ICRA Suspends Ratings for Smart Card IT Solutions Limited due to Lack of Information

Smart Card IT Solutions Limited has faced a setback after ICRA suspended its ratings due to the company's inability to provide requisite information. This move comes as a result of ICRA's attempt to conduct a rating surveillance, which was hindered by the lack of necessary data from the company. Smart Card IT Solutions Limited operates in the printing of smart cards, primarily used for SIM cards, credit cards, and loyalty cards. The company has set up a manufacturing facility with an in-house capability to produce 15 million cards per month.

Key Takeaways:

• ICRA suspended the long-term fund-based facility rating of Rs. 20.00 crore and the short-term non-fund-based facility rating of Rs. 5.00 crore for Smart Card IT Solutions Limited.
• The suspension is due to ICRA's inability to carry out a rating surveillance, as the company failed to provide the requisite information.
• Smart Card IT Solutions Limited operates in the printing of smart cards, primarily used for SIM cards, credit cards, and loyalty cards.
• The company has a manufacturing facility with an in-house capability to produce 15 million cards per month.
• ICRA's rating suspension is a symbolic indicator of their opinion on the company's capability to timely service debts and obligations.
• The company's inability to provide information has hindered ICRA's rating surveillance, which may lead to a revision in ratings in the future.

Statistics:

• Rs. 20.00 crore: The amount of the long-term fund-based facility for which ICRA has suspended the rating.
• Rs. 5.00 crore: The amount of the short-term non-fund-based facility for which ICRA has suspended the rating.
• 15 million: The monthly capacity of Smart Card IT Solutions Limited's smart card manufacturing facility.

Sources:

• ICRA Limited disclaimer: "ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments."
• ICRA Limited disclaimer: "ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings."
• ICRA Limited: "All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable."