By Sinjini Bakshi

India Ratings and Research (Ind-Ra) has maintained Alaknanda Sponge Iron Ltd.’s Long-Term Issuer Rating in 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 continue to appear as ‘IND BB+(ISSUER NOT COOPERATING)’ on the agency’s website. The instrument-wise rating actions are as follows:

Instrument Type

Date of Issuance

Coupon Rate (%)

Maturity Date

Size of Issue (million)

Rating

Rating Action

Fund-based working capital limit

-

-

-

INR125

IND BB+(ISSUER NOT COOPERATING)

Maintained in non-cooperating category

Non-fund based working capital limit

-

-

-

INR2.5

IND A4+(ISSUER NOT COOPERATING)

Maintained in non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 27 October 2014. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.


COMPANY PROFILE

Established in 2009, Alaknanda Sponge Iron is an ISO 9001:2008 certified company engaged in manufacturing TMT bars.


RATING HISTORY

Instrument Type

Current Rating

Historical Rating/Outlook

Rating Type

Rated Limits (million)

Rating

14 September 2017

21 July 2016

27 October 2014

Issuer rating

Long-term

-

IND BB+(ISSUER NOT COOPERATING)

IND BB+(ISSUER NOT COOPERATING)

IND BB+(suspended)

IND BB+/Stable

Fund-based working capital limit

Long term

INR125

IND BB+(ISSUER NOT COOPERATING)

IND BB+(ISSUER NOT COOPERATING)

IND BB+(suspended)

IND BB+/Stable

Non-fund-based working capital limit

Short term

INR2.5

IND A4+(ISSUER NOT COOPERATING)

IND A4+(ISSUER NOT COOPERATING)

IND A4+(suspended)

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

    Sinjini Bakshi

    Senior Research Associate
    India Ratings and Research Pvt Ltd Room no - 1201, 12th Floor, OM Towers, 32 Chowringhee Road, Kolkata-700071, India
    +91 33 40302520

    Media Relation

    Namita Sharma

    Manager – Corporate Communication
    +91 22 40356121