Rating Rationale
February 26, 2022 | Mumbai
ASL Industries Limited
Issuer not cooperating, based on best-available information; Ratings continues to be ‘CRISIL B/Stable/CRISIL A4 Issuer not cooperating'
 
Rating Action
Total Bank Loan Facilities RatedRs.30 Crore
Long Term RatingCRISIL B /Stable (ISSUER NOT COOPERATING*)
Short Term RatingCRISIL A4 (ISSUER NOT COOPERATING*)
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities
*Issuer did not cooperate; based on best-available information
 
Please note that the rating(s) are based on best available information with the credit rating agency: the entity whose debt is being published via this press release did not provide the requisite information needed to conduct the rating exercise and is therefore classified as 'non cooperative'.

Non cooperation by Issuer

CRISIL Ratings has been consistently following up with ASL Industries Limited (AIL) for obtaining information through letters and emails dated December 14, 2021 and January 12, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative.

 

‘The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.’

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AIL, which restricts CRISIL Ratings’ ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AILis consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of AILcontinues to be ‘CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating’.

About the Company

AIL is part of the Jamshedpur, Jharkhand-based ASL group, which has interests in iron and steel, sheet metal components, forged components, and assemblies and is an authorised sales and service dealer for TML. Mr Dilip Kumar Goyal, Mr Akshay Goyal, Mr Ankit Goyal, and Mr Manoj Kumar Agarwal manage operations. The company was incorporated in 1992.

Key Financial Indicators

 

H1 2022

FY 2021

Revenue

1.86

12.29

Profit After Tax (PAT)

0.51

0.39

Operating Profit Margin (OPM)

40.32%

1.55%

Net Profit Margin (NPM)

27.28%

3.18%

Source: Financial Results Update, NSE Website and Annual Report

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings' complexity levels are assigned to various types of financial instruments. The CRISIL Ratings' complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL Ratings' complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)*

ISIN

Name of Instrument

Date of Allotment

Coupon
Rate (%)

Maturity Date

Issue
Size
(Rs. Cr)

Complexity Levels

Rating Assigned with Outlook

NA

Bank Guarantee

NA

NA

NA

2

NA

CRISIL A4/Issuer Not Cooperating

NA

Cash Credit

NA

NA

NA

9.5

NA

CRISIL B/Stable/Issuer Not Cooperating

NA

Long Term Loan

NA

NA

Not Available

4.85

NA

CRISIL B/Stable/Issuer Not Cooperating

NA

Proposed Fund-Based Bank Limits

NA

NA

NA

13.65

NA

CRISIL B/Stable/Issuer Not Cooperating

*Issuer did not cooperate; based on best-available information

Annexure - Rating History for last 3 Years
  Current 2022 (History) 2021  2020  2019  Start of 2019
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 28.0 CRISIL B /Stable(Issuer Not Cooperating)*   --   -- 24-12-20 CRISIL B /Stable(Issuer Not Cooperating)* 26-09-19 CRISIL BB /Stable(Issuer Not Cooperating)* CRISIL BB/Stable
Non-Fund Based Facilities ST 2.0 CRISIL A4 (Issuer Not Cooperating)*   --   -- 24-12-20 CRISIL A4 (Issuer Not Cooperating)* 26-09-19 CRISIL A4+ (Issuer Not Cooperating)* CRISIL A4+
All amounts are in Rs.Cr.
* - Issuer did not cooperate; based on best-available information
 
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Rating
Bank Guarantee 2 CRISIL A4 (Issuer Not Cooperating)*
Cash Credit 9.5 CRISIL B /Stable(Issuer Not Cooperating)*
Long Term Loan 4.85 CRISIL B /Stable(Issuer Not Cooperating)*
Proposed Fund-Based Bank Limits 13.65 CRISIL B /Stable(Issuer Not Cooperating)*
* - Issuer did not cooperate; based on best-available information
Criteria Details
Links to related criteria
CRISILs Approach to Financial Ratios
Rating criteria for manufaturing and service sector companies
CRISILs Bank Loan Ratings - process, scale and default recognition
Assessing Information Adequacy Risk
CRISILs Approach to Recognising Default

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