* 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 reaffirmed the long-term rating of ‘ACUITE B-’ (read as ACUITE B minus)on the Rs.15.25 crore bank facilities and reaffirmed the short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 2.75 crore bank facilities of Forest Press Machineries Private Limited 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
Forest Press Machineries Private Limited (FPMPL) was incorporated in 2015 by Mr. Manoj Kumar Pillai (MD, Hess India) and Mr. Peter Bullock (Chairman, Forest Press Hydraulics, UK). The company is engaged in the assembling, testing and selling of industrial machinery used in the production of building materials for construction and infrastructure industries. FPMPL specialises in wet-press and wet-cast technology in the Indian market. The manufacturing unit is located at Bommasandra 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)
Term Loan
Long Term
13.25
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
27 Mar 2024
Proposed Packing Credit
Short Term
2.20
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee
Short Term
0.55
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
2.00
ACUITE B
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
13.25
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
State Bank of India
Not avl. / Not appl.
Bank Guarantee/Letter of Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.55
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE B- | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Packing Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.20
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
13.25
Simple
ACUITE B- | Reaffirmed | Issuer not co-operating*
* 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.
