Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 63.04 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 41.96 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 105.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the short term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 105.00 crore bank facilities of Enestee Engineering Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information.

About the Company
­Nagpur-based, Enestee Engineering Limited (EEL) was incorporated as a private limited company in 2005. The firm was converted into a public limited company in 2010. EEL is in manufacturing and fabrication of steel structures and heavy equipments on engineeringprocurement-construction (EPC) basis. It is promoted by Mr. Madhu Nair and led by the Board of Directors comprising technocrats with extensive experience in the engineering field.
 
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 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 ratingis based.
 
Rating Sensitivity
­"No information provided by the issuer / available for Acuite to comment upon."
 
Material 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 18 (Actual) FY 17 (Actual)
Operating Income Rs. Cr. 120.12 194.23
PAT Rs. Cr. (55.20) 2.27
PAT Margin (%) (45.96) 1.17
Total Debt/Tangible Net Worth Times (7.37) 2.66
PBDIT/Interest Times (3.25) 1.48
Status of non-cooperation with previous CRA
­Not Applicable.
 
Any other information
­Not Applicable.
 
Applicable Criteria
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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
02 Feb 2022 Cash Credit Long Term 10.00 ACUITE D ( Issuer not co-operating*)
Letter of Credit Short Term 16.96 ACUITE D ( Issuer not co-operating*)
Term Loan Long Term 20.00 ACUITE D ( Issuer not co-operating*)
Bank Guarantee Short Term 15.00 ACUITE D ( Issuer not co-operating*)
Letter of Credit Short Term 10.00 ACUITE D ( Issuer not co-operating*)
Term Loan Long Term 3.69 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 29.35 ACUITE D ( Issuer not co-operating*)
04 Nov 2020 Cash Credit Long Term 29.35 ACUITE D (Issuer not co-operating*)
Letter of Credit Short Term 16.96 ACUITE D (Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 3.69 ACUITE D (Issuer not co-operating*)
Letter of Credit Short Term 10.00 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 20.00 ACUITE D (Issuer not co-operating*)
Bank Guarantee Short Term 15.00 ACUITE D (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Punjab National Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 15.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 29.35 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 16.96 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Term Loan Not available Not available Not available 3.69 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Term Loan Not available Not available Not available 20.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
­

Contacts
Analytical Rating Desk
About Acuité Ratings & Research
Acuité Ratings & Research Limitedwww.acuite.in