* 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 reaffirmed the long-term and short-term rating of ‘ACUITE D’ (read as ACUITE D)on the Rs.50.60 Cr. bank facilities of Simplex Casting Limited.
Acuité has also reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) and short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.81.45 Cr. bank facilities of Simplex Casting Limited.
The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Simplex Castings Limited (SCL) a Mumbai based Company was established in 1970 as a partnership firm and was converted into a private limited company in 1980. In 1993, the company became a public limited company and was listed on the Bombay Stock Exchange (BSE). SCL manufactures iron and steel casting products and is also into turnkey project execution. SCL is catering to various industrial sectors like Steel, Railways, Power, Mining, Cement, Sugar, Chemicals, Earthmovers, Machines Tools, Ship Building, Oil & Gas & Defence, etc. The company has three manufacturing units, one each in Bhilai, Urla and Tedsara (Chhattisgarh). It is promoted by Om Patel And Ketan Shah.
Unsupported Rating
Not Applicable
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 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:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
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 Baroda
Not avl. / Not appl.
Bank Guarantee/Letter of Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
10.50
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Bank Guarantee/Letter of Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
19.50
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
35.00
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
Bank Of Baroda
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 | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
16.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank Of Baroda
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
16.00
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.73
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
Bank Of Baroda
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.10
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.22
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
* 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.
