ACUITE BB- | Downgraded | Issuer not co-operating*
-
RBI
Total Outstanding
0.00
26.15
-
-
-
Total Withdrawn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
Acuité has downgraded its long-term rating to 'ACUITE BB-' (read as ACUITE Double B Minus) from 'ACUITE BB' (read as ACUITE Double B) on the Rs. 26.15 crore bank facilities of Paviter Metals Private Limited.
The rating is now flagged as “Issuer Not-Cooperating” on account of information risk and is based on the best available information. The rating has been downgraded on account of information risk and the company has not provided latest No Default Statement (NDS) for last 3 months consecutively ended June 2026.
About the Company
Incorporated in the year 2003, Paviter Metals Private Limited is promoted by Mr. Baldev Raj, Mr. Naresh Dhawan and Mr. Sanjeev Kumar. The company is engaged in the business of wholesale trading of steel products like angles, channels, rounds, hex, billet, wire rod in carbon steel, alloy steel, magnesia steel, etc. The registered office and the manufacturing facilities of the company are located in Ludhiana
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower
Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. 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 B
(Downgraded & Issuer not co-operating* from ACUITE B+)
17 Nov 2023
Bank Guarantee/Letter of Guarantee
Short Term
2.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Letter of Credit
Short Term
1.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
5.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Union Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
21.25
Simple
ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.90
Simple
ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )
* 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.
