October 24, 2024

IMI Abrasives (P) 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)
[ICRA]B+(Stable); ISSUER NOT COOPERATING /[ICRA]A4;
Long Term / Short
2.80 2.80 ISSUER NOT COOPERATING*; Rating Continues to remain
Term-Unallocated
under issuer not cooperating category
Short Term-
[ICRA]A4; ISSUER NOT COOPERATING*; Rating Continues to
Interchangeable- (2.00) (2.00)
remain under issuer not cooperating category
Others*
Long Term-Fund [ICRA]B+(Stable); ISSUER NOT COOPERATING*; Rating
7.20 7.20
Based-Cash Credit Continues to remain under issuer not cooperating category
Total 10.00 10.00
*Issuer did not cooperate; based on best available information.
^Instrument details are provided in Annexure-1
*Sublimit of cash Credit

Rationale
ICRA has kept the long-term and short-term ratings for the bank facilities of IMI Abrasives (P) Ltd. in the ‘Issuer Not
Cooperating’ category. The ratings are denoted as “[ICRA]B+(Stable); ISSUER NOT COOPERATING /[ICRA]A4; ISSUER NOT
COOPERATING”.

As part of its process and in accordance with its rating agreement with IMI Abrasives (P) 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: Click here. ICRA is unable to provide the latest information because of non-cooperation
by the entity.

Analytical approach

Analytical Approach Comments

Policy in respect of non-cooperation by the rated entity
Applicable Rating Methodologies Corporate Credit Rating Methodology
Iron & Steel
Parent/Group Support Not Applicable
Consolidation/Standalone Standalone

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 About the company
Incorporated in 1991, IMI Abrasives (P) Ltd. (IMI) manufactures steel shots/grits and ferro manganese with an annual
production capacity of 6,000 MT (metric tonne) and 2,000 MT, respectively. The manufacturing facilities of IMI are located at
Urla in Raipur district, Chhattisgarh. The products manufactured by IMI find applications in industries like, foundry, ship 3
buildings, railways, steel etc. The company is promoted by Mr. S.K. Mundhra, who has an experience of more than two decades
in this line of business.

Key financial indicators:

FY2022 (in crore) FY2023 (in crore)

Operating income 64.65 61.85
PAT 4.40 3.92
OPBDIT/OI 9.90% 9.70%
PAT/OI 6.80% 6.30%
Total outside liabilities/Tangible net worth (times) 0.44 0.21
Total debt/OPBDIT (times) 0.16 0.21
Interest coverage (times) 22.80 20.78
Source: MCA

Status of non-cooperation with previous CRA:

CRA Status Date of Release

CRISIL CRISIL B(Stable); ISSUER NOT COOPERATING September 16, 2024

Any other information: Not Applicable

Rating history for past three years

Chronology of Rating History

Current Rating (FY2025)
for the past 3 years
Amoun Date & Rating
Instrument Date & Rating Date & Rating in Date & Rating in
t Rated in FY2024
Type in FY2023 FY2021
(Rs.
crore) 24-Oct-2024 20-Jul-2023 21-Apr-2022 11-Feb-2021
[ICRA]B+(Stabl [ICRA]B+(Stabl
e); ISSUER NOT e)/
Long COOPERATING [ICRA]A4; [ICRA]B+(Stable)/[ICRA] [ICRA]B+(Stable)/[ICRA]
1 Unallocated Term/Sho 2.80 / ISSUER NOT A4; ISSUER NOT A4; ISSUER NOT
rt Term [ICRA]A4; COOPERATING COOPERATING COOPERATING
ISSUER NOT
COOPERATING
[ICRA]A4; [ICRA]A4;
Interchangeabl Short [ICRA]A4; ISSUER NOT [ICRA]A4; ISSUER NOT
2 (2.00) ISSUER NOT ISSUER NOT
e- Others* Term COOPERATING COOPERATING
COOPERATING COOPERATING
[ICRA]B+(Stabl [ICRA]B+(Stabl [ICRA]B+(Stable); [ICRA]B+(Stable);
Fund Based- Long
3 7.20 e); ISSUER NOT e); ISSUER NOT ISSUER NOT ISSUER NOT
Cash Credit Term
COOPERATING COOPERATING COOPERATING COOPERATING
*Sublimit of cash Credit

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 Complexity level of the rated instrument

Instrument Complexity Indicator

Unallocated Not Applicable
Interchangeable- Others Very Simple
Fund Based-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-1: Instrument details
ISIN Date of Issuance / Coupon Maturity Amount Rated
Instrument Name Current Rating and Outlook
No Sanction Rate Date (RS Crore)
- - - [ICRA]B+(Stable); ISSUER
NOT COOPERATING
NA Unallocated 2.80
/[ICRA]A4; ISSUER NOT
COOPERATING
Interchangeable- - - - [ICRA]A4; ISSUER NOT
NA (2.00)
Others* COOPERATING
Fund Based-Cash - - - [ICRA]B+(Stable); ISSUER
NA 7.20
Credit NOT COOPERATING
*Sublimit of cash Credit
Source: IMI Abrasives (P) Ltd.

Annexure-2: List of entities considered for consolidated analysis: Not Applicable

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 ANALYST CONTACTS
Girishkumar Kadam Subhechha Banerjee
+91 22 6114 3441 +91 33 7150 1130
[email protected] [email protected]

Susmita Biswas
+91 33 7150 1182
[email protected]

RELATIONSHIP CONTACT
L. Shivakumar
+91 22 6169 3300
[email protected]

MEDIA AND PUBLIC RELATIONS CONTACT

Ms. Naznin Prodhani
Tel: +91 124 4545 860
[email protected]

Helpline for business queries

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

[email protected]

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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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