­Finex Techno Cast (FTC) a partnership firm based of Rajkot, Gujarat was established in 2018 and promoted by Mr. Kashyapbhai Patel. The firm is part of a fine group which also consist of 'Finecast Industries (FI)'. The group has existed in casting and forging industry since 1995. The group is now engaged in the manufacture of precision quality engineering products. FI obtains castings from its suppliers and does machining work according to customer's requirements. Group has planned to backward integrate and established foundry division in the form of FTC to carry out casting equipments. The manufacturing facilities are located at Shapar, Rajkot with a n installed capacity of 180000 units per anum for Electric motor, End cover capacity of 360000 units per anum and 300000 units per anum for Auto parts. FTC will have installed capacity of 1000 Metric ton per month.

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.

­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.

­The rated entity has not shared the latest financial statements despite repeated requests.

­"No information provided by the issuer / available for Acuite to comment upon."

­Not Applicable

­"No information provided by the issuer / available for Acuite to comment upon."

­Not Applicable

­Not Applicable

­Not Applicable

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

­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.