* 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 downgraded the long-term rating to ‘ACUITE B-’ (read as ACUITE B minus) from 'ACUITE B' (read as ACUITE B) on the Rs. 11.90 crore bank facilities of Ronald Leeman Comoditties on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Established in 2016 as a partnership firm by Mr. B. Yuvaraj with his wife Mrs. Y. Nithyeswari, Ronald Leeman Comoditties (RLC) is primarily engaged in trading of raw cashew nuts, and is also engaged in processing of raw cashew nuts into kernels and trading of other types of nuts in a smaller proportion. The firm sells its products majorly to its group entity viz. TRV Cashew Company (TRV) and to other wholesalers majorly in Southern India. On the other hand, the raw cashew nuts are procured from other wholesalers majorly in Southern India.
About the Group
Established in 2006 as a proprietorship entity by Mr. B. Yuvaraj, TRV Cashew Company (TRV) is primarily engaged in processing of raw cashew nuts into kernels, and is also engaged in trading of raw cashew nuts and other types of nuts in a smaller proportion. The entity sells its products by way of retail sales through its retail outlets (4 of which are located in Chennai and 5 in other cities of Tamil Nadu) and to other wholesalers majorly in Southern India. On the other hand, the primary raw material viz. raw cashew nuts are majorly procured from its group entity viz. Ronald Leeman Commodities (RLC).
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
1.20
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Term Loan
Long Term
0.50
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Secured Overdraft
Long Term
4.00
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
13 Dec 2023
Secured Overdraft
Long Term
6.20
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
1.20
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
0.50
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Secured Overdraft
Long Term
4.00
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
Indian Bank
Not avl. / Not appl.
Secured Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
6.20
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Indian Bank
Not avl. / Not appl.
Secured Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Indian Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
7.50
31 Jul 2024
1.20
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Indian Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
8.75
30 Sep 2025
0.50
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* 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.
