* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the short term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 40.00 Cr bank facilities of Unitech International Limited (UIL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
Mumbai based Unitech International Limited (UIL), incorporated as a public limited company in 1994, is engaged in the trading of engineering polymers, co-polymers, compound polymer and ferrous and non-ferrous metals. These are used as raw material for making alloy steel products. UIL sells its products to auto parts manufacturing companies, surgical equipment manufacturing companies among others in Maharashtra. The company has begun manufacturing of plastic polymer and regenerated monomer from June, 2017 at Thane and Silvassa. At present the directors of the company are Mr. Deepak Vadilal Kothari, Mr. Palsi Nadersha Bhathena, Mr. Joseph Kuriakose Mathoor, Mrs. Grace Jose Mathoor and Mr. Thomas Joseph and Mr. Rohaan Palsi Bhathena.
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.
Limitation regarding information availability
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE C)
Proposed Cash Credit
Long Term
7.50
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE C)
Proposed Letter of Credit
Short Term
7.50
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE A4)
Letter of Credit
Short Term
12.50
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE A4)
09 Mar 2023
Proposed Letter of Credit
Short Term
7.50
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Letter of Credit
Short Term
12.50
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
12.50
ACUITE C
(Reaffirmed & Issuer not co-operating*)
Proposed Cash Credit
Long Term
7.50
ACUITE C
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
BANK OF MAHARASHTRA
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
12.50
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
BANK OF MAHARASHTRA
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
12.50
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
7.50
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
7.50
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
