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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 115.43 | ACUITE D | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 6.00 | - | ACUITE D | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 121.43 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed its long-term rating of ‘ACUITE D (read as ACUITE D) and short term rating of ‘ACUITE D (read as ACUITE D) on the Rs. 121.43 crore bank facilities of Superfine Metals Private Limited (SMPL). This rating continues to be an indicative rating and is based on best available information.
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| About the Company |
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Superfine Metals Private Limited (SMPL) incorporated in 2008 is engaged in the manufacture of aluminium extrusion profiles. The company caters to end user industries such as infrastructure, power, electronic component, engineering, automobile, solar, light-emitting diode (LED) lighting, and defence. The manufacturing facility is located in Ahmednagar (Maharashtra). The promoters, CA. Ravindra Katariya and CA. Siddharth Kataria have experience of around two decades in the aluminium extrusion industry. They are ably supported by ADV Kanakmal P Katariya and CA. Shrenik Katariya. S.
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| Non-cooperation by the issuer/borrower: |
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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 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 continues to be 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 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.
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| About the Rated Entity - Key Financials |
| The rated entity has not shared the latest financial statements despite repeated requests. |
| Rating Sensitivity |
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No information provided by the issuer / available for Acuite to comment upon.
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| Material Covenants |
| Not Applicable |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon. |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| Not Applicable |
| Status of non-cooperation with previous CRA |
| BRICKWORK Ratings vide its press release dated June 14, 2021 had downgraded the rating of Superfine Metals Private Limited as ‘BWR D’. Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups. |
| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite
repeated requests and follow-ups. |
| Applicable Criteria |
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• 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 |
| https://www.acuite.in/view-rating-criteria-55.htm |
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