|
Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 7.50 | ACUITE B | Downgraded | Issuer not co-operating* | - |
Bank Loan Ratings | 12.50 | - | ACUITE A4 | Reaffirmed | Issuer not co-operating* |
Total Outstanding | 20.00 | - | - |
Total Withdrawn | 0.00 | - | - |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. 20.00 crore bank facilities of S M Electric Works 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 |
S M Electric Works is established in 1976 and it is Maharashtra-based proprietary concern promoted by Mr. S M Saraf. The firm undertakes electrical contracts for maintenance and repair of power lines, installation of substations on a turnkey basis and overhauling of transformers. The nature of business is tender based. |
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. |
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 ratingis based. |
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 17 (Provisional) | FY 16 (Actual) |
Operating Income | Rs. Cr. | 28.24 | 25.14 |
PAT | Rs. Cr. | 0.99 | 0.88 |
PAT Margin | (%) | 3.50 | 3.52 |
Total Debt/Tangible Net Worth | Times | 1.63 | 2.02 |
PBDIT/Interest | Times | 1.86 | 1.79 |
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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