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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 5.50 | ACUITE BB- | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 5.50 | - | ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* |
| Bank Loan Ratings | 1.00 | - | Not Applicable | Withdrawn |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 12.00 | - | - |
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Rating Rationale |
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Acuité has downgraded and withdrawn the long-term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) from ‘ACUITE BB’ (read as ACUITE double B ) and reaffirmed and withdrawn the short-term rating of ‘ACUITE A4 +’ (read as ACUITE A four plus) on the Rs 11 Cr bank facilities of Star Track Fasteners Private Limited.
However, the long term rating on the Rs 1.00 Cr Proposed bank facilities of Star Track Fasteners Private Limited are withdrawn without assigning any rating as the instrument is fully repaid. The rating continues to be flagged as “Issuer Not Cooperating”and is based on the best available information. The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NOC received from the banker. |
| About the Company |
| Delhi based, Star Track Fasteners Private Limited (STFPL) was incorporated in 1992. The company is engaged in the manufacturing of a varied line of rubber components such as composite grooved rubber soled plates, grooved rubber soled plates, nylon cords, rubber roll, bonded and non-bonded rail fastening systems, reinforced grooved rubber soled plates etc. to name a few. The company has reputed clientele such as Indian Railways, Metro, Larsen & Toubro, Paras Railtech, to name a few. The company is promoted by Mr. Rajneesh Agarwal, Mr. Vaibhav Agarwal and Mrs. Ritika Agarwal. |
| 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.
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| 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 endeavoured 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. |
| About the Rated Entity - Key Financials |
| The rated entity has not shared the latest financial statements despite repeated requests. |
| Rating Sensitivity |
| "No information provided by the issuer / available for Acuite to comment upon." |
| All Covenants |
| Not Applicable |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| Not Applicable |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| Acuite is yet to receive the latest No Default Statement from the company despite repeated requests and followups. |
| 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 |
| 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 |
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