Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 10.50 ACUITE BB- | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 10.50 - ACUITE A4 | Downgraded | Issuer not co-operating*
Total Outstanding 21.00 - -
 
Rating Rationale

Acuite has downgraded its long-term rating to 'ACUITE BB-' (read as ACUITE Double B Minus) from 'ACUITE BB' (read as ACUITE Double B) and short-term rating to ‘ACUITE A4' (read as ACUITE A Four) from 'ACUITE A4+ (read as ACUITE A Four Plus) on the Rs 21 crore bank facilities of Windlass Steelcrafts LLP. The rating is downgraded due to information risk. This rating is now an indicative rating and is based on best available information.

About the Company
Windlass Steelcrafts (WSC) was started in the year 1943 by Late Shri VP Windlass and later was reconstituted to a partnership firm in 2010. Subsequently in 2014, the firm was converted into a Limited Liability Partnership (LLP) along with change in name to “Windlass Steelcrafts LLP”. The firm is managed by Mr. Sudhir Kumar Windlass, Mr. Pradeep Kumar Windlass, Mr. Ranit Windlass and Mr. Rajiv Goil. It is engaged in the manufacturing of swords, bayonets, daggers and licensed replicas for defence as well as decorative purposes. The firm also designed and supplied props, clothing and accessories to studios & television production such as Batman Begins, Pirates of the Caribbean – 2 &3, Gladiator and Game of Thrones, amongst others. The registered office is in Delhi while the manufacturing facility is in Dehradun.
 
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 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 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.
 
Rating Sensitivities
­"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 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 39.29 30.97
PAT Rs. Cr. 2.82 2.01
PAT Margin (%) 7.17 6.47
Total Debt/Tangible Net Worth Times 2.87 3.83
PBDIT/Interest Times 3.98 3.23
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
None
 
Applicable Criteria
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Trading Entitie: https://www.acuite.in/view-rating-criteria-61.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
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
03 Jan 2023 Packing Credit Short Term 10.50 ACUITE A4+ (Assigned)
Proposed Long Term Bank Facility Long Term 0.31 ACUITE BB | Stable (Assigned)
Term Loan Long Term 2.23 ACUITE BB | Stable (Assigned)
Term Loan Long Term 7.34 ACUITE BB | Stable (Assigned)
Term Loan Long Term 0.62 ACUITE BB | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
State Bank of India Not avl. / Not appl. Packing Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.50 Simple ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.31 Simple ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )
State Bank of India Not avl. / Not appl. Term Loan 01 Aug 2016 Not avl. / Not appl. 01 May 2024 2.23 Simple ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )
Small Industries Development Bank of India Not avl. / Not appl. Term Loan 10 Mar 2019 Not avl. / Not appl. 01 Nov 2024 7.34 Simple ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )
Siemens Financial Services Pvt. Ltd. Not avl. / Not appl. Term Loan 05 Oct 2021 Not avl. / Not appl. 05 Oct 2025 0.62 Simple ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )

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