* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
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.
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
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
YES BANK LIMITED
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
400.00
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
