Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 15.00 ACUITE BB- | Downgraded | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 15.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has downgraded the long term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) from ‘ACUITE BB’ (read as ACUITE double B) on the Rs.15.00 crore bank facilities of J K Electro Power. The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.


About the Company

­J K Electro Power established in the year 2001, is a Kolkata based partnership firm engaged trading of HT / LT Cables & Wires, Cable Jointing, LED Lights & accessories. The partners Mr. Sri Kishan Kumar Bagri and Mr. Sri Jinendra Kumar Begani are enriched with more than four decades of experience in the related industry. JKEP's head office is located in Kolkata and four branches located in Gujarat, Rajasthan, Chhattisgarh and Orissa. Apart from this the firm has two showrooms located in Bhuvneshwar.

 
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 an 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
• 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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
16 Jul 2021 Secured Overdraft Long Term 10.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 5.00 ACUITE BB (Downgraded and Issuer not co-operating*)
22 Apr 2020 Cash Credit Long Term 5.00 ACUITE BB+ (Issuer not co-operating*)
Secured Overdraft Long Term 10.00 ACUITE BB+ (Issuer not co-operating*)
15 Feb 2019 Cash Credit Long Term 5.00 ACUITE BB+ (Issuer not co-operating*)
Secured Overdraft Long Term 10.00 ACUITE BB+ (Issuer not co-operating*)
09 Jan 2018 Cash Credit Long Term 5.00 ACUITE BBB- | Stable (Assigned)
Secured Overdraft Long Term 10.00 ACUITE BBB- | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
ICICI Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 5.00 ACUITE BB- | Downgraded | Issuer not co-operating*
ICICI Bank Ltd Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 10.00 ACUITE BB- | Downgraded | Issuer not co-operating*
­

Contacts
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About Acuité Ratings & Research

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