* 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
Acuité has downgraded the long-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE C’ (read as ACUITE C) on the Rs. 56.34 Cr. bank facilities and the short-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE A4’ (read as ACUITE A Four) on the Rs. 5.00 Cr. bank facilities of Nandan Saha Steel Private Limited.
Acuité has reaffirmned the short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 4.00 Cr bank facilities of Nandan Saha Steel Private Limited.
The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
Rationale for Downgrade
The rating downgrade is based on information reported in CIC database, wherein the account appears in the SuitFiled/Defaulters List for June and July 2026 in respect of two lenders. The downgrade also reflects delays in debt servicing and NPA classification confirmed by another lender. In addition, based on the current stress indicators and the consistent delinquency reported across multiple lenders, the probability of default for the remaining bank facilities availed from other lenders is assessed to be very high and there exists a chance of imminent case of default for all banking facilities of the issuer.
The assessment also considers the satisfaction of charges in favor of one lender as reflected in MCA records which indicates that the corresponding loan facility has been extinguished.
About the Company
Incorporated in 2003, Kolkata-based Nandan Saha Steel Private Limited (NSSPL) is engaged in the trading and distribution of steel products and consumer electronics. The company is promoted by Mr. Nandan Saha and Mrs. Sutapa Saha.
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 Sensitivity
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 A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Channel/Dealer/Vendor Financing
Short Term
5.00
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Cash Credit
Long Term
10.00
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE BB)
Cash Credit
Long Term
20.34
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE BB)
Cash Credit
Long Term
9.00
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE BB)
Covid Emergency Line.
Long Term
2.00
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan
Long Term
15.00
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE BB)
24 Jan 2024
Channel/Dealer/Vendor Financing
Short Term
4.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Channel/Dealer/Vendor Financing
Short Term
5.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
9.00
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
10.00
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
20.34
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
Covid Emergency Line.
Long Term
2.00
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
15.00
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
DBS BANK INDIA LIMITED (ERSTWHILE DBS BANK LIMITED)
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
10.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE C )
KOTAK MAHINDRA BANK LIMITED
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
20.34
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE C )
AXIS BANK LIMITED
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
9.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE C )
State Bank of India
Not avl. / Not appl.
Channel/Dealer/Vendor Financing
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
ICICI BANK LIMITED
Not avl. / Not appl.
Channel/Dealer/Vendor Financing
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE A4 )
AXIS BANK LIMITED
Not avl. / Not appl.
Covid Emergency Line.
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE C )
Standard Chartered Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
15.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE C )
* 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.
