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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 12.50 | ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating* | - |
Bank Loan Ratings | 17.50 | Not Applicable | Withdrawn | - |
Total Outstanding | 0.00 | - | - |
Total Withdrawn | 30.00 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuité has downgraded and withdrawn the long term rating to ‘ACUITE B+’ (read as ACUITE B plus) from ‘ACUITE BB-’ (read as ACUITE Double B minus) on the Rs.12.50 Cr. bank facilities of Bishweshwar Lal Steels. The rating has been withdrawn on account of the request received from the company and the NOC(No Objection Certificate) received from the bank. Acuité has also withdrawn its long term rating on the Rs.7.50 Cr. bank facilities of Bishweshwar Lal Steels without assigning any rating as the instrument is fully repaid. The rating has been withdrawn on account of the request received from the company and the NDC(No Due Certificate) received from the bank. Acuité has also withdrawn its long term rating on the Rs.10 Cr. bank facilities of Bishweshwar Lal Steels without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the company. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. The downgraded is on account of information risk. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. |
About the Company |
Chennai based Bishweshwar Lal Steels was established as partnership firm in the year 1998 by Mr. Deepak Gupta and Mr. Arun Kumar. The firm is engaged in trading of steel products such as Metal Sheet and Plate, HR coil, MS Angle and Crane Rails to name a few. Bishweshwar Lal Steels is authorized dealer for JSW Steels and JSPL. The firm has established relationship with suppliers with more than two decades and is tier-I dealer for above brands.
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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.
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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.
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Rating Sensitivity |
"No information provided by the issuer / available for Acuite to comment upon." |
Liquidity Position |
"No information provided by the issuer / available for Acuite to comment upon." |
Outlook: Not Applicable |
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Other Factors affecting Rating |
None |
Particulars | Unit | FY 19 (Actual) | FY 18 (Actual) |
Operating Income | Rs. Cr. | 142.77 | 229.02 |
PAT | Rs. Cr. | 0.69 | 0.81 |
PAT Margin | (%) | 0.48 | 0.36 |
Total Debt/Tangible Net Worth | Times | 1.89 | 1.82 |
PBDIT/Interest | Times | 1.22 | 1.26 |
Status of non-cooperation with previous CRA |
Not Applicable |
Any other information |
None |
Applicable Criteria |
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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 |
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* The issuer did not co-operate; based on best available information. |
Contacts |
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