Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 19.40 ACUITE B+ | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 0.60 - ACUITE A4 | Downgraded | Issuer not co-operating*
Total Outstanding 20.00 - -
 
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) and the short term rating to 'ACUITE A4' ( read as ACUITE A four) from  ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.20.00 Cr bank facilities of Mastercraft Engineers Private Limited(MEPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.


About the Company

Mastercrafts Engineers Private Limited (­MEPL), incorporated in 1991, is a Bengaluru-based company promoted by Mr. Sree Prakash Ramamirtham and Mr. Balakrishnan Srinivasan. MEPL is engaged in the manufacturing of injection moulds and injection moulded plastic components. The company also undertakes job work for manufacturing injection moulded plastic components. MEPL mainly caters to automobile, electrical and consumer durables industry. MEPL is a Tier I manufacturer of moulds and injection moulded plastic components used in the automobile industry.

 
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 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 60.02 47.29
PAT Rs. Cr. 0.54 0.26
PAT Margin (%) 0.91 0.56
Total Debt/Tangible Net Worth Times 0.10 0.26
PBDIT/Interest Times 46.57 11.14
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

­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
21 Feb 2023 Bank Guarantee/Letter of Guarantee Short Term 0.30 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 3.25 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 0.30 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility Long Term 9.47 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 6.68 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
25 Nov 2021 Bank Guarantee/Letter of Guarantee Short Term 0.30 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 3.25 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
Letter of Credit Short Term 0.30 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility Long Term 9.47 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan Long Term 6.68 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
State Bank of India Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.30 Simple ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.25 Simple ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
State Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.30 Simple ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.47 Simple ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
State Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.68 Simple ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
­

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