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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 892.00 | ACUITE B+ | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 892.00 | - | - |
| Rating Rationale |
| Acuité has reaffirmed its long term rating to ‘ACUITE B+' (read as ACUITE B plus)’ on the Rs 892.00 crore bank facilities of Kannur International Airport Limited. This rating is now an indicative rating and is based on best available information and is on account of information risk . |
| About the Company |
| Kannur International Airport Limited (KIAL) was incorporated as a private limited company on December 3, 2009, and was later converted to a public limited company in August 2020, and commercial operations began in December 2018. The company was established with objective of building, financing, constructing, operating, and managing an international airport in Kannur, Kerala. |
| 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 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. |
| 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 endeavoured 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 ratingis based. |
| Rating Sensitivities |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Material Covenants |
| Not Applicable |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 21 (Actual) | FY 20 (Actual) |
| Operating Income | Rs. Cr. | 45.85 | 116.25 |
| PAT | Rs. Cr. | (184.06) | (94.66) |
| PAT Margin | (%) | (401.48) | (81.43) |
| Total Debt/Tangible Net Worth | Times | 0.94 | 0.75 |
| PBDIT/Interest | Times | (0.23) | 0.54 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| Acuite is yet to receive the latest No Default Statement from the rated entity, despite repeated requests and followups. |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm |
| Note on Complexity Levels of the Rated Instrument |
| 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. |
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