* 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 plus) from 'ACUITE BB-' (read as ACUITE double B minus) on Rs. 92.50 crore bank facilities and the short term rating to “ACUITE A4” (read as ACUITE A four) from “ACUITE A4+” (read as ACUITE A four plus) on Rs.1.50 crore bank facilities of Indo Nuclear Energy Private Limited (INEPL).
The rating downgrade is on account of information risk. The rating is now flagged as “Issuer Not Cooperating” on account of information risk and is based on the best available information.
About the Company
Indo Nuclear Energy Private Limited was in Incorporated in 2011. The Current Directors of the company are Mr. Nagendra Goel, Mr. Nipun Jain and Mr. Chavi Jain. The Company’s Registered address is at Delhi.The company is a subsidiary of BIPS Systems Limited, an IT and Process Automation Company.
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 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 BB- | Stable
(Upgraded from ACUITE B+ | Stable)
Cash Credit
Long Term
7.50
ACUITE BB- | Stable
(Upgraded from ACUITE B+ | Stable)
Cash Credit
Long Term
7.50
ACUITE BB- | Stable
(Assigned)
06 Dec 2024
Term Loan
Long Term
77.50
ACUITE B+ | Stable
(Reaffirmed)
Cash Credit
Long Term
7.50
ACUITE B+ | Stable
(Reaffirmed)
08 Sep 2023
Term Loan
Long Term
77.50
ACUITE B+ | Stable
(Assigned)
Cash Credit
Long Term
7.50
ACUITE B+ | Stable
(Assigned)
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.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.50
Simple
ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Indian Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
27 Oct 2024
Not avl. / Not appl.
Not avl. / Not appl.
15.00
Simple
ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Indian Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
27 Oct 2024
Not avl. / Not appl.
31 May 2031
77.50
Simple
ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
* 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.
