Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 101.50 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 70.50 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 172.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 172.00 crore bank facilities of Mantra Industries Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company
­Mantra Industries Limited (MIL), incorporated in 2009 was promoted by Mr. V. Ganeshan, Ms V. Anusha and Ms. B. Priyamvadha. The company is engaged in the manufacturing and distribution of electrical and electronic home appliances such as mixer grinders, wet grinders, pressure cookers among others. The company has also set up facilities for assembling of electronic items such as weighing scales, digital set top boxes, laptops. The manufacturing facility is located at Coimbatore, Tamil Nadu with 8 injection moulding machines and capacity of 50 lakh units per annum.
 
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 noncooperation 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.
 
About the Rated Entity - Key Financials
­The rated entity has not shared the latest financial statements despite repeated requests.
 
Rating Sensitivity
­"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
 
Status of non-cooperation with previous CRA
­None
 
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
• 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
In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
23 Aug 2021 Term Loan Long Term 0.84 ACUITE B+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 13.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 4.00 ACUITE A4 ( Issuer not co-operating*)
Cash Credit Long Term 25.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 36.00 ACUITE A4 ( Issuer not co-operating*)
Cash Credit Long Term 8.55 ACUITE B+ (Downgraded and Issuer not co-operating*)
Proposed Cash Credit Long Term 0.66 ACUITE B+ (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 6.50 ACUITE A4 ( Issuer not co-operating*)
Letter of Credit Short Term 11.00 ACUITE A4 ( Issuer not co-operating*)
Letter of Credit Short Term 13.00 ACUITE A4 ( Issuer not co-operating*)
Cash Credit Long Term 7.50 ACUITE B+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 35.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 10.95 ACUITE B+ (Downgraded and Issuer not co-operating*)
10 Jun 2020 Cash Credit Long Term 7.50 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 10.95 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 0.84 ACUITE BB- (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 36.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 35.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 13.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 8.55 ACUITE BB- (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 4.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 25.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 13.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 11.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Proposed Cash Credit Long Term 0.66 ACUITE BB- (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 6.50 ACUITE A4 (Downgraded and Issuer not co-operating*)
09 Apr 2019 Letter of Credit Short Term 13.00 ACUITE A4+ (Assigned)
Cash Credit Long Term 13.00 ACUITE BB | Stable (Upgraded from ACUITE D)
Cash Credit Long Term 35.00 ACUITE BB | Stable (Upgraded from ACUITE D)
Cash Credit Long Term 7.50 ACUITE BB | Stable (Assigned)
Cash Credit Long Term 10.95 ACUITE BB | Stable (Upgraded from ACUITE D)
Letter of Credit Short Term 36.00 ACUITE A4+ (Assigned)
Term Loan Long Term 0.84 ACUITE BB | Stable (Upgraded from ACUITE D)
Cash Credit Long Term 25.00 ACUITE BB | Stable (Assigned)
Cash Credit Long Term 8.55 ACUITE BB | Stable (Assigned)
Letter of Credit Short Term 11.00 ACUITE A4+ (Assigned)
Bank Guarantee Short Term 4.00 ACUITE A4+ (Upgraded from ACUITE D)
Bank Guarantee Short Term 6.50 ACUITE A4+ (Upgraded from ACUITE D)
Proposed Cash Credit Long Term 0.66 ACUITE BB | Stable (Upgraded from ACUITE D)
21 Jan 2019 Proposed Bank Guarantee Short Term 5.00 ACUITE D (Issuer not co-operating*)
Proposed Letter of Credit Short Term 60.00 ACUITE D (Issuer not co-operating*)
Cash Credit Long Term 13.00 ACUITE D (Issuer not co-operating*)
Proposed Bank Guarantee Short Term 1.50 ACUITE D (Issuer not co-operating*)
Proposed Cash Credit Long Term 41.71 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 0.84 ACUITE D (Issuer not co-operating*)
Cash Credit Long Term 10.95 ACUITE D (Issuer not co-operating*)
Cash Credit Long Term 35.00 ACUITE D (Issuer not co-operating*)
Bank Guarantee Short Term 4.00 ACUITE D (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 4.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank of Maharashtra Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 6.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Indian Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 13.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 10.95 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Bank of Maharashtra Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 35.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Bank of Maharashtra Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 25.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Indian Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 7.50 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 8.55 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Indian Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 11.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank of Maharashtra Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 36.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 13.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 0.66 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Bank of Maharashtra Not Applicable Term Loan Not available Not available Not available 0.84 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*

Contacts
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Acuité Ratings & Research Limitedwww.acuite.in