Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 18.00 ACUITE BB- | Reaffirmed & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 11.50 Not Applicable | Withdrawn -
Bank Loan Ratings 22.50 - ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 0.00 - -
Total Withdrawn Quantum (Rs. Cr) 52.00 - -
 
Rating Rationale
­Acuité has reaffirmed and withdrawn the long-term rating of ‘ACUITE BB-’ (read as ACUITE Double B Minus) and the short term rating of ‘ACUITE A4+’ (read as ACUITE A four plus)’  on the Rs 40.50 Cr and also withdrawn the long term rating on the Rs 11.50 Cr proposed bank facilities of Statcon Energiaa Private Limited (SEPL).
The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NOC received from the banker.­
The rating continues to be an indicative rating, and based on the best available information.

About the Company
­The Delhi-based Statcon Energiaa Private Limited (SEPL), (the erstwhile Triport Electronics Private Limited) was incorporated in 2009 by Mr. Manoj Pande and commercial operations commenced in March, 2015. The company assembles battery chargers for Bharat Heavy Electricals Ltd, Alstom Project India Ltd, ABB Ltd, and ground power units of the Indian Air Force. The company is also engaged in the assembling of solar inverters and solar rooftop panels (photovoltaic). SEPL is the sole authorised distributor of industrial batteries for Exide Batteries.­
 
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 ratingis based.­
 
Rating Sensitivity
­No information provided by the issuer / available for Acuite to comment upon.­
 
All Covenants
­None
 
Liquidity Position
­­No information provided by the issuer / available for Acuite to comment upon.
 
Outlook: Not Applicable­
­
 
Other Factors affecting Rating
­None
 
Status of non-cooperation with previous CRA
Brickworks vide its press release dated 21st December 2022, had downgraded and reaffirmed the company to BWR B+/Stable/A4; Issuer Not Cooperating.
 
Any other information
­­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
 
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
­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
30 Mar 2023 Cash Credit Long Term 18.00 ACUITE BB- ( Issuer not co-operating*)
Proposed Bank Facility Long Term 11.50 ACUITE BB- ( Issuer not co-operating*)
Letter of Credit Short Term 5.50 ACUITE A4+ ( Issuer not co-operating*)
Bank Guarantee Short Term 16.00 ACUITE A4+ ( Issuer not co-operating*)
Buyers Credit Short Term 1.00 ACUITE A4+ ( Issuer not co-operating*)
03 Jan 2022 Proposed Bank Facility Long Term 5.50 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 18.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4+ ( Issuer not co-operating*)
Buyers Credit Short Term 11.50 ACUITE A4+ ( Issuer not co-operating*)
Letter of Credit Short Term 16.00 ACUITE A4+ ( Issuer not co-operating*)
08 Oct 2020 Cash Credit Long Term 18.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Buyers Credit Short Term 11.50 ACUITE A4+ (Issuer not co-operating*)
Letter of Credit Short Term 16.00 ACUITE A4+ (Issuer not co-operating*)
Proposed Bank Facility Long Term 5.50 ACUITE BB (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4+ (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
State Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 16.00 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
State Bank of India Not Applicable Buyers Credit Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 18.00 Simple ACUITE BB- | Reaffirmed & Withdrawn | Issuer not co-operating*
State Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 5.50 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 11.50 Simple Not Applicable|Withdrawn
­

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