* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to ‘ACUITE B-’ (read as ACUITE B minus) from 'ACUITE B' (read as ACUITE B) on the Rs. 10.50 crore bank facilities of Bhavani Cotton Industries (BCI) 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
Bhavani Cotton Industries (BCI), established in 2014, is an Andhra Pradesh-based partnership firm engaged in the ginning and pressing of cotton. The firm is headed by Mr. N. Suresh, who has extensive experience in the cotton industry. The installed capacity stands at 26 Gins.
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
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Working Capital Term Loan
Long Term
6.00
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Proposed Cash Credit
Long Term
0.61
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
15 Nov 2023
Term Loan
Long Term
3.89
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Working Capital Term Loan
Long Term
6.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Proposed Cash Credit
Long Term
0.61
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Not Applicable
Not avl. / Not appl.
Proposed Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.61
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
State Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.89
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
State Bank of India
Not avl. / Not appl.
Working Capital Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
6.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
