RATING RATIONALE
10Jun2024

Hatimi Steels

Brickwork Ratings reaffirms the long-term and short-term ratings under the "ISSUER NOT COOPERATING" category and simultaneously withdraws the ratings for the Bank Loan Facilities of Rs. 50.00 Crs. of Hatimi Steels

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(07 Jun 2024)
Present
Fund Based (36.50) (36.50) Long Term BWR B/Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
BWR B /Stable
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn
Non Fund Based 50.00 50.00 Short Term BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn
(50.00) (50.00)
(1.00) (1.00)
Grand Total 50.00 50.00 (Rupees Fifty Crores Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.

RATING ACTION / OUTLOOK

Brickwork Ratings (BWR) reaffirms and simultaneously withdraws the ratings of "Hatimi Steels" based on their request for rating withdrawal.

BWR had initially assigned a rating of BWR BB- (Stable)/ BWR A4 for the bank loan facilities as on 27 Feb 2019. On 27 Feb 2020, the long term and short-term ratings were reaffirmed at BWR BB- (Stable) & BWR A4. The rating was due for a review in March 2021. On 17 May 2021, the long term and short-term ratings were reaffirmed at BWR BB- (Stable) & BWR A4.. On 07 Jun 2022, the long term and short-term ratings were reaffirmed at BWR BB- (Stable) & BWR A4. On 08 Jun 2023, The long-term rating was downgraded to BWR B+ (Stable) & short term rating was reaffirmed at BWR A4 and migrated to "Issuer Not Cooperating" category. On 07 Jun 2024, The long-term rating was downgraded to BWR B (Stable) & short term rating was reaffirmed at BWR A4 and continued under "Issuer Not Cooperating" category.

Going forward, BWR took up with the issuer consistently to provide required information over emails apart from telephonic communication, but no response has been received from the client. Further, BWR is unable to reach the banker; the banker's feedback regarding the conduct of the account is not available. The client has now submitted the request letter for rating withdrawal along with No Objection Certificates (NOC) dated 09 June 2023 from their banker M/s Punjab National Bank Goregaon(E), which is held on record. In accordance with extant regulatory guidelines and as per the BWR Rating Withdrawal Policy, the rating of the said instrument is now being reaffirmed at "BWR B/Stable/A4 with continuation of rating under the ISSUER NOT COOPERATING*" category and the rating is being simultaneously withdrawn.

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Utilities Utilities Other Utilities Other Utilities

Hatimi Steels (HS) is a proprietorship firm established in the year in 1999. Mr. Amit Jain is the proprietor of the firm. The firm is engaged in the business of ship-breaking, ship recycling activity, trading and Import of Ferrous– Non Ferrous Items & Dismantling of Old Factories and has its yard is located Alang, Gujarat.

(As per information received during CY2022 review.)
 

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

No ratings assigned by other Credit Rating Agencies.

ANY OTHER INFORMATION

NA

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2024) 2024 (History) 2023 2022 2021
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
FB SubLimit LT (36.50)
BWR B/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
07Jun2024
BWR BStable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
08Jun2023
BWR B+Stable
(ISSUER NOT COOPERATING* /Downgrade)
07Jun2022
BWR BB- Stable
(Reaffirmation)
17May2021
BWR BB- Stable
(Reaffirmation)
Non Fund Based ST 50.00
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
07Jun2024
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
08Jun2023
BWR A4
(ISSUER NOT COOPERATING* /Reaffirmation)
07Jun2022
BWR A4
(Reaffirmation)
17May2021
BWR A4
(Reaffirmation)
NFB SubLimit ST (50.00)
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
NA
NA
NA
NA
NA
NA
NA
NA
(1.00)
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
NA
NA
NA
NA
NA
NA
NA
NA
Grand Total 50.00 (Rupees Fifty Crores Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

Hyperlink/Reference to applicable Criteria
Analytical Contacts

Harish R

Ratings Analyst harish.r@brickworkratings.com

V.K.Kukreja

Associate Director - Ratings Board : +91 11 2341 2232 kukreja.vk@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Hatimi Steels
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.)
1 Punjab National Bank Letter of CreditSanctioned _ 50.00 50.00
Sub-Limit (BG for Trade credit for Import) Sanctioned (50.00)
Sub-Limit (Cash credit) Sanctioned (36.50)
Sub-Limit (Forward Contract) Sanctioned (1.00)
Total 0.00 50.00 50.00
TOTAL (Rupees Fifty Crores Only)
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