* 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. 7.15 crore bank facilities of Durrung Tea Estate Limited (erstwhile known as SPBP Tea (India) Limited) 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
Incorporated in 1981, in the Darrang district of Assam, Durrung Tea Estate Limited (erstwhile known as SPBP Tea (India) Limited) is engaged in tea manufacturing and processing business. The company is part of the Jalan Industries Private Limited. The company mainly cultivates and manufactures orthodox tea (loose tea leaf) and curl tea (CTC), under the brand name ‘Durrung’. Durrung Tea estate spreads across 571 hectares of garden area with 390 hectares of plantation area.The Directors of Durrung Tea Estate Limited are Mr Dwija Das Chatterjee, Mr Mrityunjay Jalan, Mr Vadakkillam Satheesan Nayar and Ms Avantika Jalan. Jalan group has many tea companies owned and operated by the Jalan family for four consecutive generations. Founded in 1939 by Mr. Murleidhor Jalan and presently they manage five tea estates in Upper Assam.
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+)
Proposed Long Term Bank Facility
Long Term
2.25
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
12 Dec 2023
Cash Credit
Long Term
4.90
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
2.25
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
Punjab National Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.90
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
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.
2.25
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.
