ACUITE A4+ | Downgraded | Issuer not co-operating*
RBI
Total Outstanding
0.00
35.00
-
-
-
Total Withdrawn
0.00
0.00
-
-
-
* 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 its long-term rating to 'ACUITE BB' (read as ACUITE Double B) from 'ACUITE BBB' (read as ACUITE Triple B) and short-term rating to 'ACUITE A4+' (read as ACUITE A Four Plus) from 'ACUITE A3+' (read as ACUITE A Three Plus) on the Rs. 35.00 crore bank facilities of Galaxy Alluminium LLP.
The rating is now flagged as “Issuer Not-Cooperating” on account of information risk and is based on the best available information. The rating has been downgraded on account of information risk and the firm has not provided latest No Default Statement (NDS) for last 3 months consecutively ended Aug 2026.
About the Company
Galaxy Alluminium LLP is a Sangli, Maharashtra based limited liability partnership firm. The firm was established in the year 2011 and is promoted by Mr.Subhash Vrajlal Vhora and Mr.Sameer Subhash Vhora, along with their family members. The firm is engaged in manufacturing aluminium and aluminium alloy rods. The rod manufactured by the firm is used as a backward integration for manufacturing aluminium conductors under its group company-Galaxy Transmission Private Limited (GTPL). GALLP meets most of the aluminium alloy rod requirement for GTPL.
About the Group
Galaxy Group is a Maharashtra based group founded in the year 1995. The group is promoted by the Vhora family led by Mr. Subhash Vrajlal Vhora and Mr. Sameer Subhash Vhora. The group comprises of two companies, namely Galaxy Aluminium LLP (GAL) and Galaxy Transmission Private Limited (GTPL). GTPL (erstwhile Galaxy cables) was established in the year 1995 and later in the year 2006, the constitution was changed to a private limited company. The group is engaged in manufacturing aluminium and aluminium alloy rods and conductors. GALLP is engaged in manufacturing aluminium and aluminium alloy rods whereas GTPL is engaged in manufacturing aluminium conductors that finds its use in power transmission and distribution industry. The manufacturing units are located at Sangli and Nagpur unit. The total manufacturing capacity is ~60,000 MTPA for conductors. The group supplies products to Power Grid Corporation of India Limited, State Electricity Boards and other Private Utilities. GALLP meets most of the aluminium alloy rod requirement of GTPL.
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower
Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. 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 Sensitivities
Potential triggers (individual or collective) for an upward rating action:
No information provided by the issuer / available for Acuite to comment upon.
Potential triggers (individual or collective) for a downward rating action:
No information provided by the issuer / available for Acuite to comment upon.
Liquidity Position
No information provided by the issuer / available for Acuite to comment upon.
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
4.50
ACUITE BB
(Downgraded & Issuer not co-operating* from ACUITE BB+)
Proposed Long Term Loan
Long Term
1.60
ACUITE BB
(Downgraded & Issuer not co-operating* from ACUITE BB+)
06 Oct 2023
Letter of Credit
Short Term
7.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
4.50
ACUITE BB+
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan
Long Term
1.60
ACUITE BB+
(Reaffirmed & Issuer not co-operating*)
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Indian Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.00
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BBB )
Indian Bank
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
20.00
Simple
ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A3+ )
Not Applicable
Not avl. / Not appl.
Proposed Long Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
11.00
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BBB )
* 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.
