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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 42.00 | ACUITE D | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 42.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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*The issuer did not co-operate; Based on best available information Acuité has downgraded its long term rating to ‘ACUITE D' (read as ACUITE D) from ‘ACUITE C’ (read as ACUITE C) on the Rs.42.00 crore bank facilities of Select Galva India Private Limited. The rating continues to be flagged as “Issue Not-Cooperating”. The downgrade is on the basis of the NCLT order confirming the NPA status. |
| About the Company |
| Select Galva India Private Limited incorporated in 2006, promoted by Mr. Azam Khan. SGIPL is an authorised dealer of TATA Steel Ltd (TSL) for galvanised corrugated sheets, colour- coated sheets and roofing sheets in Tamil Nadu. The day to day affairs of the company is managed by Mr. Azam Khan and his brother, Mr. Mohammed Salaieh A. |
| Non-cooperation by the issuer/borrower: |
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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 due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating continues to be flagged as “Issuer notcooperating”, 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. |
| 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 |
| None |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups. |
| Status of non-cooperation with previous CRA |
| None |
| Applicable Criteria |
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• 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 |
| https://www.acuite.in/view-rating-criteria-55.htm |
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