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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 18.70 | ACUITE BB+ | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 20.00 | - | ACUITE A4+ | Downgraded & Withdrawn | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 38.70 | - | - |
| Rating Rationale |
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Acuité has downgraded & withdrawn its long term rating to 'ACUITE BB+' (read as ACUITE double B plus) from 'ACUITE BBB-’ (read as ACUITE triple B minus) and the short term rating to 'ACUITE A4+' (read as ACUITE A four plus) from 'ACUITE A3' (read as ACUITE A three) on the Rs.38.70 crore bank facilities of Balaji Warehousing Company Private Limited.
The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. This rating is now an indicative rating and is based on best available information. The rating is being withdrawn on account of request received from the company and NOC received from the banker. |
| About the Company |
| Balaji warehousing Company Private Limited (BWCPL), incorporated in 1994, provides logistics and warehousing services to private and public across Karnataka, Tamil Nadu, Telangana and Andhra Pradesh. The company acts as clearing and forwarding (C&F) agents for cement and fertilizer manufacturers where the goods received from railway siding/factories are moved to warehouses and other destinations. The company provides comprehensive warehousing solutions which includes unloading cargo, transportation to warehouses, storage and distribution. The company is directed by Mr Kaliki Kodandarami Reddy, Mr Sreelatha Kaliki, & Mr Kaliki Deepthi Reddy among the others |
| Non-cooperation by the issuer/borrower |
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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 is therefore being flagged as “Issuer notcooperating”, 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. |
| Rating Sensitivities |
| 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 Available. |
| Other Factors affecting Rating |
| None |
| Key Financials: |
| The issuer has not provided the latest financials for Acuite to comment upon |
| Status of non-cooperation with previous CRA |
| None |
| Any other information |
| None |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
| Note on Complexity Levels of the Rated Instrument |
| https://www.acuite.in/view-rating-criteria-55.htm |
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