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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Total Withdrawn | 0.00 | - | - |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 |
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* The issuer did not co-operate; based on best available information. |
Contacts |
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