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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 7.00 | ACUITE B | Downgraded | Issuer not co-operating* | - |
Total Outstanding | 7.00 | - | - |
Total Withdrawn | 0.00 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuité has downgraded the long-term rating to 'ACUITE B (read as ACUITE B) from ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 7.00 crore bank facilities of K R Padmanabhan and Sons on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information. |
About the Company |
K R Padmanabhan and Sons is a Chennai-based firm established in 1996 by Ms. D Revathi, Mr. P Damodaran and Mr. P Venkatesen. The firm is a wholesaler and retailer of rice at Vadapalani, Tamil Nadu. |
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 |
"No information provided by the issuer / available for Acuite to comment upon." |
Liquidity Position |
"No information provided by the issuer / available for Acuite to comment upon." |
Outlook |
Not Applicable |
Other Factors affecting Rating |
None |
Particulars | Unit | FY 17 (Actual) | FY 16 (Actual) |
Operating Income | Rs. Cr. | 141.93 | 138.70 |
PAT | Rs. Cr. | 0.84 | 0.80 |
PAT Margin | (%) | 0.59 | 0.58 |
Total Debt/Tangible Net Worth | Times | 7.35 | 9.56 |
PBDIT/Interest | Times | 1.17 | 1.19 |
Status of non-cooperation with previous CRA |
Not Applicable |
Any other information |
None |
Applicable Criteria |
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
Note on complexity levels of the rated instrument |
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* The issuer did not co-operate; based on best available information. |
Contacts |
About Acuité Ratings & Research |
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