Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 18.65 ACUITE B+ | Downgraded | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 18.65 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has downgraded the long term rating to ‘ACUITE B+’ (read as ACUITE B plus) from ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs. 18.65 crore bank facilities of Aswins Home Special (AHS). The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.


About the Company

­AHS was established as a partnership firm in 2014 by Mr. K R V Ganesan and family. It is engaged in manufacturing of various kinds of packaged snacks and sweets under brand name of 'Aswins Home Special'. The firm runs 5 vegetarian restaurants and has 15 outlets in Tamil Nadu. The firm is also into deemed exports to USA.

 
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 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
16 Jul 2021 Term Loan Long Term 0.53 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 6.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Proposed Long Term Loan Long Term 1.61 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 3.25 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 0.78 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 1.70 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 4.78 ACUITE BB- (Downgraded and Issuer not co-operating*)
20 Apr 2020 Term Loan Long Term 3.25 ACUITE BB (Issuer not co-operating*)
Term Loan Long Term 0.78 ACUITE BB (Issuer not co-operating*)
Cash Credit Long Term 6.00 ACUITE BB (Issuer not co-operating*)
Term Loan Long Term 1.70 ACUITE BB (Issuer not co-operating*)
Term Loan Long Term 4.78 ACUITE BB (Issuer not co-operating*)
Proposed Long Term Loan Long Term 1.16 ACUITE BB (Issuer not co-operating*)
Term Loan Long Term 0.53 ACUITE BB (Issuer not co-operating*)
15 Feb 2019 Cash Credit Long Term 6.00 ACUITE BB (Issuer not co-operating*)
Term Loan Long Term 4.78 ACUITE BB (Issuer not co-operating*)
Term Loan Long Term 1.70 ACUITE BB (Issuer not co-operating*)
Term Loan Long Term 0.78 ACUITE BB (Issuer not co-operating*)
Term Loan Long Term 0.53 ACUITE BB (Issuer not co-operating*)
Term Loan Long Term 3.25 ACUITE BB (Issuer not co-operating*)
Proposed Long Term Loan Long Term 1.61 ACUITE BB (Issuer not co-operating*)
08 Dec 2017 Cash Credit Long Term 6.00 ACUITE BB | Stable (Assigned)
Term Loan Long Term 4.78 ACUITE BB | Stable (Assigned)
Term Loan Long Term 1.70 ACUITE BB | Stable (Assigned)
Term Loan Long Term 0.78 ACUITE BB | Stable (Assigned)
Term Loan Long Term 0.53 ACUITE BB | Stable (Assigned)
Term Loan Long Term 3.25 ACUITE BB | Stable (Assigned)
Proposed Long Term Loan Long Term 1.61 ACUITE BB | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 6.00 ACUITE B+ | Downgraded | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Loan Not Applicable Not Applicable Not Applicable 1.61 ACUITE B+ | Downgraded | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available Not available 4.78 ACUITE B+ | Downgraded | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available Not available 1.70 ACUITE B+ | Downgraded | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available Not available 0.78 ACUITE B+ | Downgraded | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available Not available 0.53 ACUITE B+ | Downgraded | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available Not available 3.25 ACUITE B+ | Downgraded | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research

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