Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 12.90 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 1.00 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding 13.90 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the short-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 13.90 crore bank facilities of KOSC Industries Private Limited (KIPL). The rating continues to be flagged as “Issuer Not Co-operating” and is based on the best available information.


About the Company

­­KOSC Industries Private Limited (KIPL), incorporated in 2004 (the erstwhile SKP Pipes Private Limited) is a Kolkata-based company engaged in the manufacture of ERW Pipe & MS Sheet. The company is expanding its current installed capacity from 18,000 MT per annum to 37,680 MT per annum apart from addition of products in the form of MS Scaffoldings and roofing sheet. The manufacturing unit is located at West Bengal and the day-to-day operations are managed by Mr. Suresh Sharma, Pankaj Sharma and Mr. Bimal Sharma.

 
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:

­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

 
Rating Sensitivity

­"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."

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

­None

 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 35.25 28.81
PAT Rs. Cr. (5.87) (1.45)
PAT Margin (%) (16.64) (5.02)
Total Debt/Tangible Net Worth Times (1.61) (2.16)
PBDIT/Interest Times (405.49) (54.82)
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
19 Oct 2023 Term Loan Long Term 0.90 ACUITE D (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 12.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 1.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
22 Jul 2022 Term Loan Long Term 0.90 ACUITE D (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 12.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 1.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.90 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.

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