|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 9.90 | ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 6.00 | - | ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 15.90 | - | - |
| Rating Rationale |
|
Acuité has reaffirmed & withdrawn the long-term rating to 'ACUITE BB' (read as double B) and reaffirmed the short-term rating of 'ACUITE A4+' (read as ACUITE A four plus) on the Rs.15.90 Cr bank facilities of Syscon Instruments Private Limited (SIPL). The rating continues to be flagged as “Issuer NotCooperating” based on account of information risk.
The rating withdrawal is in accordance with the Acuité's policy on withdrawal of rating. The rating is being withdrawn on account of the request received from the firm and No Due Certificate received from the banker. |
| About the Company |
|
Bangalore based Syscon Instruments Private Limited was incorporated in 1978 by Mr. M. Mallikarjuna Swamy. The company is engaged in assembly line automation, turnkey project and design & manufacturing of special purpose machine (SPM) used in automobile industry.
|
| About the Group |
|
Instrol Devices was established as a partnership firm in 1984. The firm is engaged in doing job work for Syscon Instruments Private Limited by manufacturing SPM’s machine parts. The partners of the firm are M. Mallikarjuna Swamy, Kasturi Rangan, A. Ranganatha and G. S. Veerabhadrappa.
Syscon Calibration Centre Private Limited was incorporated in 2009. The company is engaged in providing services for repair and maintenance of SPM’s. The directors of the company are M. Mallikarjuna Swamy, Kasturi Rangan, A. Ranganatha and G. S. Veerabhadrappa. Syscon Metering Solution Private Limited was incorporated in 2014. The company is engaged in manufacturing electrical meters and IoT (Internet of things). The directors of the company are M. Mallikarjuna Swamy, Kasturi Rangan and A. Ranganatha. |
| 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 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: |
| 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 the 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 statement for Acuite to comment |
| Rating Sensitivity |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Material Covenants |
| None |
| 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 |
| 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 • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm |
| Note on Complexity Levels of the Rated Instrument |
|
In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.
|
|
| |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Contacts |
| Analytical | Rating Desk |
| About Acuité Ratings & Research |
