Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 38.00 ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 7.30 - ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 0.00 - -
Total Withdrawn Quantum (Rs. Cr) 45.30 - -
 
Rating Rationale
­Acuité has reaffirmed & withdrawn its long term rating and short term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs.45.30 crore bank facilities of Shakthi Tech Manufacturing India Private Limited.
The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. This rating continues to be an indicative rating and is based on best available information. The rating is being withdrawn on account of request received from the company and NOC received from the banker.

About the Company
­Shakthi Tech Manufacturing India Private Limited is a Tamil Nadu based company, incorporated on July 02, 2013. The Directors are Mr. M. Angou and Mrs. Usha Angou. The company is engaged in manufacturing and exporting of machined casting and pump parts. The company currently has 4 units. The units are in Coimbatore (Tamil Nadu). The company caters mainly to Indian railways, defense sector and exports to countries such as USA, Italy, Canada and UK.
 
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 noncooperation 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 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 entity has not shared the latest financials for Acuite to comment upon
 
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 Available.
 
Other Factors affecting Rating
­None
 
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
• 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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
10 Aug 2021 Term Loan Long Term 10.80 ACUITE D ( Issuer not co-operating*)
Term Loan Long Term 2.20 ACUITE D ( Issuer not co-operating*)
Term Loan Long Term 22.50 ACUITE D ( Issuer not co-operating*)
Packing Credit Short Term 2.00 ACUITE D ( Issuer not co-operating*)
Bank Guarantee Short Term 3.30 ACUITE D ( Issuer not co-operating*)
Bills Discounting Short Term 2.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 2.50 ACUITE D ( Issuer not co-operating*)
12 May 2020 Packing Credit Short Term 2.00 ACUITE D (Downgraded and Issuer not co-operating*)
Bills Discounting Short Term 2.00 ACUITE D (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 2.50 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 22.50 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 10.80 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 2.20 ACUITE D (Downgraded and Issuer not co-operating*)
Bank Guarantee Long Term 3.30 ACUITE D (Downgraded and Issuer not co-operating*)
25 Feb 2019 Term Loan Long Term 10.80 ACUITE D (Downgraded from ACUITE BB )
Bills Discounting Short Term 2.00 ACUITE D (Downgraded from ACUITE A4+)
Term Loan Long Term 2.20 ACUITE D (Downgraded from ACUITE BB )
Bank Guarantee Short Term 3.30 ACUITE D (Downgraded from ACUITE A4+)
Term Loan Long Term 22.50 ACUITE D (Assigned)
Cash Credit Long Term 2.50 ACUITE D (Downgraded from ACUITE BB )
Packing Credit Short Term 2.00 ACUITE D (Downgraded from ACUITE A4+)
28 Feb 2018 Cash Credit Long Term 2.50 ACUITE BB | Stable (Reaffirmed)
Term Loan Long Term 10.80 ACUITE BB | Stable (Reaffirmed)
Term Loan Long Term 2.20 ACUITE BB | Stable (Assigned)
Packing Credit Short Term 2.00 ACUITE A4+ (Reaffirmed)
Bills Discounting Short Term 2.00 ACUITE A4+ (Assigned)
Letter of Credit Short Term 22.50 ACUITE A4+ (Assigned)
Bank Guarantee Short Term 3.30 ACUITE A4+ (Assigned)
28 Sep 2017 Cash Credit Long Term 5.50 ACUITE BB (Issuer not co-operating*)
Term Loan Long Term 10.80 ACUITE BB (Issuer not co-operating*)
Packing Credit Short Term 2.00 ACUITE A4+ (Issuer not co-operating*)
25 Jun 2016 Cash Credit Long Term 5.50 ACUITE BB | Stable (Assigned)
Term Loan Long Term 10.80 ACUITE BB | Stable (Assigned)
Packing Credit Short Term 2.00 ACUITE A4+ (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Canara Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 3.30 ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
Canara Bank Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 2.00 ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
Canara Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 2.50 ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
Canara Bank Not Applicable PC/PCFC Not Applicable Not Applicable Not Applicable 2.00 ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
Canara Bank Not Applicable Term Loan Not available Not available Not available 22.50 ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
Canara Bank Not Applicable Term Loan Not available Not available Not available 10.80 ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
Canara Bank Not Applicable Term Loan Not available Not available Not available 2.20 ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research
Acuité Ratings & Research Limitedwww.acuite.in