ACUITE BB+ | Downgraded | Issuer not co-operating*
-
RBI
Total Outstanding
0.00
50.00
-
-
-
Total Withdrawn
0.00
0.00
-
-
-
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuite has downgraded the long-term rating to 'ACUITE BB+' (read as ACUITE Double B Plus) from 'ACUITE BBB-' (read as ACUITE Triple B Minus) on Rs. 50.00 Cr. bank facilities of Nandana Metals and Mining Limited (NMML).
The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available. The rating is downgraded on account of information risk.
About the Company
Incorporated in 2021, Mumbai-based Nandana Metals and Mining Limited (formerly known as Winbuiild Metals Private Limited) is engaged in trading of iron & steel products, metal ores, scrap and coal. The company is operating its business from Nagpur since all the suppliers and customers are Nagpur based. Directors of this company are Mr. Junil Nilesh Patel, Mr. Arpit Mehta, Ms. Jaya Ankur Singhania and Mr. Tushar Rajendra Momaiyah.
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
Potential triggers (individual or collective) for an upward rating action:
No information provided by the issuer / available for Acuite to comment upon
Potential triggers (individual or collective) for a downward rating action:
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
ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB- )
Not Applicable
Not avl. / Not appl.
Proposed Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
25.00
Simple
ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB- )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
