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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 75.00 | ACUITE BB+ | Downgraded | Issuer not co-operating* | - |
Non Convertible Debentures (NCD) | 6.88 | ACUITE BB+ | Downgraded | Issuer not co-operating* | - |
Non Convertible Debentures (NCD) | 8.12 | Not Applicable | Withdrawn | - |
Total Outstanding | 81.88 | - | - |
Total Withdrawn | 8.12 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuité has downgraded its long-term rating to 'ACUITE BB+' (read as ACUITE double B plus) from 'ACUITE BBB-' (read as ACUITE triple B minus) on the Rs. 75.00 Cr. Bank Loan Facilities of K M GLOBAL CREDIT PRIVATE LIMITED. Acuité has downgraded its long-term rating to 'ACUITE BB+' (read as ACUITE double B plus) from 'ACUITE BBB-' (read as ACUITE triple B minus) on the Rs. 6.88 Cr. Non-Convertible Debentures of K M GLOBAL CREDIT PRIVATE LIMITED. The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available. The downgrade is on account of information risk. Acuité has withdrawn its long-term rating on the Rs. 8.12 Cr. Non- Convertible Debentures of K M GLOBAL CREDIT PRIVATE LIMITED without assigning any rating as the instrument is fully repaid. The withdrawal is on account of No Objection Certificate and No Due Certificate received from the debenture trustee and issuer request. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. |
About the Company |
K M Global Credit Private Limited (KMGCPL) is a B2B2C NBFC lending focused fintech based out of Mumbai which offers lending solutions and unsecured loan options at the point of-sale to businesses and consumers. KM Global Credit Private Limited was founded by Aditya Damani (CEO) in 2018. KMGCPL majorly disburses loans in the education, solar/green energy segment and home decor. |
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 Sensitivities |
No information provided by the issuer / available for Acuite to comment upon. |
All Covenants |
Financial Covenants: The Company shall at all times until the redemption of all outstanding Debentures: Maintain Minimum capital ratio of Tier I Capital and Tier II Capital to aggregate risk weighted assets on-balance sheet and of risk adjusted value of off-balance sheet items shall not be less than 18.00% (Eighteen Point Zero Zero percent) or as per the regulatory minimum prescribed by the Reserve Bank of India under the NBFC Master Directions, whichever is higher. “Tangible Net Worth” (TNW) shall mean sum of share capital, quasi equity and surplus reserves of the company net of intangible assets of the company. |
Liquidity Position |
No information provided by the issuer / available for Acuite to comment upon |
Outlook: Not Applicable |
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Other Factors affecting Rating |
None |
Key Financials: | ||||||||||||||||||||||||||||||||||||||||
**Total assets adjusted to Deferred Tax liabilty |
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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 • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm |
Note on complexity levels of the rated instrument |
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* The issuer did not co-operate; based on best available information. |
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Contacts |
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