PR

Press Release
SCHENCK PROCESS INDIA PRIVATE LIMITED (ERSTWHILE SCHENCK PROCESS INDIA LIMITED)
September 01, 2022
Rating Downgraded,Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	22.00	-	ACUITE A4+ \| Reaffirmed \| Issuer not co-operating*
Bank Loan Ratings	6.00	ACUITE BB \| Downgraded \| Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	28.00	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

Acuité has downgraded the long-term rating to ‘ACUITE BB’ (read as ACUITE double B) from ‘ACUITE BB+’ (read as ACUITE double B Plus) and reaffirmed the short term rating of 'ACUITE A4+’ (read as ACUITE A four Plus) on the Rs. 28.00 crore bank facilities of Schenck Process India Private Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.

About the Company

Schenck Process India Private Limited (SPIPL) was incorporated in 1996 as a part of Schenck Process Group, Germany. The company follows integrated process of designing, assembling and supplying of applied measuring and process technology solutions. The manufactured portfolio is used in weighing, feeding, and various types of plant sequencing equipment for numerous sectors like Steel, Power & Energy, Coal and Cement etc. The company is based out of Bengaluru and managed by Mr Rajesh Pathak and Ms Guna Thantry.

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. 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 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.

About the Rated Entity - Key Financials

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

Rating Sensitivity

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

Material Covenants

Not Applicable

Liquidity Position

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

Outlook

Not Applicable

Status of non-cooperation with previous CRA

None

Any other information

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

Applicable Criteria

• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm

Note on Complexity Levels of the Rated Instrument

https://www.acuite.in/view-rating-criteria-55.htm

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
08 Jun 2021	Bank Guarantee	Short Term	10.00	ACUITE A4+ (Downgraded and Issuer not co-operating*)
	Cash Credit	Long Term	2.00	ACUITE BB+ (Downgraded and Issuer not co-operating*)
	Bank Guarantee	Short Term	12.00	ACUITE A4+ (Downgraded and Issuer not co-operating*)
	Cash Credit	Long Term	4.00	ACUITE BB+ (Downgraded and Issuer not co-operating*)
20 Mar 2020	Cash Credit	Long Term	4.00	ACUITE BBB- \| Stable (Reaffirmed)
	Bank Guarantee	Short Term	10.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee	Short Term	12.00	ACUITE A3 (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE BBB- \| Stable (Reaffirmed)
31 Dec 2018	Cash Credit	Long Term	4.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+ \| Stable)
	Cash Credit	Long Term	6.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+ \| Stable)
	Letter of Credit	Short Term	1.00	ACUITE A3 (Upgraded from ACUITE A4+)
	Bank Guarantee	Short Term	12.00	ACUITE A3 (Upgraded from ACUITE A4+)
	Bank Guarantee	Short Term	15.00	ACUITE A3 (Upgraded from ACUITE A4+)
	Proposed Bank Facility	Long Term	44.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+ \| Stable)
04 Jul 2018	Cash Credit	Long Term	4.00	ACUITE BB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	6.00	ACUITE BB+ \| Stable (Reaffirmed)
	Letter of Credit	Short Term	1.00	ACUITE A4+ (Reaffirmed)
	Bank Guarantee	Short Term	12.00	ACUITE A4+ (Reaffirmed)
	Bank Guarantee	Short Term	15.00	ACUITE A4+ (Reaffirmed)
	Proposed Bank Facility	Long Term	44.00	ACUITE BB+ \| Stable (Reaffirmed)
16 May 2017	Cash Credit	Long Term	10.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Stable)
	Letter of Credit	Short Term	1.00	ACUITE A4+ (Downgraded from ACUITE A3)
	Bank Guarantee	Short Term	30.00	ACUITE A4+ (Downgraded from ACUITE A3)
	Bank Guarantee	Short Term	20.00	ACUITE A4+ (Downgraded from ACUITE A3)
	Proposed Long Term Loan	Long Term	11.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Stable)
28 Nov 2016	Cash Credit	Long Term	10.00	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	10.00	ACUITE BBB- \| Stable (Assigned)
	Letter of Credit	Short Term	1.00	ACUITE A3 (Assigned)
	Bank Guarantee	Short Term	30.00	ACUITE A3 (Assigned)
	Bank Guarantee	Short Term	20.00	ACUITE A3 (Assigned)
	Proposed Letter of Credit	Long Term	11.00	ACUITE BBB- \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Rating
ICICI Bank Ltd	Not Applicable	Bank Guarantee (BLR)	Not Applicable	Not Applicable	Not Applicable	10.00	ACUITE A4+ \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Bank Guarantee (BLR)	Not Applicable	Not Applicable	Not Applicable	12.00	ACUITE A4+ \| Reaffirmed \| Issuer not co-operating*
ICICI Bank Ltd	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	2.00	ACUITE BB \| Downgraded \| Issuer not co-operating*
State Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	4.00	ACUITE BB \| Downgraded \| Issuer not co-operating*

Contacts

Analytical	Rating Desk
Pooja Ghosh Vice President-Rating Operations 022-49294041 pooja.ghosh@acuite.in Abhishek Singh Analyst-Rating Operations 022-49294065 abhishek.s@acuite.in	Varsha Bist Senior Manager-Rating Operations Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité.