* 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 proposed long-term rating to ‘ACUITE C’ (read as ACUITE C) from ‘ACUITE B-’ (read as ACUITE B minus) on the Rs. 9.50 Cr. bank facilities of Sathvika on account of information risk.
The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
Rationale for Downgrade
The rating downgrade is based on CRIF database inputs indicating that the borrower’s facilities have been classified as a suit-filed account under the ‘Defaulters – Rs. 1 crore and above’ category by the lender in March 2026.
About the Company
Chennaibased Sathvika is a proprietorship firm established in 2016 by Mrs. Lalitha Sundarrajan. The firm deals in IT and electronic products such as desktops, laptops, phones among others. Mr. Sundarrajan, the manager handles the day-to-day operations.
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
About the Rated Entity - Key Financials
The rated entity has not shared the latest financial statements despite repeated requests.
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
"No information provided by the issuer / available for Acuite to comment upon."
Potential triggers (individual or collective) for a downward rating action:
"No information provided by the issuer / available for Acuite to comment upon."
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
16 Oct 2023
Proposed Cash Credit
Long Term
9.50
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
Not Applicable
Not avl. / Not appl.
Proposed Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
9.50
Simple
ACUITE C | 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.
