By Venu Kumar Konda

India Ratings and Research (Ind-Ra) has migrated Hy-Tuf Steels Private Limited’s (HTSPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as ‘IND BB+(ISSUER NOT COOPERATING)’ on the agency’s website. The instrument-wise rating actions are given below:

Instrument Type

Date of Issuance

Coupon Rate

Maturity Date

Size of Issue (million)

Rating

Rating Action

Fund-based working capital limits

-

-

-

INR130

IND BB+(ISSUER NOT COOPERATING)

Migrated to non-cooperating category

Term loan

-

-

July 2019-October 2021

INR34.8

IND BB+(ISSUER NOT COOPERATING)

Migrated to non-cooperating category

Non-fund-based working capital limits

-

-

-

INR8

IND A4+(ISSUER NOT COOPERATING)

Migrated to non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 18 June 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1994, HTSPL is a Vadodara-based manufacturer of TMT bars. The plant has a production capacity of 32,000mtpa for single shift.


RATING HISTORY

Instrument Type

Current Rating

Historical Rating/Outlook

Rating Type

Rated Limits (million)

Rating

18 June 2018

15 March 2018

24 January 2017

 

Issuer rating

Long-term

-

IND BB+(ISSUER NOT COOPERATING)

IND BB+/Stable

IND BB+(ISSUER NOT COOPERATING)

IND BB+/Stable

 

Fund-based working capital limits

Long-term

INR130

IND BB+(ISSUER NOT COOPERATING)

IND BB+/Stable

IND BB+(ISSUER NOT COOPERATING)

IND BB+/Stable

 

Term loan

Long-term

INR34.8

IND BB+(ISSUER NOT COOPERATING)

IND BB+/Stable

IND BB+(ISSUER NOT COOPERATING)

IND BB+/Stable

 

Non-fund-based working capital limits

Short-term

INR8

IND A4+(ISSUER NOT COOPERATING)

IND A4+

IND A4+(ISSUER NOT COOPERATING)

IND A4+

 


COMPLEXITY LEVEL OF INSTRUMENTS

For details on the complexity level of the instruments, please visit https://www.indiaratings.co.in/complexity-indicators.

SOLICITATION DISCLOSURES

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. 

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

ABOUT INDIA RATINGS AND RESEARCH

About India Ratings and Research: India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market. 

Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies and project finance companies. 

Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India, the Reserve Bank of India and National Housing Bank. 

India Ratings is a 100% owned subsidiary of the Fitch Group.

For more information, visit www.indiaratings.co.in.

DISCLAIMER

ALL CREDIT RATINGS ASSIGNED BY INDIA RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTPS://WWW.INDIARATINGS.CO.IN/RATING-DEFINITIONS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.INDIARATINGS.CO.IN. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. INDIA RATINGS’ CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE.

Applicable Criteria

Analyst Names

  • Primary Analyst

    Venu Kumar Konda

    Analyst
    India Ratings and Research Pvt Ltd 6-3-339, Ozone Complex, 1st Floor Punjagutta Main Road Hyderabad 500082

    Media Relation

    Namita Sharma

    Manager – Corporate Communication
    +91 22 40356121