Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 4.04 ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 4.80 Not Applicable | Withdrawn -
Total Outstanding 0.00 - -
Total Withdrawn 8.84 - -
 
Rating Rationale

­Acuité has reaffirmed and withdrawn its long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs 4.04 Cr. bank facilities of Endotherm Fluid India Private Limited, and withdrawn the rating on proposed long-term facilites of Rs.4.80 Cr. bank facilities of Endotherm Fluid India Private Limited without assigning any rating.
The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information. The rating has been withdrawn as per Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility. The rating has been withdrawn on account of the request received from the company and the NOC(No Objection Certificate) received from the banker.

About the Company
­Endotherm Fluids India Private Limited was incorporated in 1988 by Mr. Puthukode Anantharaman Balakrishnan and Mr. Bangalore Kuppusamy Rao Venkatesh. EFIPL is engaged primarily in manufacturing of Auto Components such as Plunger & Retainer, Hub, Shaft worm wheel, Nozzle Holder Body, Hex shaft, End cap among others which are mainly used in four wheeler passenger vehicle segments. Its manufacturing plant is located at SIDCO Industrial Estate in Chennai (Tamil Nadu).
 
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:
­­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."
 
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 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 36.73 20.85
PAT Rs. Cr. 4.99 (0.09)
PAT Margin (%) 13.57 (0.42)
Total Debt/Tangible Net Worth Times 0.40 1.27
PBDIT/Interest Times 17.61 3.99
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• 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
­­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
20 Oct 2023 Cash Credit Long Term 1.50 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 2.54 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 4.80 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
22 Jul 2022 Cash Credit Long Term 1.50 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 2.54 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 4.80 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
23 Apr 2021 Cash Credit Long Term 1.50 ACUITE B+ (Downgraded & Issuer not co-operating*)
Proposed Long Term Loan Long Term 4.80 ACUITE B+ (Downgraded & Issuer not co-operating*)
Term Loan Long Term 2.54 ACUITE B+ (Downgraded & Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
Small Industries Development Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.50 Simple ACUITE B+ | Reaffirmed & Withdrawn | 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. 4.80 Simple Not Applicable|Withdrawn
Small Industries Development Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.54 Simple ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*
­

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