­Rashmi Rare Earth Limited (RREL) was incorporated in 2011 by Mr. Sunil Patwari and Mrs. Sarika Patwari of the Kolkata based Rashmi group. Currently, the day to day operations of the company are managed by Mr. Sunil Kumar Patwari, Mr. Mintu Saha, Mr. Binod Gupta and Mr. Jaiprakash Rai. The company is in the process of installing of Surface Mount Technology (SMT) lines, electronic device assembly line and testing & packaging lines. The company provides Electronic Manufacturing Services (EMS) to various Clients like Reliance Retail Ltd, LG Electronics India Ltd, Honeywell to name a few.

­Rashmi Group is engaged in manufacturing of integrated Iron & Steel Products, Cement, Power and Ferro Alloys. The group is headed by Mr. Sajjan Kumar Patwari and his three sons Mr. Sunil Kumar Patwari, Mr. Sanjib Kumar Patwari and Mr. Sanjay Kumar Patwari, the group has its corporate office at Kolkata, and factories located at Kharagpur and Jhargram respectively. Its products and services range from DI Pipes, TMT Bars, Pig Iron, Wire Rods, MS Billets, Sponge Iron, Sinter, Ferro Alloys, Pellet Plant and Cement to Laptops, Netbooks, All-InOne PCs and also Dredging.

­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.

­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 endeavored 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.

­The rated entity has not shared the latest financial statements despite repeated requests.

­No information provided by the issuer / available for Acuité to comment upon.

­Not Applicable

­No information provided by the issuer / available for Acuité to comment upon.

­Not Applicable

­Not Applicable

­None

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

­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.