Established in 2010, Karavali Freezers and Exporters (KFE), part of the Karnataka-based Karavali Group is engaged in the processing and export of seafood to US, Canada, China, Thailand, Middle East, South East and Asian countries. The storage capacity of the firm is 1000 MT while the freezing capacity is 72 metric tons per day. Directors of Karavali Freezers And Exporters are Namitha Shetty, Lohith Kumar and Udaya Shetty.

­The Karavali Group constitutes Karavali Freezers & Exporters (established in 2010) and Karavali Ocean Products Private Limited (incorporated in 2011). The group was promoted by Mr. Muniyalu Udaya Shetty, Ms. Namitha Shetty and Mr. Lohith Kumar who possess around three decades of experience in the processing of seafood. The processing unit is located at Udupi. The total storage capacity of the group is 2080 MT with freezing capacity of 145 metric tons per day.

­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.

­The rated entity has not shared the latest financial statements despite repeated requests.

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

­Not Applicable

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

­Not Applicable

­Not Applicable

­None

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

­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