* 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 downgraded the long-term rating to ‘ACUITE B’ (read as ACUITE B) from 'ACUITE B+' (read as ACUITE B plus) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.35.00 crore bank facilities of Akshara Enterprises Private Limited (AEPL) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information.
About the Company
Akshara Enterprises Private Limited (AEPL), a proprietary firm was set up in 2008 by Mr. Sreedhar Rao. In February 2017, Akshara Enterprises was incorporated as a Private limited company under the chairmanship of Mr Sudheer Kumar and directorship of Mr. Sreedhar Rao, Mr. M Sudheer Kumar, Mr .M Pradeep, Mr. B Sirish and Chradras Enterprise. Akshara Enterprises Private Limited is an IT hardware dealer and distributor for renowned brands such as Dell, HP, Lenovo and Acer. The company also provides maintenance services along with networking, internet connectivity, furniture and interiors. The registered office of the company is located in Hyderabad, Telangana.
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 Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Bank Guarantee/Letter of Guarantee
Short Term
8.00
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Cash Credit
Long Term
1.00
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Cash Credit
Long Term
9.00
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Proposed Long Term Bank Facility
Long Term
5.00
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
10 Jan 2024
Bank Guarantee/Letter of Guarantee
Short Term
8.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee
Short Term
12.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
9.00
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
5.00
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
1.00
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
THE KARUR VYSYA BANK LIMITED
Not avl. / Not appl.
Bank Guarantee/Letter of Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
8.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
H D F C Bank Limited
Not avl. / Not appl.
Bank Guarantee/Letter of Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
12.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
THE KARUR VYSYA BANK LIMITED
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
9.00
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
H D F C Bank Limited
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.00
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
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.
5.00
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
* 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.
