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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 18.30 | ACUITE B+ | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 18.30 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs.18.30 crore bank facilities of Suptha Mahalakshmi Steels Rerolling Mills (SMSRM). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. |
| About the Company |
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Established in 2015, Suptha Mahalakshmi Steels & Rerolling Mills (SMSRM) is an Andhra Pradesh-based firm set up by Mr. Jagannadham who has over a decade of experience in the iron and steel industry. The firm is part of the Suptha Mahalakshmi Group that consists of Suptha Mahalakshmi Steels (incorporated in 2003) and Ayyappa Steels (incorporated in 2008) apart from SMSRM. The firm is engaged in the manufacture of structural steel and trading of steel rods, angles and channels. The installed capacity stands at 130 tons per day. |
| 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 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: |
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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. |
| About the Rated Entity - Key Financials |
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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." |
| Material Covenants |
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Not Applicable |
| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
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Not Applicable |
| Other Factors affecting Rating |
| None |
| Status of non-cooperation with previous CRA |
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None |
| 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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