|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 12.00 | ACUITE BB+ | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 4.00 | - | ACUITE A4+ | Downgraded & Withdrawn | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 16.00 | - | - |
| Rating Rationale |
|
Acuité has withdrawn & downgraded the long-term rating to ‘ACUITE BB+’ (read as ACUITE double B Plus) from ‘ACUITE BBB’ (read as ACUITE Triple B) and short term rating to 'ACUITE A4+' (Read as ACUITE A Four Plus) from Acuite A3+ (Read as Acuite A Three Plus) on the Rs. 16.00 crore bank facilities of Krishna Speciality Chemicals Private Limited (KSCPL).
The rating is now flagged as “Issuer Not Cooperating” and is downgraded on account of information risk. The rating is being withdrawn on account of request received from the company and NOC received from the banker as per Acuite's withdrawal policy. |
| About the Company |
|
Incorporated in 1993, Krishna Speciality Chemicals Private Limited is a Chhattisgarh-based company promoted by Mr. Arun Lal Agarwal, Mr. Sanjay Agarwal, Mr. Sandeep Agarwal and Mr. Aditya Agarwal. The company is engaged in manufacturing of speciality chemicals which is used in cement industry, fertilizer industry, paper industry and explosive industry among others with an installed capacity of 14,000 MTPA.
|
| About the Group |
|
Protech Shine Care & LLP was established in 2017 by Mr. Sandeep Agarwal and Mr. Sanjay Agarwal and started its commercial operation from April 2019. The firm is engaged in manufacturing of wall care putty and paint with an installed capacity of 7000 MTPM. The firm has manufacturing facility located in Raipur, Chhattisgarh.
|
| 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. This rating is, therefore, being flagged as “Issuer notcooperating”, in line with prevailing SEBI regulations and Acuité’s policies. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with an unwillingness to provide information could be a sign of potential deterioration in its overall credit quality
|
| 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."
|
| All Covenants |
| Not Available |
| Liquidity Position |
|
No information provided by the issuer / available for Acuite to comment upon.
|
| Outlook |
| Not Applicable |
| Key Financials: |
|
The rated entity has not shared the latest financial statements despite repeated attempts.
|
| Status of non-cooperation with previous CRA |
|
Not Applicable
|
| Any other information |
| None |
| Applicable Criteria |
|
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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.
|
|
| |
|
|
|||||||||||||||||||||||||||
|
|
Contacts |
|
|
|
About Acuité Ratings & Research |
