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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 10.10 | - | ACUITE A4 | Downgraded | Issuer not co-operating* |
| Bank Loan Ratings | 22.90 | ACUITE B+ | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 33.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long term rating to ‘ACUITE B+’ (read as ACUITE B plus) from ‘ACUITE BB-’ (read as ACUITE double B minus) and downgraded short term rating to 'ACUITE A4' (read as ACUITE A four) from 'ACUITE A4+' (read as ACUITE A four plus) on the Rs.33.00 crore bank facilities of Fernandes Brothers. The rating continues to be flagged as “Issuer Not Cooperating” and is downgraded on account of information risk.
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| About the Company |
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Fernandes Brothers established in the year 1946 is a Mangalore based partnership firm engaged in exporting of cashews and other cashew allied products. The managing partner Mr. Walter D Souza took over the organization in the year 1986. The firm procures cashew, 90 percent of the cashew through imports from African countries such as Nigeria, Benin, and Ghana. The firm exports to countries like Korea, Bahrain, Canada and US.
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| Non-cooperation by the issuer/borrower: |
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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.
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| Limitation regarding information availability: |
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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.
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| About the Rated Entity - Key Financials |
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The rated entity has not shared the latest financial statements despite repeated requests.
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| Rating Sensitivity |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Material Covenants |
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None
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| Liquidity Position |
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No information provided by the issuer / available for Acuite to comment upon.
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| Outlook |
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Not Applicable.
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| Other Factors affecting Rating |
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Not Applicable.
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| Status of non-cooperation with previous CRA |
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None.
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| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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| Applicable Criteria |
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• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Trading Entities: https://www.acuite.in/view-rating-criteria-61.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 |
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