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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 175.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 175.00 | - | - |
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Rating Rationale |
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Acuité has withdrawn the long-term rating on the Rs. 175.00 Cr. Principal Protected Market Linked Debentures of SK Finance Limited (Erstwhile ESS KAY Fincorp Limited) (SKFL) without assigning any rating as the instrument is fully paid.The withdrawal is on account of request received from client,NOC received from the debenture trustee and in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument.
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| About the company |
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Incorporated in 1994, SK Finance Limited (Erstwhile Ess Kay Fincorp Limited) is a Jaipur (Rajasthan) headquartered non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI). SK Finance Limited has a wide network of more than 400+ branches across 10 states i.e., Gujarat, Rajasthan, Punjab, Haryana, Maharashtra, Chhattisgarh, Madhya Pradesh, Himachal Pradesh, Delhi NCR and Uttarakhand. The company has a track record of 29 years into financing a wide range of tractors and vehicles, which includes used and new, 2wheelers, car loan as well as extending loans to MSMEs i.e., Micro, Small and Medium Enterprises. Mr. Rajendra Kumar Setia, Mr. Amar Lal Daultani, Mr. Anand Raghavan, Mr. Debanshi Basu, Mr. Yash Setia, Mr. Mukul Mathur, Mr. Nanda Sameer Dave and Mr. Simit Batraare the directors of the company.
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| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Not Applicable |
| Key Rating Drivers |
| Strength |
| Not Applicable |
| Weakness |
| Not Applicable |
| ESG Factors Relevant for Rating |
| Not Applicable |
| Rating Sensitivity |
| Not Applicable |
| Liquidity Position |
| Not Applicable |
| Outlook: |
| Not Applicable |
| Other Factors affecting Rating |
| None |
| Key Financials - Standalone / Originator | ||||||||||||||||||||||||||||||||||||||||
* Total income equals to Net interest income plus other income
**Total assets are net off deffered tax assets ***Gross NPA and Net NPA are as per IND AS. |
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| Status of non-cooperation with previous CRA (if applicable): |
| 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 • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.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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Contacts |
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About Acuité Ratings & Research |
