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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 47.95 | ACUITE BB+ | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 47.95 | - | - |
| * The issuer did not co-operate; based on best available information. | |||
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Rating Rationale |
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Acuite has downgraded and withdrawn the long-term rating to ‘ACUITE BB+’ (read as ACUITE Double B Plus) from ‘ACUITE A-’ (read as ACUITE A Minus) on the Rs.47.95 Cr bank facilities Maruti Ferrous Private Limited. The rating has been withdrawn on account of the request received from the company, and the NOC(No Objection Certificate) received from the bankers. |
| About the Company |
| Incorporated in 2003, Chhattisgarh based Maruti Ferrous Private Limited (MFPL) is engaged in manufacturing of billets and TMT bars. The company is the flagship entity of the Maruti Group. Currently, MFPL is headed by Mr. Bimal Kishore Khetan, Mr. Ankit Chowdhary and others. The company has a capacity of 96000 MTPA for Billet and 150000 MTPA for TMT bars. |
| About the Group |
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IIncorporated in 2002, Chhattisgarh based Nutan Ispat & Power Private Limited (NIPPL) is engaged in manufacturing of sponge iron, billets and TMT bars. In 2014, the company became part of the Maruti group. Currently, NIPPL is headed by Mrs.Sumitra Khetan, Mr. Sourabh Tola and others. The company has a capacity of 60000 MTPA for Sponge Iron, 88320 MTPA for Billet, 150000 MTPA for TMT bars and a 10MW captive power plant. |
| Unsupported Rating |
| Not Applicable |
| 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 an 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 |
| "No information provided by the issuer/borrower available for Acuite to comment upon." |
| Liquidity Position |
| "No information provided by the issuer/borrower available for Acuite to comment upon." |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 1409.71 | 1323.95 |
| PAT | Rs. Cr. | 60.45 | 37.53 |
| PAT Margin | (%) | 4.29 | 2.84 |
| Total Debt/Tangible Net Worth | Times | 0.83 | 0.73 |
| PBDIT/Interest | Times | 3.84 | 3.18 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Interaction with Audit Committee anytime in the last 12 months (applicable for rated-listed / proposed to be listed debt securities being reviewed by Acuite) |
| Not applicable |
| Any other information |
| None |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
| Note on complexity levels of the rated instrument |
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| * The issuer did not co-operate; based on best available information. | |||||||||||||||||||||||||||||||||||||||||||||
| *Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||||||||||||
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