ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
-
Total Outstanding
0.00
-
-
Total Withdrawn
10.00
-
-
* The issuer did not co-operate; based on best available information.
Rating Rationale
Acuité has downgraded and withdrawn its long-term rating to 'ACUITE B+' (read as ACUITE B plus) from 'ACUITE BB-' (read as ACUITE double B minus) on the Rs. 10.00 crore bank facilities of Metrocity Finance Private Limited (MFPL). The rating is now flagged as “Issuer Not-Cooperating” and is based on the best available information. The downgrade is on account of information risk. The withdrawal is on account of request received from the issuer and NOC from the banker.
The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.
About the Company
Rajasthan-based, Metrocity Finance Private Limited (MFPL) was incorporated in 2015 by Mr. Vipul Setia (Managing Director). Mr. Setia has over a decade of experience in asset financing through family owned NBFCs like SK Finance Limited and Setia Auto Finance. The company is engaged in commercial vehicles financing and Loan against property (LAP), wherein the target borrower base is SMEs.
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
Rating Sensitivities
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.
Key Financials:
Particulars
Unit
FY25 (Actual)
FY24 (Actual)
Total Assets
Rs. Cr.
36.93
36.11
Total Income*
Rs. Cr.
4.08
3.43
PAT
Rs. Cr.
1.03
0.82
Net Worth
Rs. Cr.
9.39
8.42
Return on Average Assets (RoAA)
(%)
2.83
2.73
Return on Average Net Worth (RoNW)
(%)
11.61
10.98
Debt/Equity
Times
2.62
3.10
Gross NPA
(%)
0
2.15
Net NPA
(%)
0
1.83
*Total income equals to Net Interest Income plus other income
