Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 29.50 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 45.50 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding 75.00 - -
 
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.75.00 crore bank facilities of MECHATRONICS SYSTEMS PRIVATE LIMITED (MSPL). The rating continues to be an indicative rating and is based on the best available information.


About the Company

­MSPL is a Pune based integrated water resource management company engaged in providing automation and real time data solutions in areas such as real time hydro meteorological information systems, flood forecasting and flood management systems with dam automation, smart city water supply management among others. MSPL provides solution for water resources, dams, canals, and water-supply projects and primarily deals with government agencies and urban local bodies. MSPL was formed in 1991 as a partnership concern with the name ‘Mechatronics’. The firm was reconstituted as private limited company in 1996 and its name was changed to Mechatronics Systems Private Limited (MSPL). MSPL is promoted by Mr. Ashok Karva.

 
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 noncooperation 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:

­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. 54.22 51.07
PAT Rs. Cr. 1.61 2.05
PAT Margin (%) 2.97 4.02
Total Debt/Tangible Net Worth Times 1.52 1.75
PBDIT/Interest Times 1.43 1.53
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
23 Nov 2022 Secured Overdraft Long Term 13.00 ACUITE D (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 7.00 ACUITE D (Downgraded and Issuer not co-operating*)
Proposed Bank Guarantee Short Term 29.50 ACUITE D (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE D (Downgraded and Issuer not co-operating*)
Secured Overdraft Long Term 9.50 ACUITE D (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 15.00 ACUITE D (Downgraded and Issuer not co-operating*)
09 Feb 2022 Cash Credit Long Term 7.00 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Secured Overdraft Long Term 13.00 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4+ (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 15.00 ACUITE A4+ (Downgraded and Issuer not co-operating*)
Secured Overdraft Long Term 9.50 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Proposed Bank Guarantee Short Term 29.50 ACUITE A4+ (Downgraded and Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
The Akola Urban Co Operative Bank Ltd Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
The Akola Urban Co Operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Bank Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 29.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
The Yavatmal Urban Co-operative Bank Ltd. Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 13.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*

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