­Incorporated in 2014, Kannappan Alloy and Steel Company Private Limited (KAASCPL) is engaged in manufacturing of MS billets of FE 500D quality. The day to day operations are managed by the Managing Director, Mr. Thirumalaiswamy Kannappan who has experience of over three decades in steel industry. He acquired experience of more than 2 decades in the scrap trading business and went on to promote KISCOL in 2005 which is the flagship company of the group. Director Mrs. Pushpavalli who takes care of day to day activities of overall group especially finance and administration and Mr. Kannappan Pushpavalli Thirumalai Raj who actively looks after day to day affairs production, supervision and marketing aspects of the company. The company is based in Tamil Nadu and has a manufacturing unit in Tirupur, Palladum with capacity of 24000 metric tonnes per annum.

­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.

­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.

­­"No information provided by the issuer / available for Acuite to comment upon."

­­"No information provided by the issuer / available for Acuite to comment upon."

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.