Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 14.50 ACUITE BB | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 19.50 - ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 34.00 - -
 
Rating Rationale
­Acuité has reaffirmed its long-term rating of ‘ACUITE BB’ (read as ACUITE double B)  and reaffirmed its short term rating of 'ACUITE A4+'(read as ACUITE A four plus) on the Rs.34.00 crore bank facilities of Core Energy Systems Private Limited (CESPL).  The ratings continues to be flagged as "Issuer Not-Cooperating" and is based on best available information .

About the Company
­Core Energy Systems Private Limited (CESPL) was incorporated in the year 1997 as a partnership firm by Mr. Nagesh N. Basarkar, a petrochemical engineer by qualification, and later in 2004 the constitution was changed to private limited. CSPL is engaged in providing a range of high technology products, value added services as well as turnkey engineering solutions catering to sectors like, nuclear, oil & gas, and defense markets. The company is located in Dombivli, Thane and has an overseas office registered as Western CORE Ltd in UK. 
 
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 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:
­­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
 
Rating Sensitivity
­No information provided by the issuer / available for Acuite to comment upon."
 
All Covenants
­Not Applicable
 
Liquidity Position
­­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­Not Applicable
 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 63.72 22.99
PAT Rs. Cr. 1.14 0.46
PAT Margin (%) 1.78 2.01
Total Debt/Tangible Net Worth Times 0.16 0.77
PBDIT/Interest Times 2.22 1.50
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
 
Applicable Criteria
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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
• Real Estate Entities: https://www.acuite.in/view-rating-criteria-63.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.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
19 Jul 2022 Letter of Credit Short Term 4.00 ACUITE A4+ ( Issuer not co-operating*)
Cash Credit Long Term 6.50 ACUITE BB (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 3.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 5.00 ACUITE A4+ ( Issuer not co-operating*)
Cash Credit Long Term 5.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 6.00 ACUITE A4+ ( Issuer not co-operating*)
Bank Guarantee Short Term 4.50 ACUITE A4+ ( Issuer not co-operating*)
04 May 2021 Bank Guarantee Short Term 6.00 ACUITE A4+ (Reaffirmed)
Bank Guarantee Short Term 5.00 ACUITE A4+ (Reaffirmed)
Bank Guarantee Short Term 4.50 ACUITE A4+ (Reaffirmed)
Letter of Credit Short Term 4.00 ACUITE A4+ (Reaffirmed)
Cash Credit Long Term 5.00 ACUITE BB+ | Stable (Upgraded from ACUITE BB | Stable)
Cash Credit Long Term 6.50 ACUITE BB+ | Stable (Upgraded from ACUITE BB | Stable)
Cash Credit Long Term 3.00 ACUITE BB+ | Stable (Upgraded from ACUITE BB | Stable)
06 Feb 2020 Cash Credit Long Term 3.00 ACUITE BB | Stable (Upgraded from ACUITE BB- | Stable)
Cash Credit Long Term 5.00 ACUITE BB | Stable (Upgraded from ACUITE BB- | Stable)
Cash Credit Long Term 6.50 ACUITE BB | Stable (Upgraded from ACUITE BB- | Stable)
Letter of Credit Short Term 4.00 ACUITE A4+ (Assigned)
Bank Guarantee Short Term 6.00 ACUITE A4+ (Upgraded from ACUITE A4)
Bank Guarantee Short Term 5.00 ACUITE A4+ (Upgraded from ACUITE A4)
Bank Guarantee Short Term 4.50 ACUITE A4+ (Upgraded from ACUITE A4)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Indian Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 4.50 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Bank of Maharashtra Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 6.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Indian Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
Bank of Maharashtra Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 6.50 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 3.00 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 4.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*

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