* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to ‘ACUITE B-’ (read as ACUITE B minus) from 'ACUITE B' (read as ACUITE B) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 10.00 crore bank facilities of Evershine Smelting Alloy Private Limited (ESAPL) on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Evershine Smelting Alloy Private Limited (ESAPL) was incorporated in 1997 by Mr. S Sekar and Mrs. Maheshwari Sekar. The company manufactures lead, lead alloys and lead oxides through recycling of lead scrap. It caters to battery manufactures in the region as well as foreign countries. The company is also a member of Metal Recycling Association of India. The company operates an ISO 9001:2008 certified facility in Bangalore (Karnataka).
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
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
08 Nov 2023
Bills Discounting
Short Term
4.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Buyers Credit
Short Term
2.50
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
3.50
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Federal Bank Limited
Not avl. / Not appl.
Bills Discounting
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Federal Bank Limited
Not avl. / Not appl.
Buyers Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.50
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Federal Bank Limited
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.50
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
