* 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 reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs.660.00 crore bank facilities of Blue Star Diamonds Private Limited.The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Maharashtra based – Blue Star Diamonds Private Limited, a partnership firm established in 1966 by Mr. Vasantlal Mehta, was reconstituted as a closely held company in 2008. The flagship entity of the Blue Star Group, the company is engaged in the business of cutting and polishing diamonds. The operations are managed by the second generation promoters - Mr. Akshay Mehta, Mr. Anuj Mehta and Mr. Ashit Mehta. While Mr Ashit M was instrumental in setting up the rough division in Antwerp in 1981 by the name M/s Arjav Diamonds NV, his elder brothers, Mr. Akshay M and Mr. Anuj M focused on the manufacturing and polishing operations to cater to national and international clients. BSDPL has been a Diamond Trading Company (DTC) sight holder since 1994 apart from being a consistent buyer from other players since 2009.
About the Group
Maharashtra based - Arjav Diamonds India Private Limited (ADIPL) was established in 1981 as a partnership firm and subsequently converted into a private limited company in 2007. ADIPL is mainly engaged in the distribution/trading of rough diamonds and also manufactures cut and polished diamonds. ADIPL has also been a DTC sight holder since 1991 through its holding Company Arjav Diamonds NV. The operations are managed by the second & third generation promoters, Mr. Anuj Mehta, Mr. Arnav Mehta and Mr. Ashit Mehta.
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."
* 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
INDUSIND BANK LIMITED
Not avl. / Not appl.
PC/PCFC
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
610.00
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Long Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
50.00
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
* 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.
