­Mahesh Kumar Spinning Mills Private Limited, incorporated in 2002, is primarily engaged in the manufacturing of cotton yarn and hosiery cloth. The manufacturing facility is located at Tirupur (Tamil Nadu) with 96 knitting machines and 14112 spindles. It manufactures cotton yarn with counts 20s to 30s. It also has windmills with an installed power generation capacity of 2.5 mega-watt (MW), and solar power plant with capacity 300 KW in and around Coimbatore (Tamil Nadu). It is promoted by Mr. R Balasubramaniam and his son, Mr. B Senthil Kumar. The day today operations of the entity is managed by Mr. B Senthil Kumar under the supervision of his father. Mr. B Senthil Kumar possesses around two decades of experience and Mr. R Balasubramaniam possess around four decades of experience in the textile business.

­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.

­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.

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

­Not Applicable

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

­­Not Applicable

­Not Applicable

­None

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

­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.