Business Development Contact
Name: Nikhil Soni
Contact no. : - 0141-4020213/14
Email ID: Nikhil.soni@careratings.com
About CARE Ratings:
CARE Ratings commenced operations in April 1993 and over two decades, it has established itself as one of the leading credit
rating agencies in India. CARE is registered with the Securities and Exchange Board of India (SEBI) and also recognized as an
External Credit Assessment Institution (ECAI) by the Reserve Bank of India (RBI). CARE Ratings is proud of its rightful place in
the Indian capital market built around investor confidence. CARE Ratings provides the entire spectrum of credit rating that
helps the corporates to raise capital for their various requirements and assists the investors to form an informed investment
decision based on the credit risk and their own risk-return expectations. Our rating and grading service offerings leverage our
domain and analytical expertise backed by the methodologies congruent with the international best practices.
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Press Release
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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