Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 95.50 ACUITE C | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 250.50 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank Loan Ratings 55.00 - ACUITE D | Downgraded | Issuer not co-operating*
Bank Loan Ratings 34.00 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 435.00 - -
 
Rating Rationale
­Acuité has downgraded its short term rating to ‘ACUITE D' (read as ACUITE D) from ‘ACUITE A4' (read as ACUITE A four) on bank facilities of Rs 55.00 Cr on account of default reported on public domain by Punjab National Bank.
Acuite has reaffirmed the Long term rating to ACUITE C (read as ACUITE C) on bank facilities Rs 95.50 crore & short term rating to ACUITE D (read as ACUITE D) & ACUITE A4 (read as ACUITE A four) on Rs 284.50 crore bank facilities of Yatin Steels India Private Limited.

About the Company
­YSIPL was incorporated in 2004 to take over the existing business of Yatin Steels which was set up in 1988. The company, promoted by Mr. Yatin Khanna is engaged in the trading of iron and steel products mainly hot and cold rolled flat products and galvanised sheets that find application in consumer durables, pipes and tubes, railways, among others. The company has its office at Mumbai & 2 stockyards at Kalamboli.
 
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 an 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 has 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 rating is 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.
 
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
­Not Applicable
 
Any other information
­Not Applicable
 
Applicable Criteria
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.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
18 Mar 2023 Letter of Credit Short Term 116.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Proposed Long Term Loan Long Term 81.00 ACUITE C (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 55.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 21.50 ACUITE A4 (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 12.50 ACUITE C (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 18.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 30.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 34.00 ACUITE D (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 65.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 2.00 ACUITE C (Downgraded and Issuer not co-operating*)
02 May 2022 Letter of Credit Short Term 18.00 ACUITE A4+ ( Issuer not co-operating*)
Letter of Credit Short Term 116.00 ACUITE A4+ ( Issuer not co-operating*)
Letter of Credit Short Term 55.00 ACUITE A4+ ( Issuer not co-operating*)
Proposed Long Term Loan Long Term 81.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 65.00 ACUITE A4+ ( Issuer not co-operating*)
Cash Credit Long Term 2.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 12.50 ACUITE BB- (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 30.00 ACUITE A4+ ( Issuer not co-operating*)
Letter of Credit Short Term 34.00 ACUITE A4+ ( Issuer not co-operating*)
Letter of Credit Short Term 21.50 ACUITE A4+ ( Issuer not co-operating*)
28 Jan 2021 Letter of Credit Short Term 65.00 ACUITE A4+ (Issuer not co-operating*)
Letter of Credit Short Term 30.00 ACUITE A4+ (Issuer not co-operating*)
Letter of Credit Short Term 116.00 ACUITE A4+ (Issuer not co-operating*)
Letter of Credit Short Term 21.50 ACUITE A4+ (Issuer not co-operating*)
Proposed Long Term Loan Long Term 81.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 18.00 ACUITE A4+ (Issuer not co-operating*)
Letter of Credit Short Term 55.00 ACUITE A4+ (Issuer not co-operating*)
Cash Credit Long Term 12.50 ACUITE BB (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 34.00 ACUITE A4+ (Issuer not co-operating*)
Cash Credit Long Term 2.00 ACUITE BB (Downgraded and Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Canara Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 12.50 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 2.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 18.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 30.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 116.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 55.00 Simple ACUITE D | Downgraded | Issuer not co-operating*
Union Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 65.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Indian Overseas Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 34.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Canara Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 21.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Loan Not Applicable Not Applicable Not Applicable 81.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*

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