Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 9.85 ACUITE B | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 0.15 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 10.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­­­Acuité has downgraded the long-term rating to 'ACUITE B’ (read as ACUITE B) from ‘ACUITE B+’ (read as ACUITE B plus) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 10.00 crore bank facilities of ­Surfine Tools (ST) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information.


About the Company

­Coimbatore (Tamil Nadu) based, Surfine Tools was established in 2006 by Mr. N Rajendra and Mr. Mr. V. Sriram. The firm is engaged in manufacturing of precision components for Automobile, Tractor and Textile Industries. ST basically caters to the Tier I suppliers for OEMs.

 
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 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 Sensitivity
"No information provided by the issuer / available for Acuite to comment upon."
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 18 (Actual) FY 17 (Actual)
Operating Income Rs. Cr. 36.13 24.50
PAT Rs. Cr. 0.65 0.71
PAT Margin (%) 1.79 2.92
Total Debt/Tangible Net Worth Times 1.44 1.11
PBDIT/Interest Times 3.51 3.98
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
11 Jan 2024 Bank Guarantee (BLR) Short Term 0.15 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 5.50 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 4.35 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
27 Oct 2022 Bank Guarantee (BLR) Short Term 0.15 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 5.50 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 4.35 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Kotak Mahindra Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.15 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Kotak Mahindra Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.50 Simple ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Kotak Mahindra Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.35 Simple ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
* The issuer did not co-operate; based on best available information.

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