July 30, 2024

Aadhi Cars Private Limited: Continues to remain under issuer Non-Cooperating

category

Summary of rating action

Previous Rated Current Rated

Instrument^ Amount Amount Rating Action
(Rs. crore) (Rs. crore)
[ICRA]B+(Stable); ISSUER NOT COOPERATING*;
Long Term-Fund
1.42 1.42 Rating continues to remain under ‘Issuer Not Cooperating’
Based-Cash Credit
category
[ICRA]B+(Stable); ISSUER NOT COOPERATING / [ICRA]A4 ISSUER
Long Term / Short NOT COOPERATING*;
3.58 3.58
Term-Unallocated Rating continues to remain under ‘Issuer Not Cooperating’
category
[ICRA]A4; ISSUER NOT COOPERATING*;
Short Term-Fund
20.00 20.00 Rating continues to remain under ‘Issuer Not Cooperating’
Based-Cash Credit
category
Total 25.00 25.00
*Issuer did not cooperate; based on best available information.
^Instrument details are provided in Annexure-I

Rationale
ICRA has kept the Long-Term and Short-Term rating of Aadhi Cars Private Limited in the ‘Issuer Not Cooperating’ category.
The ratings are denoted as “[ICRA]B+(Stable); ISSUER NOT COOPERATING / [ICRA]A4; ISSUER NOT COOPERATING”.

As part of its process and in accordance with its rating agreement with Aadhi Cars Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity
for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity’s management has remained
non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been
continued to the “Issuer Not Cooperating” category. The rating is based on the best available information.

Please refer to the following link for the previous detailed rationale that captures Key rating drivers and their description,
Liquidity position, Rating sensitivities, Key financial indicators: Click here ICRA is unable to provide the latest information
because of non-cooperation by the entity.

Analytical approach

Analytical Approach Comments

Policy in respect of Non-cooperation by a rated entity
Applicable Rating Methodologies Corporate Credit Rating Methodology
Rating Methodology –Automobile Dealers
Parent/Group Support NA

Consolidation/Standalone Standalone

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 About the company
Aadhi Cars Private Limited (ACPL), incorporated in 2012, operates as an authorized automobile dealer of Maruti Suzuki India
Limited based out of Coimbatore, Tamil Nadu. ACPL operates eight Maruti Suzuki showrooms in Coimbatore and Tirunelveli
with multiple touchpoints. ACPL also operates service centers and Maruti driving schools in these locations.

Status of non-cooperation with previous CRA: NA

Any other information: None

Rating history for past three years

Current Rating (FY2025) Chronology of Rating History for the past 3 years

Date & Rating in Date & Rating in Date & Rating in

Instrument Amount Rated Date & Rating in
Type FY2024 FY2023 FY2021
(Rs. Crore)
30-Jul-2024 21-June-2023 27-May-2022 17-Mar-2021
[ICRA]B+ (Stable); [ICRA]B+ (Stable); [ICRA]B+ (Stable);
Long ISSUER NOT ISSUER NOT ISSUER NOT [ICRA]BB (Stable);
1 Cash Credit 1.42
Term COOPERATING COOPERATING COOPERATING

[ICRA]B+(Stable); [ICRA]B+(Stable); [ICRA]B+(Stable);

Long
ISSUER NOT ISSUER NOT ISSUER NOT
Term / [ICRA]BB(Stable); /
2 Unallocated 3.58 COOPERATING / COOPERATING / COOPERATING /
Short [ICRA]A4
[ICRA]A4 ISSUER [ICRA]A4 ISSUER [ICRA]A4 ISSUER
Term
NOT COOPERATING NOT COOPERATING NOT COOPERATING

Short [ICRA]A4 ISSUER [ICRA]A4 ISSUER [ICRA]A4 ISSUER

3 Cash Credit 20.00 [ICRA]A4
Term NOT COOPERATING NOT COOPERATING NOT COOPERATING

Complexity level of the rated instrument

Instrument Complexity Indicator

Long Term-Fund Based-Cash Credit Simple
Long Term / Short Term-Unallocated Not Applicable
Short Term-Fund Based-Cash Credit Simple

The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated.
It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's
credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or
complexity related to the structural, transactional, or legal aspects. Details on the complexity levels of the instruments, is
available on ICRA’s website: Click Here

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 Annexure-I: Instrument details

ISIN Date of Issuance / Coupon Maturity Amount Rated

Instrument Name Current Rating and Outlook
No Sanction Rate Date (RS Crore)
Long Term-Fund [ICRA]B+ (Stable); ISSUER NOT
NA - - - 1.42
Based-Cash Credit COOPERATING
[ICRA]B+(Stable); ISSUER NOT
Long Term / Short
NA - - - 3.58 COOPERATING / [ICRA]A4; ISSUER
Term-Unallocated
NOT COOPERATING
Short Term-Fund [ICRA]A4 ISSUER NOT
NA - - - 20.00
Based-Cash Credit COOPERATING
Source: Aadhi Cars Private Limited

Annexure-II: List of entities considered for consolidated analysis: Not Applicable

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 ANALYST CONTACTS

Shamsher Dewan Subhechha Banerjee

+ 91 124 4545 300 +91 33 7150 1130
shamsherd@icraindia.com subhechha.banerjee@icraindia.com

Susmita Biswas
+91-033 7150 1182
susmita.biswas@icraindia.com

RELATIONSHIP CONTACT
L. Shivakumar
+91-022-61693300
shivakumar@icraindia.com

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Ms. Naznin Prodhani
Tel: +91 124 4545 860
communications@icraindia.com

Helpline for business queries

+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)

info@icraindia.com

About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services
companies as an independent and professional investment Information and Credit Rating Agency.

Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company,
with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit Rating Agency
Moody’s Investors Service is ICRA’s largest shareholder.

For more information, visit www.icra.in

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