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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 1.18 | - | ACUITE A4+ | Downgraded | Issuer not co-operating* |
| Bank Loan Ratings | 31.82 | ACUITE BB+ | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 33.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long term rating to ‘ACUITE BB+’ (read as ACUITE double B plus) from ‘ACUITE BBB+‘(read as ACUITE triple B plus) and short term rating to ACUITE A4+ (read as ACUITE A Four plus) from ‘ACUITE A2+’ (read as ACUITE A two plus) on the Rs.33.00 crore bank facilities of Jai Ganesh Ispat and Ferro Alloys Private Limited. The rating is now indicative and is based on the best available information. The rating downgrade is on account of information risk.
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| About the Company |
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Ganesh Sales Corporation is based in Goa established in 1997 as a steel trading proprietary concern by Mr. Siddharth Goyal. The firm was into operation from 1997 till 2004. In 2004, Mr. Siddharth Goyal incorporated Jai Ganesh Ispat and Ferro Alloys Private Limited and engaged in trading of steel and steel products and deal in multiple products.
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| Non-cooperation by the issuer/borrower |
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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 |
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The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuite endeavored to gather information about the entity/industry from the public domain. Therefore, Acuite cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.
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| Rating Sensitivities |
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"No information provided by the issuer / available for Acuite to comment upon." |
| Material Covenants |
| None |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| None |
| Key Financials: |
| The rated entity has not shared the latest financial statements despite repeated attempts. |
| Status of non-cooperation with previous CRA |
| The rating was downgraded by IND BB and placed under Issuer Not Cooperating vide PR dated Mar 08, 2022 |
| Any other information |
| Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Trading Entitie: https://www.acuite.in/view-rating-criteria-61.htm |
| Note on Complexity Levels of the Rated Instrument |
| https://www.acuite.in/view-rating-criteria-55.htm |
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