Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 3.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank Loan Ratings 4.00 ACUITE B | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 7.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE B’ (read as ACUITE B) and the short-term rating of ‘ACUITE A4’ (read as ACUITE A Four) on the Rs.7.00 Crore bank facilities of Ashirvad Polysac Private Limited (APPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

­APPL, established in 1990 under the directorship of Mr. Gopalkrishna Shenoy, is currently managed by his son, Mr. Goutham Shenoy. APPL is engaged in manufacturing of Woven Sacks, which are used for packaging pesticides, fertilizers, cement, and food grains, among others at Mangaluru, Karnataka.

 
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 noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.

This rating continues to be 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."

 
Material Covenants

­None

 
Liquidity Position

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

 
Outlook

­Not Applicable

 
Status of non-cooperation with previous CRA

­None

 
Any other information

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

 
Applicable Criteria
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
29 Jul 2021 Cash Credit Long Term 3.30 ACUITE B ( Issuer not co-operating*)
Proposed Bank Facility Long Term 0.70 ACUITE B ( Issuer not co-operating*)
Bills Discounting Short Term 3.00 ACUITE A4 ( Issuer not co-operating*)
05 May 2020 Bills Discounting Short Term 3.00 ACUITE A4 (Issuer not co-operating*)
Proposed Bank Facility Long Term 0.70 ACUITE B (Issuer not co-operating*)
Cash Credit Long Term 3.30 ACUITE B (Issuer not co-operating*)
22 Feb 2019 Bills Discounting Short Term 3.00 ACUITE A4 (Reaffirmed)
Proposed Bank Facility Long Term 0.70 ACUITE B | Stable (Reaffirmed)
Cash Credit Long Term 3.30 ACUITE B | Stable (Reaffirmed)
08 Dec 2017 Cash Credit Long Term 3.30 ACUITE B | Stable (Assigned)
Bills Discounting Short Term 3.00 ACUITE A4 (Assigned)
Proposed Bank Facility Long Term 0.70 ACUITE B | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Canara Bank Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 3.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Canara Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 3.30 Simple ACUITE B | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 0.70 Simple ACUITE B | Reaffirmed | Issuer not co-operating*
­

Contacts
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