Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 8.00 ACUITE C | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 8.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs.08.00 Crore bank facilities of Superfine Profiles and Extrusions Private Limited (SPEPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

­Superfine Profiles and Extrusions Private Limited (SPEPL) incorporated in 2001 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.

 
About the Group
­­Superfine group was founded in 1994 by its two promoters – Late Satish Katariya and Ravindra Kataria. The promoters forayed into advanced technology based aluminium extrusion in the year 1998. The group consists of 3 companies Superfine Metals Private Limited (incorporated in 2008),Superfine Extrusions Private Limited (1998), and Superfine Profiles and Extrusions Private Limited (2001). All the 3 companies are engaged in manufacturing aluminium extruded sections and profiles. The Superfine Group of Industries is one of the leading manufacturers of Aluminium Extruded Sections and Profiles in India. All the extrusion plants are operated on propane gas.  The manufacturing facility houses 8 aluminium extrusion press lines (includes a 2200MT press, five 900MT presses, a 600MT press) and one specialized extrusion line for critical aluminium products. The facility is capable of extruding sections with a wall thickness as low as 0.30 mm and a width up to 272 mm. Presently, Superfine deals in aluminium alloys of AA 1xxx, 3xxx, 5xxx and 6xxx series.
 
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 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:

­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.

 
About the Rated Entity - Key Financials

­The rated entity has not shared the latest financial statements despite repeated requests.

 
Rating Sensitivity

­No information provided by the issuer / available for Acuite to comment upon.

 
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
­None
 
Status of non-cooperation with previous CRA

­None

 
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
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
19 Jun 2021 Cash Credit Long Term 8.00 ACUITE C (Downgraded and Issuer not co-operating*)
29 Jan 2021 Cash Credit Long Term 8.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
21 Nov 2019 Cash Credit Long Term 8.00 ACUITE BB (Downgraded and Issuer not co-operating*)
13 Aug 2019 Cash Credit Long Term 8.00 ACUITE BBB- (Issuer not co-operating*)
26 Jul 2018 Cash Credit Long Term 8.00 ACUITE BBB- | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Central Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 8.00 ACUITE C | Reaffirmed | Issuer not co-operating*
­

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