November 29, 2024

Purva Metal Sections Pvt Ltd: Continues to remain under issuer Non-Cooperating
category

Summary of rating action

Previous Rated Current Rated
Instrument^ Amount Amount Rating Action
(Rs. crore) (Rs. crore)
Long Term-Fund Based- [ICRA]B+(Stable); ISSUER NOT COOPERATING*; Rating
Cash Credit 28.00 28.00 continues to remain under ‘Issuer Not Cooperating’
category
Total 28.00 28.00
*Issuer did not cooperate; based on best available information.
^Instrument details are provided in Annexure-1

Rationale

ICRA has kept the Long-Term ratings of Purva Metal Sections Pvt Ltd. in the ‘Issuer Not Cooperating’ category. The rating is
denoted as “[ICRA]B+ (Stable); ISSUER NOT COOPERATING”.

As part of its process and in accordance with its rating agreement with Purva Metal Sections Pvt Ltd., ICRA has been trying to
seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the
entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity’s management has
remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has
been continued to the “Issuer Not Cooperating” category. The rating is based on the best available information.

Please refer to the following link for the previous detailed rationale that captures the Key rating drivers and their description,
Liquidity position, Rating sensitivities, Key financial indicators: Click here. ICRA is unable to provide the latest information
because of non-cooperation by the entity.

Analytical approach

Analytical Approach Comments

Corporate Credit Rating Methodology
Applicable rating methodologies
Policy In Respect of Non-Cooperation by a Rated Entity
Parent/Group support Not Applicable
Consolidation/Standalone Standalone

About the company

Incorporated in 2000, Purva Metal Sections Private Limited (PMSPL) is engaged in manufacturing high frequency induction
welded steel pipes i.e., Electric Resistance Welded (ERW) pipes and tubes. It has a capacity to manufacture 175,000 MTPA of
ERW pipes and tubes, recently enhanced in April 2018 from 100,000 MTPA. Though the company was incorporated in 2000,
the commercial production commenced only in FY2014. Its manufacturing facility is in Malur near Bangalore, Karnataka.

Status of non-cooperation with previous CRA:NA

Any other information: None

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 Rating history for past three years

Current Rating Chronology of Rating History

(FY2025) for the past 3 years
Amount Date & Rating in FY2024 FY2023 FY2022
Instrument
Rated
Type
(Rs. NOV-29-2024 Date Rating Date Rating Date Rating
Crore)
1 Fund Based- Long Term [ICRA]B+ (Stable); 27- [ICRA]B+ (Stable); 24- [ICRA]B+ (Stable); 30- [ICRA]B+ (Stable);
Cash Credit 28.00 ISSUER NOT Sep- ISSUER NOT Aug- ISSUER NOT Jun- ISSUER NOT
COOPERATING 2023 COOPERATING 2022 COOPERATING 2021 COOPERATING

Complexity level of the rated instrument

Instrument Complexity Indicator

Cash Credit Simple

The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated.
It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's
credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or
complexity related to the structural, transactional, or legal aspects. Details on the complexity levels of the instruments, is
available on ICRA’s website: Click Here

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 Annexure-I: Instrument details
ISIN Instrument Date of Issuance Coupon Amount Rated
Maturity Date Current Rating and Outlook
No Name / Sanction Rate (RS Crore)
Cash Credit [ICRA]B+ (Stable); ISSUER NOT
NA NA NA NA 28.00 COOPERATING

Source: Purva Metal Sections Pvt Ltd.

Annexure-II: List of entities considered for consolidated analysis: Not applicable

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 ANALYST CONTACTS
Girishkumar Kadam Subhechha Banerjee
+91 022 6114 3441 +91 33 7150 1130
girishkumar@[Link] [Link]@[Link]

Susmita Biswas
+91-033 7150 1182
[Link]@[Link]

RELATIONSHIP CONTACT
L. Shivakumar
+91 22 6114 3406
shivakumar@[Link]

MEDIA AND PUBLIC RELATIONS CONTACT

Ms. Naznin Prodhani
Tel: +91 124 4545 860
communications@[Link]

Helpline for business queries

+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)

info@[Link]

About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services
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Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company,
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Moody’s Investors Service is ICRA’s largest shareholder.

For more information, visit [Link]

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