* 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
Acuité has downgraded its long-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE C’ (read as ACUITE C) and short term rating to 'ACUITE D' (read as ACUITE D) from 'ACUITE A4' (read as ACUITE A Four) on the Rs. 35.00 Cr. bank facilities of Shri Veerganapathi Steels Private Limited.
The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
Rationale for Rating:
The downgrade takes into account the initiation of CIRP (Corporate Insolvency Resolution Process) in the past and the ongoing liquidation process of Shri Veerganapathi Steels Private Limited basis NCLT order.
About the Company
Shri Veerganapathi Steels Private Limited (SVSPL) incorporated in 1997, is a Chennai -based company engaged in the trading of steel angles, channels, plates among others. The company's day to day activities are managed by Mr. Narayan Maheswari, Managing Director and his son, Mr. Vidhur Maheswari. Shri Veerganapathi Steels Private Limited has branch offices at Visakhapatnam, Raipur and Kolkata.
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower:
Acuité has been requesting for information and clarifications from the rated entity regarding the material event. However, the issuer/borrower failed to communicate and furnish 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:
No information provided by the issuer / available for Acuite to comment upon
Liquidity Position
No information provided by the issuer / available for Acuite to comment upon
* 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 (BOI)
Not avl. / Not appl.
Bank Guarantee/Letter of Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE A4 )
BANK OF INDIA (BOI)
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
20.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE C )
BANK OF INDIA (BOI)
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
10.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE A4 )
* 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.
