Press Release

Press Release

July 31, 2025

ECO FUEL SYSTEMS INDIA LIMITED (ERSTWHILE ECO FUEL SYSTEMS INDIA PRIVATE LIMITED)
Rating Reaffirmed & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	14.50	ACUITE B \| Reaffirmed & Withdrawn \| Issuer not co-operating*	-
Bank Loan Ratings	10.00	-	ACUITE A4 \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Total Outstanding	0.00	-	-
Total Withdrawn	24.50	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

Acuité has reaffirmed and withdrawn its long-term rating of ‘ACUITE B’ (read as ACUITE B) and short-term rating of 'ACUITE A4' (read as ACUITE A Four) on Rs 24.50 crore bank facilities of Eco Fuel Systems India Limited (Erstwhile Eco Fuel Systems India Private Limited).

The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

The rating has been withdrawn as per Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility. The rating has been withdrawn on account of the request received from the company, and the NOC (No Objection Certificate) received from the banker.

About the Company

Eco Fuel Systems India Limited (Erstwhile Eco Fuel Systems India Private Limited), a Mumbai-based company was incorporated in 2003. The company is promoted by Directors, Mr. Virendra Vora and Ms. Vibha V Vora. The company is one of the leading importers and distributors of car conversion systems (LPG & CNG) of Lovato Gas S.p.A, Italy. It deals in conversion of three-wheeler and fourwheeler petrol vehicles to eco-friendly gaseous fuel LPG (Liquefied Petroleum Gas) & CNG (Compressed Natural Gas). The kits are in line with international standards and approved by the Automotive Research Association of India (ARAI), Vehicle Research and Development Establishment (VRDE) and Central Institute of Road Transport (CIRT). The kits are also registered with state transport authorities of Maharashtra, Delhi, Gujarat and Madhya Pradesh.

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 co-operation 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

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. 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.

Liquidity Position

No information provided by the issuer / available for Acuite to comment upon.

Outlook: Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	75.72	47.12
PAT	Rs. Cr.	7.37	1.76
PAT Margin	(%)	9.73	3.74
Total Debt/Tangible Net Worth	Times	0.32	0.36
PBDIT/Interest	Times	7.77	2.44

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

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.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
12 Feb 2025	Letter of Credit	Short Term	10.00	ACUITE A4 (Reaffirmed & Issuer not co-operating*)
12 Feb 2025	Cash Credit	Long Term	14.50	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE B+)
16 Nov 2023	Letter of Credit	Short Term	10.00	ACUITE A4 (Reaffirmed & Issuer not co-operating*)
16 Nov 2023	Cash Credit	Long Term	14.50	ACUITE B+ (Reaffirmed & Issuer not co-operating*)
29 Aug 2022	Letter of Credit	Short Term	10.00	ACUITE A4 (Reaffirmed & Issuer not co-operating*)
29 Aug 2022	Cash Credit	Long Term	14.50	ACUITE B+ (Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.50	Simple	ACUITE B \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A4 \| Reaffirmed & Withdrawn \| Issuer not co-operating*

* The issuer did not co-operate; based on best available information.

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Sahil Sawant
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.