Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 15.00 ACUITE C | Reaffirmed | Issuer not co-operating* -
Total Outstanding 15.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of 'ACUITE C' (read as ACUITE C) on the Rs. 15 crore bank facilities of SSK Infotech Private Limited (SIPL). The rating continues to be flagged as “Issuer Not Cooperating” and is a based on best available information.

About the Company
­­SSK INFOTECH PRIVATE LIMITED (SIPL) is a Pune based company incorporated in the year 2006 by Mr. Rajesh and Mr. Govind Uttamchandanai. The company is engaged in providing electronic data services and solutions to telecom and multi-national companies; and printing and mailing activities such as printing of cheques and current/savings account statements, mainly for banks. The company has four printing facilities which are based out of Pune, Mumbai, Gurgaon and Hyderabad.
 
About the Group
­­­SYSKA Group comprises of 6 companies, namely Shree Sant Kripa Appliances Private Limited (SSKAPL), Syska E-Retails LLP (SELLP), SYSKA LED Lights Private Limited (SLLPL), Bagh Bahar Appliances Private Limited (BBAPL), SSK Retails Private Limited (SRPL) and SSK Infotech Private Limited (SIPL). The group is primarily engaged in mobile distribution business exclusively for Samsung under its flagship company SSKAPL. The group is also engaged in the manufacturing and trading of LED lights, home wires, irons, fans and personal care and grooming products under their own brand name of 'SYSKA'. BBAPL is the exclusive distributor for Samsung mobiles across Pune and its outskirts, LG home appliances in Pune district and Haier home appliances in Mumbai region. SRPL currently operates 26 Samsung Smart Phone Cafes across India. SIPL provides electronic data services and solutions to telecom and multi-national companies; and printing and mailing activities such as printing of cheques and current/savings account statements, mainly for banks. SELLP is engaged in the trading of SYSKA Brand Products such as LED Bulbs, Tube Lights, Panel Lights, Irons, Fans, Extension Boards, Power Banks, Bluetooth, Speakers, and Personal Care grooming products for both men and women through ECommerce platforms. SLLPL is engaged in the trading and manufacturing of LED Lights, grooming and personal care products and home wires, irons and fans under the 'SYSKA' brand name.
 
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:
­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 endeavored 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 rating is based.
 
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 (Provisional) FY 22 (Actual)
Operating Income Rs. Cr. 4707.90 3710.68
PAT Rs. Cr. 17.64 (16.11)
PAT Margin (%) 0.37 (0.43)
Total Debt/Tangible Net Worth Times 0.87 0.96
PBDIT/Interest Times 1.27 0.95
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
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm

Note on Complexity Levels of the Rated Instrument
­­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.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
31 Jan 2024 Term Loan Long Term 15.00 ACUITE C (Downgraded & Issuer not co-operating*)
18 Oct 2023 Term Loan Long Term 15.00 ACUITE BB+ (Downgraded & Issuer not co-operating*)
20 Jul 2022 Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed)
11 Jul 2022 Term Loan Long Term 15.00 ACUITE A- | Stable (Downgraded from ACUITE A | Stable)
12 Apr 2021 Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Kotak Mahindra Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)
  1. ­Syska Led Lights Private Limited
  2. Syska E-Retails LLP
  3. SSK Retails Private Limited
  4. SSK Infotech Private Limited
  5. Shree Sant Kripa Appliances Private Limited
  6. Bagh Bahar Appliances Private Limited
 

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