Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs.12.02 crore bank facilities of Panchakshari Cashews (PC). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
PC was established in June 2017 by Ms. Shalini Raghuram. The proprietary firm is engaged in processing of cashews with an installed capacity of 6 tons per day (TPD). The manufacturing facility is located in Udupi district of Karnataka. The firm imports its raw material from Ghana, Ivory Coast and Benin and caters to the local market of Bangalore, Mysore, Delhi, Mumbai and Chandigarh.
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 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.
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 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 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 Acuité to comment upon.
Material Covenants
None
Liquidity Position
No information provided by the issuer/ available for Acuité to comment upon.
Outlook
Not Applicable
Status of non-cooperation with previous CRA
None
Any other information
Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.