Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 12.50 ACUITE BB- | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 4.00 - ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 16.50 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has downgraded the long-term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) from 'ACUITE BB' (read as ACUITE dobule B) and reaffirmed the short term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.16.50 Cr bank facilities of Eros Infrastructures Private Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.

About the Company
­Nagpur based, Eros Infrastructures Private Limited (EIPL) was incorporated in 2003 by Mr.Amitkumar Narayanprasad Pande, Mrs. Gaitrydevi Narayanprasad Pande, Mr. Atulkumar Narainprasad Pande and others. The company is engaged in the manufacture of solar galvanised structures and sub stations since 2016. While steel (raw material) is procured from Jindal Steel and local players, the company purchases zinc from Hindustan Zinc. The manufacturing facilities are located at Nagpur, Maharashtra. The current capacity is 30000 metric tons per annum with current utilisation at 27000 metric tons per annum.
 
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 continues to be 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.
 
About the Rated Entity - Key Financials
­The rated entity has not shared the latest financial statements despite repeated requests.
 
Rating Sensitivity
­"No information provided by the issuer / available for Acuite to comment upon." 
 
Material Covenants
­None
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
Not Applicable. 
 
Status of non-cooperation with previous CRA
None
 
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
• 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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
22 Jul 2021 Bank Guarantee Short Term 4.00 ACUITE A4+ ( Issuer not co-operating*)
Term Loan Long Term 7.15 ACUITE BB ( Issuer not co-operating*)
Cash Credit Long Term 5.00 ACUITE BB ( Issuer not co-operating*)
Proposed Term Loan Long Term 0.35 ACUITE BB ( Issuer not co-operating*)
22 Apr 2020 Term Loan Long Term 7.15 ACUITE BB (Issuer not co-operating*)
Cash Credit Long Term 5.00 ACUITE BB (Issuer not co-operating*)
Proposed Term Loan Long Term 0.35 ACUITE BB (Issuer not co-operating*)
Bank Guarantee Short Term 4.00 ACUITE A4+ (Issuer not co-operating*)
20 Feb 2019 Term Loan Long Term 7.15 ACUITE BB (Issuer not co-operating*)
Bank Guarantee Short Term 4.00 ACUITE A4+ (Issuer not co-operating*)
Cash Credit Long Term 5.00 ACUITE BB (Issuer not co-operating*)
Proposed Term Loan Long Term 0.35 ACUITE BB (Issuer not co-operating*)
13 Dec 2017 Cash Credit Long Term 5.00 ACUITE BB | Stable (Assigned)
Term Loan Long Term 7.15 ACUITE BB | Stable (Assigned)
Proposed Term Loan Long Term 0.35 ACUITE BB | Stable (Assigned)
Bank Guarantee Short Term 4.00 ACUITE A4+ (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
State Bank of India Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 4.00 ACUITE A4+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 5.00 ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )
Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 0.35 ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )
Small Industries Development Bank of India Not Applicable Term Loan Not available Not available Not available 7.15 ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )

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