­­Established in 2001, later reconstituted as a Private Limited company in 2010,Armour display systems private limited ADSPL is engaged in providing outdoor advertising solutions. The day to day operations are managed by its directors, Mr. Deepak Srivastava, Mr. Pankaj Srivastava and Ms. Namrata Hirani. The company works on a Public Private Partnership (PPP) model with the Indian Railways, in which the Railways provide live train running information and other awareness messages through the audio and visual sources provided by ADSPL. It also caters to a government agency i.e. Delhi Advertising and Visual Publicity (DAVP) who provides central government's content of their respective departments.The company is based in Mumbai and has executed the projects on railway stations in Chennai, Mumbai, Bengaluru, Pune, Ahmedabad, Delhi etc.

­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.

­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 has 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 rating is based.

"­No information provided by the issuer / available for Acuité to comment upon."

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"­No information provided by the issuer / available for Acuité to comment upon."

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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 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.