­Banashankari Chemicals Private Limited (hereinafter referred to as BCPL) an ISO 9001: 2015 certified company started as a proprietary concern in the year 2000, later converted into a corporate in 2008. Head quartered at Bangalore, the Company has setup its state of art manufacturing facilities in KIADB Industrial area at Malur. Facility is well equipped for carrying out purification of spent solvents, with specialized process including Simple Distillation, Fractional Distillation, Azeotropic and Vacuum Distillation with production capacity of 20 KL/Day. The founder G. N. Murthy, academically a Chemical Engineer, with his deep insight in the chemistry of hazardous materials, built capabilities, which are augmented by professional team of subject matter experts.

Banashankari Group (BG) includes Banashankari Chemicals Private Limited and Banashankari Industries Private Limited is a family owned business based in Bangalore having presence since 2000. The group is a leading spent solvent recycling in Karnataka and is specialised in the supply of recycled and reclaimed solvents, Toll Recovery of solvents and purchase of used and redundant solvents. The group also carry out purification of spent solvents, with specialized process including Simple Distillation, Fractional Distillation and Vacuum Distillation.

­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 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.

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

­Not Applicable

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

­Not Applicable

­Not Applicable

­None

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

­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