PR

Press Release
DAKSHIN BUDHAKHALI IMPROVEMENT SOCIETY
October 25, 2022
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	35.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	35.00	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 35.00 crore bank facilities of Dakshin Budhakhali Improvement Society(DBIS). The rating continues to be flagged as “Issuer NotCooperating” and is based on the best available information.

About the Company

DBIS, incorporated in 1995, is a West Bengal-based charitable society that commenced MFI operations in 2006. The society, led by Mr. Prasanta Kumar Panda and Ms. Swapna Das as per the Self Help Group (SHG) model for women, operates through nine branches across West Bengal.

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 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:

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.

About the Rated Entity - Key Financials

The rated entity has not shared the latest financial statements despite repeated requests.

Rating Sensitivity

"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 Applicable

Status of non-cooperation with previous CRA

None

Any other information

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

Applicable Criteria

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on Complexity Levels of the Rated Instrument

https://www.acuite.in/view-rating-criteria-55.htm

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
26 Jul 2021	Term Loan	Long Term	10.50	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	15.55	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	0.50	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	1.77	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	3.98	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	2.70	ACUITE D ( Issuer not co-operating*)
24 Apr 2020	Term Loan	Long Term	3.98	ACUITE D (Downgraded and Issuer not co-operating*)
	Term Loan	Long Term	15.55	ACUITE D (Downgraded and Issuer not co-operating*)
	Term Loan	Long Term	10.50	ACUITE D (Downgraded and Issuer not co-operating*)
	Cash Credit	Long Term	2.70	ACUITE D (Downgraded and Issuer not co-operating*)
	Term Loan	Long Term	0.50	ACUITE D (Downgraded and Issuer not co-operating*)
	Term Loan	Long Term	1.77	ACUITE D (Downgraded and Issuer not co-operating*)
02 May 2019	Term Loan	Long Term	15.55	ACUITE BB (Issuer not co-operating*)
	Term Loan	Long Term	3.98	ACUITE BB (Issuer not co-operating*)
	Term Loan	Long Term	10.50	ACUITE BB (Issuer not co-operating*)
	Term Loan	Long Term	0.50	ACUITE BB (Issuer not co-operating*)
	Cash Credit	Long Term	2.70	ACUITE BB (Issuer not co-operating*)
	Term Loan	Long Term	1.77	ACUITE BB (Issuer not co-operating*)
17 Mar 2018	Cash Credit	Long Term	2.70	ACUITE BB \| Stable (Assigned)
	Term Loan	Long Term	0.50	ACUITE BB \| Stable (Assigned)
	Term Loan	Long Term	3.98	ACUITE BB \| Stable (Assigned)
	Term Loan	Long Term	10.50	ACUITE BB \| Stable (Assigned)
	Term Loan	Long Term	1.77	ACUITE BB \| Stable (Assigned)
	Term Loan	Long Term	15.55	ACUITE BB \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Rating
Bangiya Gramin Vikash Bank	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	2.70	ACUITE D \| Reaffirmed \| Issuer not co-operating*
UCO Bank	Not Applicable	Term Loan	Not available	Not available	Not available	10.50	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Punjab National Bank	Not Applicable	Term Loan	Not available	Not available	Not available	3.98	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Bank of Baroda	Not Applicable	Term Loan	Not available	Not available	Not available	1.77	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Canara Bank	Not Applicable	Term Loan	Not available	Not available	Not available	0.50	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Available	Not Applicable	Term Loan	Not available	Not available	Not available	15.55	ACUITE D \| Reaffirmed \| Issuer not co-operating*

Contacts

Analytical	Rating Desk
Aditya Gupta Vice President-Rating Operations Tel: 022-49294041 aditya.gupta@acuite.in Radhika Kolwankar Analyst-Rating Operations Tel: 022-49294065 radhika.kolwankar@acuite.in	Varsha Bist Senior Manager-Rating Operations Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité.