Acuité has Withdrawn the long term ratingon the Rs 15.00 crore bank facilities of Kider India Private Limited. The rating is being withdrawn on account of request received from the company and No Due Certificate received from the banker, as per Acuite's policy of withdrawal of ratings.
About the Company
Kider India Private Limited (KIPL), incorporated in 2008, was a wholly-owned subsidiary of Kider SAU. However, in 2014, Mr. Vinay Kothari and Mr. Sudhir Mehta took over the company. The company is engaged in the manufacture of store fittings including modular fittings, checkout counters, display counters and lockers, among others. The products are sold under the brand name ‘Instor’. The factory is located at Shirur Taluka, near Pune.
Analytical Approach
Not Applicable.
Key Rating Drivers
Strengths
Not Applicable.
Weaknesses
Not Applicable.
Rating Sensitivities
Not Applicable.
Material covenants
Not Applicable.
Liquidity Position
Not Applicable.
Outlook:
Not Applicable
About the Rated Entity - Key Financials
The entity has not shared the latest financial statement for Acuite to comment
Status of non-cooperation with previous CRA (if applicable)
Not Applicable.
Any other information
Acuite is yet to receive the latest No Default Statement from the rated entity despite repeated requests and followups.
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.
