* 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) and short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 16.20 crore bank facilities of N S P Tex (NSPT). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Tamil Nadu based N S P Tex (NSPT) was established in 1989 by Mr. P Periyasamy. The entity is engaged in manufacture and export of readymade garments. The product profile of the partnership firm includes Kid's wear, men's wear and women's wear with production capacity of 15 lakhs pieces per annum. The manufacturing facility is located in Tirupur (Tamil Nadu). The daily operations of the entity are run by Mr. P Periyasamy and his son, Mr. P Kanakaraj.
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)
08 Nov 2023
PC/PCFC
Short Term
8.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Bills Discounting
Short Term
6.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
2.20
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
KOTAK MAHINDRA BANK LIMITED
Not avl. / Not appl.
Bills Discounting
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
6.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
KOTAK MAHINDRA BANK LIMITED
Not avl. / Not appl.
PC/PCFC
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
8.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
KOTAK MAHINDRA BANK LIMITED
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.20
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.
