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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 5.15 | ACUITE B- | Downgraded | Issuer not co-operating* | - |
Bank Loan Ratings | 1.85 | - | ACUITE A4 | Reaffirmed | Issuer not co-operating* |
Total Outstanding | 7.00 | - | - |
Total Withdrawn | 0.00 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuité has downgraded the long-term rating to 'ACUITE B-’ (read as ACUITE B minus) from ‘ACUITE B’ (read as ACUITE B) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 7.00 crore bank facilities of Sinco Communication (India) Private Limited (SCPL) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information. |
About the Company |
Incorporated in 1996, Sinco Communication (India) Private Limited (SCPL) is promoted by Mr. Ved Prakash Gupta and supported by second line of management including Mr. Vinod Bansal. The company is currently engaged in the manufacture of power cables which are used for lighting and electrification purposes. The company was previously engaged in the manufacture of steel drums but has shifted its business line since 2011. The registered office of the company is located in Delhi. |
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 |
"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." |
Outlook |
Not Applicable |
Other Factors affecting Rating |
None |
Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
Operating Income | Rs. Cr. | 16.82 | 7.32 |
PAT | Rs. Cr. | 0.21 | (0.96) |
PAT Margin | (%) | 1.24 | (13.15) |
Total Debt/Tangible Net Worth | Times | 2.72 | 2.68 |
PBDIT/Interest | Times | 2.74 | (0.43) |
Status of non-cooperation with previous CRA |
Not Applicable |
Any other information |
None |
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 |
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* The issuer did not co-operate; based on best available information. |
Contacts |
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