* 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 its long-term rating to 'ACUITE C' (read as ACUITE C) from 'ACUITE BB-' (read as ACUITE Double B Minus) on the Rs. 60.00 Cr. bank facilities of Armco Infra Private Limited (AIPL).
Rational for rating downgrade
The rating has been downgraded on account of delays observed in the servicing of the equipment financing facility (not rated by Acuité) during the period from April 2026 to July 2026, along with its asset classification as SMA-0, as reflected in the credit information company's report. The downgrade is also driven by the company's failure to provide the latest No Default Statements (NDS) for the three consecutive months ended July 2026. The rating is now flagged as "Issuer Not Cooperating" on account of information risk and is based on the best available information.
About the Company
Incorporated in 2021 and based in Kerala, Armco Infra Private Limited (AIPL) is engaged in the business of civil construction and primarily undertakes contract for Jal Jeevan Mission, roads, etc. in the state of Kerala. Mr. Thasleem Cherkala Abdul Rahiman and Ms. Jaseena are the present directors of the company.
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower
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 03 consecutive months. 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 Sensitivities
Potential triggers (individual or collective) for an upward rating action:
No information provided by the issuer / available for Acuite to comment upon.
Potential triggers (individual or collective) for a downward rating action:
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.
ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Canara Bank
Not avl. / Not appl.
Secured Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
15.00
Simple
ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Kerala Financial Corporation
Not avl. / Not appl.
Stand By Line of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
25.00
Simple
ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
* 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.
