Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 400.00 ACUITE C | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 400.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs. 400.00 crore bank facilities of Last Mile Online Limited (LMOL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

Incorporated in 2015, Last Mile Online Limited (LMOL) based in Mumbai, is a part of Essel group, the leading industrial group with significant presence in media, entertainment, packaging, technology, infrastructure, financial services and education among others. Mr. Subhash Chandra and his family are the promoter of the Group. LMOL is engaged in laying optic fibre cables and providing the Set Top Boxes (STB) for Siti Networks Limited (SNL). LMOL is led by Directors, Mr. Kunwar Saxena, Mr. Keshavan Ganeshan and Mr. Mangesh Deshpande.

SNL,incorporated in 2006, a part of Essel group, is one of India's multi-system operators (MSOs) which provides digital and analog cable TV services with more than 580 locations in India and has a subscriber base of 13.2 million as of December 31, 2017. SNL has 15 digital head ends and a network of more than 32,500 km of optical fibre and coaxial cable. The directors of the company are Mr. Amitabh Kumar, Mr. Sunil Maheshwari, Ms. Kavita Kapahi Ms. Bhanu Singh, Mr. Suresh Arora and Ms. Shilpi Asthana.The registered office of the company is in Mumbai.

 
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 noncooperation 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:

­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 endeavored 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 rating is based.

 
About the Rated Entity - Key Financials

­The rated entity has not shared the latest financial statements despite repeated requests.

 
Rating Sensitivity

"No information provided by the issuer / available for Acuite to comment upon."

 
Material Covenants
­None
 
Liquidity Position

"No information provided by the issuer / available for Acuite to comment upon."

 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­None
 
Status of non-cooperation with previous CRA
­None
 
Any other information

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

 
Applicable Criteria
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
28 Jun 2021 Term Loan Long Term 400.00 ACUITE C ( Issuer not co-operating*)
02 Apr 2020 Term Loan Long Term 400.00 ACUITE C (Downgraded and Issuer not co-operating*)
22 May 2019 Term Loan Long Term 400.00 ACUITE BB (Downgraded and Issuer not co-operating*)
30 Jan 2019 Term Loan Long Term 400.00 ACUITE BBB- (Ratings Under Watch)
23 Jun 2018 Term Loan Long Term 400.00 ACUITE BBB- | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Yes Bank Ltd Not Applicable Term Loan Not available Not available Not available 400.00 ACUITE C | Reaffirmed | Issuer not co-operating*
­

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