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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 11.00 | ACUITE B+ | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 11.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B Plus) on the Rs.11.00 Crore bank facilities of Bangalore Metallurgicals Private Limited (BMPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
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| About the Company |
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BMPL was established in 1960 as a partnership firm and later, changed to private limited in 1987. The company is engaged in the manufacture of cast iron and ductile iron and has installed capacity of 600 tons per month. The company is led by Mr. Ramaiah Raghavendra and his two sons, Mr. Rakshith Raghavendra and Mr. Rajith Raghavendra. The manufacturing facility is located at Hosakote (Bangalore).
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| 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 noncooperation 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: |
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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 endeavored 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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| About the Rated Entity - Key Financials |
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The rated entity has not shared the latest financial statements despite repeated requests.
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| Rating Sensitivity |
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No information provided by the issuer / available for Acuite to comment upon.
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| Material Covenants |
| None |
| 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 |
| Other Factors affecting Rating |
| None |
| Status of non-cooperation with previous CRA |
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ICRA , vide its press release dated September 22, 2021 had denoted the long term rating of Bangalore Metallurgicals Private Limited as ‘[ICRA]B+(Stable); ISSUER NOT COOPERATING ’ on account of lack of adequate information required for monitoring of ratings. The earlier rating, however also stood at ‘[ICRA]B+(Stable); ISSUER NOT COOPERATING’ vide its press release dated July 22, 2020 .
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| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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| Applicable Criteria |
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• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 |
| https://www.acuite.in/view-rating-criteria-55.htm |
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