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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 146.91 | ACUITE BB+ | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 0.26 | Not Applicable | Withdrawn | - |
| Bank Loan Ratings | 146.00 | - | ACUITE A4+ | Downgraded & Withdrawn | Issuer not co-operating* |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 293.17 | - | - |
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Rating Rationale |
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Acuité has downgraded and withdrawn the long-term rating to ‘ACUITE BB+’ (read as ACUITE double B plus) from ‘ACUITE BBB-’ (read as ACUITE triple B minus) on the Rs.146.91 crore bank facilities and also downgraded and withdrawn the short-term rating to ‘ACUITE A4+’ (read as ACUITE A four Plus) from ‘ACUITE A3+’ (read as ACUITE A three plus) on the Rs.146.00 Cr. bank facilities of SKH Sheet Metals component private Limited (SSMC).
Further, Acuité has withdrawn the long-term rating on the Rs.0.26 crore bank facilities of SKH Sheet Metals component private Limited (SSMC). without assigning any rating as it is a proposed facility. The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NOC (No objection certificate) received from the banker. The rating has now been flagged as “Issuer Not-Cooperating” and is based on the best available information. The rating has been downgraded on account of information risk. |
| About the Company |
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SSMC was established in 2005, based in Gurgaon It is also engaged in manufacturing sheet metal components. It has manufacturing facilities located in Gurgaon for Maruti Suzuki India Limited (MSIL) and MSIL tier 1 ancillary supplier and in Pune and Chennai for other OEMs such as Volkswagen, Nissan and Renault amongst others. Its products include a body in white (BIW), seat structures, fuel tanks mufflers and other components. Its board of members include Mr. Sunandan Kapur Mr. Parvesh Soni and Mr. Sanjay Kumar Kaul.
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| About the Group |
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SKH Management Services Limited (SMSL) an unlisted public limited company is located in New Delhi, was incorporated on November 24, 2008. It is mainly engaged in providing Business and consultancy services from more than a decade to its group companies namely for ‘SKH group’. The company is promoted by directors Mr. Sunandan Kapur, Mrs. Shruti Kapur Malhotra and Mrs. Supriya Kapur.
SKH Management Strategy Services India LLP (SMLP), a limited liability partnership firm, headquartered in Delhi was incorporated in 2014 is mainly in providing business and consultancy services to its group companies namely for ‘SKH group’. The partnership firm is promoted by directors Mr. Sunandan Kapur, and Mrs. Supriya Kapur. |
| 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 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 |
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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 endeavoured 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 ratingis based.
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| Rating Sensitivities |
| "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 |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 3300.62 | 2378.62 |
| PAT | Rs. Cr. | 63.61 | 36.10 |
| PAT Margin | (%) | 1.93 | 1.52 |
| Total Debt/Tangible Net Worth | Times | 2.00 | 2.25 |
| PBDIT/Interest | Times | 4.46 | 3.27 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
| Note on Complexity Levels of the Rated Instrument |
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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
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