ACUITE BB- | Downgraded | Issuer not co-operating*
-
RBI
Total Outstanding
0.00
40.22
-
-
-
Total Withdrawn
0.00
0.00
-
-
-
* 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 its long-term rating to 'ACUITE BB-' (read as ACUITE Double B Minus) from 'ACUITE BB' (read as ACUITE Double B) on the Rs.40.22 Cr. bank facilities of Cow Brand Agro Foods (CBAF).
The rating is now flagged as “Issuer Not-Cooperating” on account of information risk and is based on the best available information. The rating has been downgraded on account of information risk and the company has not provided latest No Default Statement (NDS) for last 3 months consecutively.
About the Company
Cow Brand Agro Foods (CBAF) was established in 2016. The firm is engaged in milling paddy and processing it into rice. The paddy processing facilities are located in Tindivanam, Tamil Nadu, with an installed capacity of 8 tons per hour (tph). The partners of the firm are Mr. P. Stalin, Ms. S. Jayanthi, Mr. S. Nirmal, Ms. M. Karthika, and Ms. N. Megha.
Unsupported Rating
Not applicable
Non-cooperation by the issuer/borrower
Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. 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 not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
Limitation regarding information availability
Rating Sensitivities
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 BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.22
Simple
ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )
* 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.
