Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 15.00 ACUITE C | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 2.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 17.00 - -
 
Rating Rationale

­­Acuité has downgraded the long-term rating to 'ACUITE C' (read as ACUITE C) from ‘ACUITE B’ (read as ACUITE B) and reaffirmed the short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.17.00 crore bank facilities of Perfect Mettcast Private Limited (Erstwhile Eastman Mettcast Limited)(PMPL).
The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.
The downgrade is based on Crif highmark report which shows overdrawing in Cash Credit facilities which are as recent as July 2024 and the account is classified as Loss Account.

About the Company
­­Ludhiana-based, Perfect Mettcast Private Limited  (PMPL) was incorporated in 2006 by Mr. Jagdeep Singal and his family as Swift Mettcast Limited. In January 2013, the company was taken over by Mr. Subhash Goel and his family. The name was changed to Perfect Mettcast Private Limited (PMPL) and they manage the operations of the company. The company is engaged in the business of manufacturing of auto component of heavy vehicle and twowheelers such as gear-box, clutch braking system and clutch cover, among others. Currently, the promoters of the company are Mr. Gaurav Goel, Mrs. Vinita Subhash and Mr. Karan Goel.
 
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:
­­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 endeavoured 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 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 111.55 118.80
PAT Rs. Cr. 2.39 1.42
PAT Margin (%) 2.15 1.20
Total Debt/Tangible Net Worth Times 2.59 3.74
PBDIT/Interest Times 3.27 2.60
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
07 Jun 2024 Cash Credit Long Term 15.00 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE B+)
Letter of Credit Short Term 2.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
14 Mar 2023 Cash Credit Long Term 15.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 2.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
16 Dec 2021 Cash Credit Long Term 15.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 2.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE B )
State Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*

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