* 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. 28.00 crore bank facilities of Indfab Projects 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
Incorporated in 2005, Located in Odisha, India, Indfab Projects Private Limited (IPPL) carries out Engineering, Procurement and Construction (EPC) work in the aluminium industry. It is promoted by Mr. Ashis Palit, Mr. Prabhat Palit and Mr. Kaushik Palit. Mr. Prabhat Palit, who is an engineer by profession, has prior experience of working in a joint venture with Indian Ropeway Engineering Limited (IREL) from 2002 to 2005. The company’s current operations are being actively managed by Mr. Ashis Palit. The company requires raw materials like steel, oxygen gas, electrode welding gas etc. for its erection and installation works which are provided mainly by the clients, for other raw materials which are not so provided, it procures them on a credit of 15 to 30 days from the suppliers. IPPL’s major clients include NALCO, HINDALCO, Vedanta Ltd and Mahanadi Coalfield Limited. It gets contract work mainly on a tender basis. Collections are made by raising bills as the project progresses normally on a monthly basis with realisation being made in 15 days.
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+)
Working Capital Term Loan
Long Term
2.00
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
18 Apr 2024
Bank Guarantee/Letter of Guarantee
Short Term
20.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Proposed Bank Guarantee
Short Term
4.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Working Capital Term Loan
Long Term
2.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Proposed Working Capital Term Loan
Long Term
2.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
25 Jan 2023
Bank Guarantee/Letter of Guarantee
Short Term
20.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Proposed Bank Guarantee
Short Term
4.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Working Capital Term Loan
Long Term
2.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Proposed Working Capital Term Loan
Long Term
2.00
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.
20.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Bank Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Working Capital Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
State Bank of India
Not avl. / Not appl.
Working Capital Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
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.
