Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 16.00 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 16.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 16.00 crore bank facilities of Kaveri Ginning Mills Private Limited (KGPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company
­KGPL, based at Andhra Pradesh was incorporated in 2008 by Mr. K. Ramesh, Mrs. K. Sujana and others. The company is engaged in cotton ginning and oil extraction.
 
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 continues to be 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
­Not Applicable.
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
Not Applicable.
 
Other Factors affecting Rating
­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
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.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
09 Jun 2021 Cash Credit Long Term 16.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
12 Mar 2020 Cash Credit Long Term 16.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
29 Dec 2018 Cash Credit Long Term 16.00 ACUITE BB | Stable (Reaffirmed)
27 Dec 2017 Cash Credit Long Term 16.00 ACUITE BB | Stable (Upgraded from ACUITE BB- | Stable)
Bills Discounting Short Term 2.00 ACUITE A4+ (Withdrawn)
20 Aug 2016 Cash Credit Long Term 14.00 ACUITE BB- | Stable (Reaffirmed)
Term Loan Long Term 5.00 ACUITE BB- | Stable (Withdrawn)
Bills Discounting Short Term 2.00 ACUITE A4+ (Upgraded from ACUITE A4)
22 May 2015 Term Loan Long Term 5.00 ACUITE BB- | Stable (Assigned)
Cash Credit Long Term 14.00 ACUITE BB- | Stable (Assigned)
Bills Discounting Short Term 2.00 ACUITE A4 (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 16.00 ACUITE B+ | Reaffirmed | Issuer not co-operating*

Contacts
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