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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 255.00 | ACUITE D | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding | 255.00 | - | - |
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Rating Rationale |
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Erratum: In the original PR dated 28th september 2022, the ISIN, maturity date was incorrect which has now been revised in this version. Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 255.00 crore Non Convertible Debentures of Taquito Lease Operators Private Limited (TLOPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. |
| About the Company |
| Incorporated in 2012, TLOPL has leased out certain fixed assets required for retail operations of Future Group (FERG). It derives its revenues mainly from lease rentals from the Future Group. The registered office of the company is located in Mumbai. The directors of the company are Ms. Nidhi Bajaj, Mr. Alok Bhrigu Nath Tiwary and Mr. Nandkishore Kanahiyalal Attal. |
| Unsupported Rating |
| None |
| Non-cooperation by the issuer/borrower: |
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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 noncooperation 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: |
| The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based. |
| About the Rated Entity - Key Financials |
| The rated entity has not shared the latest financial statements despite repeated requests. |
| Rating Sensitivity |
| "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." |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| None |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on Complexity Levels of the Rated Instrument |
| In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in. |
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