* 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 D’ (read as ACUITE D) from 'ACUITE C' (read as ACUITE C) and the short-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 4.50 crore bank facilities of Icon Design Automation Private Limited (IDAPL) .
Acuite has reaffirmed its proposed long-term rating of ‘ACUITE C’ (read as ACUITE C) and proposed short-term rating of ‘ACUITE A4’ (read as ACUITE A Four) on the Rs. 7.50 Cr. bank loan facility of Icon Design Automation Private Limited (IDAPL).
The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
Rationale for Downgrade
The downgrade is based on the Publicly available information, owing to delays in servicing the long-term debt obligations by Icon Design Automation Private Limited (IDAPL).
About the Company
Bangalore based - Icon Design Automation Private Limited was incorporated in 1997. The company is engaged in the manufacture of components, subsystems, hardware and software for defence, aerospace, electronics and telecommunication industries. The offices are located at New Delhi, Bangalore and Hyderabad. At present, the company is managed by Varalakshmi Ramachandra, Basavaraju Noolvi, Arun Rama Chandra and Ramachandra Swamynathanmudaliar.
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:
"No information provided by the issuer / available for Acuite to comment upon."
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 C
(Downgraded & Issuer not co-operating* from ACUITE B-)
Term Loan
Long Term
2.00
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE B-)
Proposed Cash Credit
Long Term
2.50
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE B-)
07 Nov 2024
Letter of Credit
Short Term
1.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Proposed Letter of Credit
Short Term
2.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Proposed Bank Guarantee
Short Term
3.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
1.50
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan
Long Term
2.00
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
Proposed Cash Credit
Long Term
2.50
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
11 Aug 2023
Letter of Credit
Short Term
1.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Proposed Letter of Credit
Short Term
2.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Proposed Bank Guarantee
Short Term
3.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
1.50
ACUITE B
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
2.00
ACUITE B
(Reaffirmed & Issuer not co-operating*)
Proposed Cash Credit
Long Term
2.50
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
Indian Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.50
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE C )
Indian Bank
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE A4 )
Not Applicable
Not avl. / Not appl.
Proposed Bank Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.50
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Indian Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE C )
* 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.
