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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 43.78 | ACUITE C | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 9.22 | ACUITE D | Downgraded | Issuer not co-operating* | - |
| Total Outstanding | 53.00 | - | - |
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Rating Rationale |
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Acuité has downgraded the long-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE C’ (read as ACUITE C) on Rs.9.22 crore bank facilities and reaffirmed the ‘ACUITE C’ (read as ACUITE C) on Rs.43.78 crore of Allseas movers Pvt Ltd (AMPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information. The rating is downgraded to 'ACUITE D' on account of default of payment as per the publicly available information. |
| About the Company |
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Allseas movers, founded in 2005 is an international freight forwarder and a multimodal transport operator. It has its offices located in Mumbai, Pune, Chennai and Ahmedabad. The company is promoted by Mr. Nilesh Virkar who has over 20 years of experience in the logistic industry. The company arranges everything required by its clients to transport the shipments and has its focus majorly on ocean freight. |
| 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 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 endeavoured 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 ratings 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. |
| All Covenants |
| Not Applicable |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon. |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| Not Applicable |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups. |
| Applicable Criteria |
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• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on Complexity Levels of the Rated Instrument |
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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 categorisa"on of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow pa&erns, number of counterpar"es 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 Ra"ng Criteria “Complexity Level Of Financial Instruments” on www.acuite.in |
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