Press Release

Press Release

June 30, 2025

AIMENGINEERS INDIA PRIVATE LIMITED
Rating Downgraded and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	18.54	ACUITE C \| Downgraded	-
Bank Loan Ratings	11.36	ACUITE D \| Downgraded	-
Bank Loan Ratings	2.00	-	ACUITE A4 \| Reaffirmed
Total Outstanding	31.90	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has downgraded its long-term rating to 'ACUITE D' (read as ACUITE D) from ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs.11.36 crore bank facilities of Aimengineers India Private Limited (AEIPL). Acuité has also downgraded its long-term rating to 'ACUITE C' (read as ACUITE C) from ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs. 18.54 crore bank facilities of Aimengineers India Private Limited (AEIPL). Further, Acuité has reaffirmed its short-term rating at 'ACUITE A4' (read as ACUITE A Four) on the Rs. 2.00 crore bank facilities of Aimengineers India Private Limited (AEIPL).

Rationale of Rating Downgrade
The downgrade is on account of delays in servicing of debt obligations by AEIPL as confirmed by its banker through a written communication along with reported delays in debt servicing as observed in credit bureau information report (CRIF) of the issuer, latest in the month of May 2025.

About the Company

Incorporated in 2008, Aimengineers India Private Limited (AEIPL) was a partnership firm which was later converted into a private limited company in 2018. The company is engaged in the manufacturing of stainless steel and carbon steel equipment's required for chemical, food, mining and construction industries. The company currently has its factory in Chakan, Pune with a production capacity of 200 tonnes per month.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone view of the business and financial risk profile of AEIPL to arrive at the rating

Key Rating Drivers

Strengths

Experienced management and established track record of operations
AEIPL has an operational track record of over a decade in manufacturing stainless steel and carbon steel equipments. The company is promoted by its directors Mr. Abbasali Abdulgani Choudhary, Mr. Mohammad Abdulgani Choudhary and Mr. Mahiboobali Abdulgani Choudhary. The directors possess an extensive experience of over two decades in the steel industry and are supported by its team of experienced professionals in managing day to day operations of AEIPL. The extensive experience of the management has enabled AEIPL to establish a healthy relationship with its customers and suppliers.

Weaknesses

Instance of delay in servicing of debt obligation
Instances of delays in debt-servicing have been reported in the month of May 2025 as per the Credit Bureau Information report (CRIF) of the company and written confirmation received from the lender.

Rating Sensitivities

Timely servicing of debt obligations

Liquidity Position

Poor

The company's liquidity position is marked poor due to instances of delays in servicing of debt obligation as per CRIF report and bankers written feedback.

Outlook: Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	48.00	39.97
PAT	Rs. Cr.	0.82	1.97
PAT Margin	(%)	1.71	4.93
Total Debt/Tangible Net Worth	Times	3.88	2.19
PBDIT/Interest	Times	3.10	2.85

Status of non-cooperation with previous CRA (if applicable)

Not Applicable

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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
25 Jun 2024	Bank Guarantee (BLR)	Short Term	2.00	ACUITE A4 (Reaffirmed)
	Term Loan	Long Term	2.96	ACUITE BB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	7.00	ACUITE BB- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.66	ACUITE BB- \| Stable (Assigned)
	Term Loan	Long Term	1.72	ACUITE BB- \| Stable (Assigned)
	Term Loan	Long Term	6.00	ACUITE BB- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.11	ACUITE BB- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.11	ACUITE BB- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.82	ACUITE BB- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.65	ACUITE BB- \| Stable (Assigned)
	Term Loan	Long Term	0.87	ACUITE BB- \| Stable (Assigned)
19 Aug 2023	Proposed Short Term Bank Facility	Short Term	3.92	ACUITE A4 (Reaffirmed)
	Term Loan	Long Term	12.08	ACUITE BB- \| Stable (Upgraded from ACUITE B \| Stable)
	Cash Credit	Long Term	6.00	ACUITE BB- \| Stable (Upgraded from ACUITE B \| Stable)
16 Jun 2022	Proposed Short Term Bank Facility	Short Term	1.07	ACUITE A4 (Assigned)
	Term Loan	Long Term	14.93	ACUITE B \| Stable (Assigned)
	Cash Credit	Long Term	6.00	ACUITE B \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
CSB Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE A4 \| Reaffirmed
CSB Bank Limited	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.00	Simple	ACUITE C \| Downgraded ( from ACUITE BB- )
CSB Bank Limited	Not avl. / Not appl.	Term Loan	11 Sep 2023	Not avl. / Not appl.	25 Aug 2030	3.82	Simple	ACUITE C \| Downgraded ( from ACUITE BB- )
CSB Bank Limited	Not avl. / Not appl.	Term Loan	11 Sep 2023	Not avl. / Not appl.	03 Mar 2029	5.65	Simple	ACUITE D \| Downgraded ( from ACUITE BB- )
CSB Bank Limited	Not avl. / Not appl.	Term Loan	11 Sep 2023	Not avl. / Not appl.	02 May 2029	0.87	Simple	ACUITE D \| Downgraded ( from ACUITE BB- )
CSB Bank Limited	Not avl. / Not appl.	Term Loan	11 Sep 2023	Not avl. / Not appl.	18 May 2026	1.66	Simple	ACUITE D \| Downgraded ( from ACUITE BB- )
CSB Bank Limited	Not avl. / Not appl.	Term Loan	11 Sep 2023	Not avl. / Not appl.	25 Aug 2030	1.72	Simple	ACUITE C \| Downgraded ( from ACUITE BB- )
CSB Bank Limited	Not avl. / Not appl.	Term Loan	11 Sep 2023	Not avl. / Not appl.	25 Aug 2030	6.00	Simple	ACUITE C \| Downgraded ( from ACUITE BB- )
CSB Bank Limited	Not avl. / Not appl.	Term Loan	11 Sep 2023	Not avl. / Not appl.	20 Sep 2025	0.11	Simple	ACUITE D \| Downgraded ( from ACUITE BB- )
CSB Bank Limited	Not avl. / Not appl.	Term Loan	11 Sep 2023	Not avl. / Not appl.	15 Sep 2026	2.96	Simple	ACUITE D \| Downgraded ( from ACUITE BB- )
CSB Bank Limited	Not avl. / Not appl.	Term Loan	11 Sep 2023	Not avl. / Not appl.	23 May 2025	0.11	Simple	ACUITE D \| Downgraded ( from ACUITE BB- )

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Dheeraj Salian
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.