* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs.100.00 crore bank facilities of Cargo Motors Kutch Private Limited (CMKPL).
The rating reaffirmation is on account of information risk. The rating is now flagged as “Issuer Not- Cooperating” on account of information risk and is based on the best available information.
About the Company
Gujarat based Cargo Motors Kutch Private Limited was incorporated in the year 2005. The company is engaged in dealership business for MG Motors in Punjab and Haryana. Present directors of the company are Ms. Anita Nanda, Mr. Abhishek Vimal Gujral, Mr. Vimal Chunilal Gujral, Mr. Jayant Nanda And Ms. Devki Nanda.
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower
Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
Limitation regarding information availability
Rating Sensitivities
Potential triggers (individual or collective) for an upward rating action:
"No information provided by the issuer / available for Acuite to comment upon."
Potential triggers (individual or collective) for a downward rating action:
"No information provided by the issuer / available for Acuite to comment upon."
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB- | Stable)
Proposed Long Term Bank Facility
Long Term
8.50
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB- | Stable)
08 May 2023
Cash Credit
Long Term
34.00
ACUITE BB- | Stable
(Downgraded from ACUITE BB | Stable)
Proposed Long Term Bank Facility
Long Term
8.50
ACUITE BB- | Stable
(Downgraded from ACUITE BB | Stable)
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
State Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
34.00
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
ICICI BANK LIMITED
Not avl. / Not appl.
Inventory Funding
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
22.50
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
Kotak Mahindra Prime Limited
Not avl. / Not appl.
Inventory Funding
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
29.00
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
8.50
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
6.00
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
