* 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 B-’ (read as ACUITE B minus) on the Rs. 8.00 crore bank facilities of Malar Textiles (MT). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
The Coimbatore-based Malar Textiles, established as a partnership firm in 1997, manufactures grey fabrics. The firm has 28 weaving looms and has taken 500 looms on rent for job work. The installed capacity is 1.70 lakh meter per week. Mr. D.Viswanathamurthy is a partner of the firm.
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."
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan
Long Term
0.66
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
Proposed Working Capital Demand Loan
Long Term
0.03
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
Proposed Long Term Loan
Long Term
3.06
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
24 Jan 2024
Cash Credit
Long Term
4.25
ACUITE B
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
0.66
ACUITE B
(Reaffirmed & Issuer not co-operating*)
Proposed Working Capital Demand Loan
Long Term
0.03
ACUITE B
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan
Long Term
3.06
ACUITE B
(Reaffirmed & Issuer not co-operating*)
* 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
Canara Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.25
Simple
ACUITE B- | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Long Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.06
Simple
ACUITE B- | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Working Capital Demand Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.03
Simple
ACUITE B- | Reaffirmed | Issuer not co-operating*
Canara Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.66
Simple
ACUITE B- | 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.
