­ASR Met Tech Private Limited (AMTPL)established in 2013, is an Ahmedabad based manufacturing company for stainless steel, seamless pipes and tubes. The company is promoted by ASR Group, which has established presence in steel industry. The day to day operations are managed by Mr. Arun Aggarwal and Mr. Ajatshatru Aggarwal. The commercial production of seamless pipe and tubes has started from April 2016 onwards. The company has production capacity of 6000 MTPA and testing facilities at Ahmedabad. The product portfolio includes pipes having an outer diameter (OD) ranging from 6 mm to 114 mm and thickness of 0.5 mm to 6 mm.

­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.

­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 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 ratings based.

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

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

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

­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.