* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to 'ACUITE B-' (read as ACUITE B Minus) 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.36.00 Cr. bank facilities of Team Ferro Alloys Private Limited (TFAPL) 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
Incorporated in 1998, the Dadra & Nagar Haveli-based Team Ferro Alloys Private Limited is engaged in the manufacturing of ferro alloy products, silico manganese and cored wire. The company is led by Mr. Anoop Gutgutia, Mr. Ram Janam Singh, Mr. Rajesh Kumar Singh and others. The manufacturing capacity stands at 15,500 MTPA (ferro alloys), 20,490 MTPA (silico manganese) and 2,700 MTPA (corded wire). TFAPL is also engaged in the generation of biomass power and has capacity of 8 MW.
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
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Proposed Letter of Credit
Short Term
5.00
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Cash Credit
Long Term
13.00
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Proposed Cash Credit
Long Term
11.00
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
02 Feb 2024
Letter of Credit
Short Term
7.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Proposed Letter of Credit
Short Term
5.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
13.00
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Proposed Cash Credit
Long Term
11.00
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
State Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
13.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
State Bank of India
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
7.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
11.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Not Applicable
Not avl. / Not appl.
Proposed Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
