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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 30.00 | ACUITE C | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 87.00 | ACUITE D | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding | 117.00 | - | - |
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Rating Rationale |
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Acuité has reaffirmed its long-term rating to ‘ACUITE D’ (read as ACUITE D) on the Rs.87.00 crore and also reaffirmed its long-term rating to ‘ACUITE C’ (read as ACUITE C) on the Rs.30.00 crore bank facilities of APL Metals Limited.
The rating is now flagged as “Issuer Not Cooperating” and is based on the best available information. |
| About the Company |
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APL Metals Limited (APL), formerly known as Associated Pigments Limited, is a Kolkata based company, established in 1948 and commercial operations having begun in 1955. It is listed in Calcutta Stock Exchange Limited (CSE). APL is engaged in the manufacturing of refined lead, lead alloys and lead oxides with the combined installed capacity of 127730 MTPA, which are used in manufacturing of batteries, rolled extrusions, pigments used in paints, cable sheathing, among others. Mr.Prakash Kumar Damani, Mr. Sanjiv Nandan Sahaya, Mr. Rajendra Sahay, Mr.Harsha Sharma, Mr.Rahul Damani, Mr.Raghav Bajoria & Mr.Varun Daga are the Directors of Companies.
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| Unsupported Rating |
| Not Applicable |
| Non-cooperation by the issuer/borrower |
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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 an 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 |
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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 has endeavoured 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 Sensitivities |
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No information provided by the issuer / available for Acuite to comment upon.
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| Liquidity Position |
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No information provided by the issuer / available for Acuite to comment upon.
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| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 735.84 | 724.64 |
| PAT | Rs. Cr. | 2.53 | 4.96 |
| PAT Margin | (%) | 0.34 | 0.68 |
| Total Debt/Tangible Net Worth | Times | 6.07 | 4.14 |
| PBDIT/Interest | Times | 1.31 | 1.58 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
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None
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| Applicable Criteria |
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• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Rating Process and Timeline: https://www.acuite.in/view-rating-criteria-67.htm |
| Note on Complexity Levels of the Rated Instrument |
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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
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