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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 20.00 | ACUITE BB- | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 20.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed & withdrawn the long-term rating of ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs. 20.00 crore bank facilities of Mathan Caar Decors. The rating continues to be flagged as “Issuer Not-Cooperating”. The rating withdrawal is in accordance with Acuité’s policy on withdrawal of rating. The rating is being withdrawn on account of request received from the company and NOC received from the banker. |
| About the Company |
| The entity was started in 1996 by Mr. M. Mathan Kumar’s father, and initially started with 3D alignment of tyres, car accessories, etc. and was operating in an area of 1200 sq. ft at a prime location of Karur. Later, in the year 2000, Mr. Mathan joined the business and significantly started expanding the business from 3D alignment, servicing to car wash and other miscellaneous services. |
| Non-cooperation by the issuer/borrower: |
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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 |
| Not Applicable |
| Status of non-cooperation with previous CRA |
| None |
| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups. |
| Applicable Criteria |
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• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm • 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 |
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