Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 0.45 ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 1.00 - ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 0.00 - -
Total Withdrawn Quantum (Rs. Cr) 1.45 - -
 
Rating Rationale
­Acuité has reaffirmed and withdrawn the long term rating of 'ACUITE B+' (read as ACUITE B ‘plus’) and short term rating of 'ACUITE A4' (read as ACUITE A four) on the Rs. 1.45 crore bank facilities of SHANKER COILS PRIVATE LIMITED (SCPL).
The team has received the withdrawal request from the client because the client does not want to continue the further rating.
A No Objection Certificate (NOC) for the same has been received from Punjab National bank.
The rating withdrawal is in accordance with Acuité’s policy on withdrawal of rating.
The rating continues to be flagged as “Issuer Not Cooperating”, and based on the best available information

About the Company
­SCPL, established in 1989, is a Kolkata-based company engaged in the manufacture of armature and stator coils used in the heavy engineering industry. The company also undertakes rendering, repairing and rebuilding services for the Indian Railways, Tata Steel, ONGC, SAIL among others. The company’s manufacturing facilities are located at Budge Budge, West Bengal and the overall operations are managed by the Directors, Mr. Nikunj Bagaria and Nirmal Kumar Bagaria.
 
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 ratings 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
­None
 
Liquidity Position
­No information provided by the issuer / available for Acuite to comment upon.
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­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
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
Note on Complexity Levels of the Rated Instrument
­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
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
09 Dec 2022 Bank Guarantee Short Term 2.00 ACUITE A4 (Withdrawn and Issuer not co-operating*)
Letter of Credit Short Term 2.00 ACUITE A4 (Withdrawn and Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4 ( Issuer not co-operating*)
Cash Credit Long Term 2.50 ACUITE B+ (Withdrawn and Issuer not co-operating*)
Packing Credit Short Term 0.50 ACUITE A4 (Withdrawn and Issuer not co-operating*)
Term Loan Long Term 0.45 ACUITE B+ ( Issuer not co-operating*)
Proposed Long Term Loan Long Term 0.75 ACUITE B+ (Withdrawn and Issuer not co-operating*)
08 Nov 2021 Term Loan Long Term 0.45 ACUITE B+ ( Issuer not co-operating*)
Proposed Long Term Loan Long Term 0.75 ACUITE B+ ( Issuer not co-operating*)
Cash Credit Long Term 2.50 ACUITE B+ ( Issuer not co-operating*)
Packing Credit Short Term 0.50 ACUITE A4 ( Issuer not co-operating*)
Bank Guarantee Short Term 3.00 ACUITE A4 ( Issuer not co-operating*)
Letter of Credit Short Term 2.00 ACUITE A4 ( Issuer not co-operating*)
06 Aug 2020 Term Loan Long Term 0.45 ACUITE B+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 2.50 ACUITE B+ (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 3.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Proposed Long Term Loan Long Term 0.75 ACUITE B+ (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 2.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Packing Credit Short Term 0.50 ACUITE A4 (Downgraded and Issuer not co-operating*)
27 May 2019 Proposed Long Term Loan Long Term 0.75 ACUITE BB- | Stable (Upgraded from ACUITE B+)
Letter of Credit Short Term 2.00 ACUITE A4+ (Upgraded from ACUITE A4)
Packing Credit Short Term 0.50 ACUITE A4+ (Upgraded from ACUITE A4)
Cash Credit Long Term 2.50 ACUITE BB- | Stable (Upgraded from ACUITE B+)
Term Loan Long Term 0.45 ACUITE BB- | Stable (Upgraded from ACUITE B+)
Bank Guarantee Short Term 3.00 ACUITE A4+ (Upgraded from ACUITE A4)
09 May 2019 Term Loan Long Term 0.45 ACUITE B+ (Issuer not co-operating*)
Letter of Credit Short Term 2.00 ACUITE A4 (Issuer not co-operating*)
Proposed Bank Facility Long Term 2.25 ACUITE B+ (Issuer not co-operating*)
Cash Credit Long Term 2.50 ACUITE B+ (Issuer not co-operating*)
Bank Guarantee Short Term 2.00 ACUITE A4 (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Punjab National Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Punjab National Bank Not Applicable Term Loan Not available Not available Not available 0.45 Simple ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research
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