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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 20.00 | ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 20.00 | - | - |
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Rating Rationale |
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Acuité has reaffirmed and withdrawn the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 20.00 crore bank facilities of Anika Developers. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information. The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NOC received from the banker. |
| About the Company |
| Established in 2007, Anika Developers (Anika) is a Bangalore-based real estate firm promoted by Mr. A. Nagesh. It is into the development of real estate projects in and around Bengaluru (Karnataka). Currently, it is developing a residential cum commercial project with a total saleable area of 70 thousand square foot (sq.ft.) to construct 51 units, which include 2-bhk, 3- bhk apartments and 2 thousand sq.ft. for commercial purpose. The total cost of the projects is Rs.39.99 crore. |
| 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 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: |
| 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." |
| All Covenants |
| Not Applicable |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon. |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| Not Applicable |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| Acuite is yet to receive the latest No Default Statement (NDS) from the rated entity despite repeated requests and followups. |
| 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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