* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuite has reaffirmed the long term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 7.00 crore bank facilities of Kavita Auxiliaries Private Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Kavita Auxiliaries Private Limited based in Ahmedabad was established as a proprietorship firm in 1998 by Mrs. Parijat Vishvas Gajarmal then in 1999 Mr. Vishvas Rangnath Gajarmal joined as a partner and in 2002 the constitution was changed into private limited company. The company is engaged in manufacturing of textile chemicals (i.e. Antistatic oil/agent). The manufacturing unit is located in Silvassa with an installed capacity of 1500 tons per annum.
Unsupported Rating
Not Applicable
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 is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
Limitation regarding information availability
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE B)
Proposed Long Term Bank Facility
Long Term
1.20
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE B)
15 Nov 2023
Proposed Long Term Bank Facility
Long Term
1.20
ACUITE B
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
5.80
ACUITE B
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Canara Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.80
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.20
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
