* 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 reaffirmed its long-term rating of 'ACUITE D' (read as ACUITE D) on Rs. 25.22 Cr. long-term bank facilities of Saiyyed Akhtar Ali (SAA). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
Rationale for rating
Acuité has taken a consolidated approach for Saiyyed Akhtar Ali (SAA) along with its group entities, namely M O Infra, SMO Ferro Alloys Private Limited, VR Construction, Gharib Nawaz Infra, Owais Ali Overseas, and SA Infrastructure. The rating takes into account an order of the National Company Law Tribunal (NCLT) dated August 13, 2026 wherein Corporate Insolvency Resolution Process (CIRP) has been initiated against group company SMO Ferro Alloys Private Limited. Consequently, SMO Ferro Alloys Private Limited has been declared a defaulter as a corporate debtor, and an interim resolution professional has been appointed. Additionally, Mr. Saiyyed Akhtar Ali, who is the partner of Saiyyed Akhtar Ali (SAA), is also a co-borrower in SMO Ferro Alloys Private Limited credit facility, thereby highlighting potential default risk at group level.
About the Company
Established in 2003, Saiyyed Akhtar Ali (SAA) is a Ratlam, Madhya Pradesh based firm. The partners are Mr. Saiyyed Akhtar Ali, Mr. Mohabbat Ali , Mr. Saiyyed Afsar Ali and Mr. Saiyyed Avesh Ali. The firm is engaged in the business of civil construction, trading of silico manganese, supplier of sand, gitti, stone chips and other construction material.
About the Group
Established in 2018, M O Infra (MOI) undertakes trading of silico manganese in Madhya Pradesh. The firm is headed by Mr. Saiyyed Akhtar Ali. Established in 2016, VR Construction (VRC) is a is a Ratlam, Madhya Pradesh based firm engaged in the business of civil construction, trading of silico manganese, supplier of sand, gitti & other construction material and manufacturing of crushed stones. VRC is promoted and headed by Mr. Mohabbat Ali.
Established in 2016 based in Ratlam, Madhya Pradesh, SA Infrastructure (SAI) undertakes civil construction work, trades silico manganese, supplies stone chips. SAI is promoted and headed by Mr. Saiyyed Afsar Ali.
Incorporated in 2018, SMO Ferro Alloys Private Limited (SMO) is a Ratlam, Madhya Pradesh based company engaged in the business of manufacturing ferro alloys. The company is headed by Mr. Saiyyed Akhtar Ali and Mr. Saiyyed Avesh Ali.
Established in 2017, Owais Ali Overseas (OAO) is based in Ratlam, Madhya Pradesh. The firm is engaged in the business of manufacturing and trading of Manganese oxide and silico manganese. The firm is headed by Mr. Saiyyed Avesh Ali.
Established in 2017, Garib Nawaz Infra (GNI) is a Ratlam, Madhya Pradesh based firm engaged in the business of manufacturing and trading of manganese oxide and silico manganese and supplying stone chips. The firm is headed by Mr. Hasim Khan and Mr. Saiyyed Mohabbat Ali.
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:
Not Applicable
Liquidity Position
No information provided by the issuer / available for Acuite to comment upon.
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE C)
08 Apr 2025
Cash Credit
Long Term
25.22
ACUITE C
(Downgraded from ACUITE BB- | Stable)
05 Apr 2024
Cash Credit
Long Term
25.22
ACUITE BB- | Stable
(Upgraded from ACUITE D)
19 Feb 2024
Cash Credit
Long Term
25.22
ACUITE D
(Downgraded from ACUITE BBB- | Stable)
30 Nov 2023
Cash Credit
Long Term
25.22
ACUITE BBB- | Stable
(Reaffirmed)
* 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
BANK OF INDIA
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
25.22
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
* 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.
*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)
