* The issuer did not co-operate; based on best available information.
Rating Rationale
Acuité has downgraded the long-term rating to 'ACUITE B' (read as ACUITE B) from ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 9.00 crore bank facilities of Ashirvad Agro Processors (AAP) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information.
About the Company
Ashirvad Agro Processors was established as a proprietorship firm at Mangalore (Karnataka) by Mr. K. Sridhar Nayak in 2000. The firm is engaged in processing of Cashew Kernels. The firm imports its raw material from countries such as Tanzania, Cote d'Ivoire and Ghana, to name a few.
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 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 Sensitivity
"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."