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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 187.80 | ACUITE BB+ | Downgraded & Withdrawn | Issuer not co-operating* | - |
Bank Loan Ratings | 25.00 | - | ACUITE A4+ | Downgraded & Withdrawn | Issuer not co-operating* |
Bank Loan Ratings | 20.00 | - | Not Applicable | Withdrawn |
Total Outstanding | 0.00 | - | - |
Total Withdrawn | 232.80 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuite has downgraded and withdrawn the long-term rating to ‘ACUITE BB+’ (read as ACUITE Double B Plus) from ‘ACUITE A-’ (read as ACUITE A Minus) and short term rating to 'ACUITE A4+' (read as ACUITE A four plus) from 'ACUITE A2+' (read as ACUITE A two plus) on the Rs.212.80 Cr. bank facilities Sunil Ispat and Power Limited. The rating has been withdrawn on account of the request received from the company and the NOC (No Objection Certificate) received from the banker. |
About the Company |
Incorporated in 1991, Chhattisgarh based Sunil Ispat and Power Limited (SIPL) is engaged in manufacturing of sponge iron. In 2019, Maruti Ferrous Private Limited had acquired Sunil Ispat & Power Limited (SIPL) through NCLT. Currently, the company has a capacity of 115000 MTPA for Sponge Iron,30000 MTPA for Ferro Alloys and a 20MW captive power plant.Current directors of Sunil Ispat and Power Limited (SIPPL) are Mr. Nishant Khetan, Mr. Ashok Kumar Chowdhary, Mr. Rajesh Kumar Tola, and Mr. Pramod Kumar Tola. |
About the Group |
Incorporated in 2003, Chhattisgarh based Maruti Ferrous Private Limited (MFPL) is engaged in manufacturing of billets and TMT bars. The company is the flagship entity of the Maruti Group. Currently, MFPL is headed by Mr. Bimal Kishore Khetan, Mr. Ankit Chowdhary and others. The company has a capacity of 96000 MTPA for Billet and 150000 MTPA for TMT bars. |
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 an 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 Sensitivities |
"No information provided by the issuer/borrower available for Acuite to comment upon." |
Liquidity Position |
"No information provided by the issuer/borrower 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. | 1409.71 | 1323.95 |
PAT | Rs. Cr. | 60.45 | 37.53 |
PAT Margin | (%) | 4.29 | 2.84 |
Total Debt/Tangible Net Worth | Times | 0.83 | 0.73 |
PBDIT/Interest | Times | 3.84 | 3.18 |
Status of non-cooperation with previous CRA |
Not Applicable |
Interaction with Audit Committee anytime in the last 12 months (applicable for rated-listed / proposed to be listed debt securities being reviewed by Acuite) |
Not applicable |
Any other information |
None |
Applicable Criteria |
• 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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* The issuer did not co-operate; based on best available information. |
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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||||||||||||
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