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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 53.00 | ACUITE C | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 53.00 | - | - |
| Rating Rationale |
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Acuité has downgraded its long term rating to ‘ACUITE C’ (read as ACUITE C) from ' ACUITE BBB-' (read as ACUITE triple B minus) on Rs. 53.00 crore bank facilities of Allseas movers Pvt Ltd (AMPL). This rating is now an indicative rating and is based on the best information available and is on account of information risk. |
| 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. |
| Non-cooperation by the issuer/borrower |
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Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 05 consecutive months. Acuité has also 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 |
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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. |
| Rating Sensitivities |
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No information provided by the issuer / available for Acuite to comment upon |
| Material Covenants |
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None |
| Liquidity Position |
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No information provided by the issuer / available for Acuite to comment upon |
| Outlook |
| Not applicable |
| Key Financials: |
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No information provided by the issuer / available for Acuite to comment upon |
| Status of non-cooperation with previous CRA |
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None |
| Any other information |
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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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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.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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