Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 17.00 ACUITE B | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 8.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 25.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­­­Acuité has downgraded the long-term rating to 'ACUITE B’ (read as ACUITE B) from ‘ACUITE B+’ (read as ACUITE B plus) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.25.00 crore bank facilities of ­Asian Sealing Products Private Limited on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information.


About the Company

­Incorporated in 2011, Kancheepuram based Asian Sealing Products Private Limited (ASPPL) manufactures industrial gaskets (metallic & non-metallic) that find application in various industries like oil & gas, petro chemical industries. Major types of Gaskets manufactured by the Asian are Ring Type Joint Gaskets, Spiral Wound Gaskets, Insulation Kit Gaskets, Non Metal and other special gaskets. The present directors of the company are Ms. Lakshmipriyaa Veerakumar, Mr. Rathinam Aranganathan, Mr. Subramaniam Venkatakrishnan and Mr. Azhahia Nambi Vaithiyanathan.

 
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
­"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
 

Particulars Unit FY 24 (Actual) FY 23 (Actual)
Operating Income Rs. Cr. 171.92 132.26
PAT Rs. Cr. 12.68 6.68
PAT Margin (%) 7.38 5.05
Total Debt/Tangible Net Worth Times 1.29 2.34
PBDIT/Interest Times 3.89 2.93
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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
04 Jul 2024 PC/PCFC Short Term 8.00 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+)
Cash Credit Long Term 4.00 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB-)
Term Loan Long Term 9.03 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB-)
Proposed Long Term Loan Long Term 3.97 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB-)
07 Apr 2023 PC/PCFC Short Term 8.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 4.00 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 9.03 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 3.97 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
22 Jul 2022 PC/PCFC Short Term 8.00 ACUITE A4+ (Reaffirmed)
Cash Credit Long Term 4.00 ACUITE BB- | Stable (Reaffirmed)
Term Loan Long Term 9.03 ACUITE BB- | Stable (Reaffirmed)
Proposed Long Term Loan Long Term 3.97 ACUITE BB- | Stable (Reaffirmed)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Canara Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.00 Simple ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Canara Bank Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 8.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.97 Simple ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Canara Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.03 Simple ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
* 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


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