* 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
Acuite has reaffirmed its long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 6.20 crore bank facilities of the Shiv Prasad Eco Touchwood Private Limited(SPETPL).
Acuite has also reaffirmed the short-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 25.00 crore bank facilities of the Shiv Prasad Eco Touchwood Private Limited(SPETPL).
Further, Acuite has also reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs. 1.06 crore proposed bank facilities of the Shiv Prasad Eco Touchwood Private Limited(SPETPL).
The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available. The rating is downgraded on account of information risk.
About the Company
SPETPL is a Mumbai based company incorporated in 2007. SPETPL is engaged in trading of teak round logs. SPETPL caters primarily to export market. It acts as a mercantile trader procuring timber from Malaysia and other South East Asian countries and sells it in domestic as well as overseas markets such as Europe and Middle East. The directors include Mr. Kirti Patel, Mr. Nilesh Kirti Patel and Mr. Nitin Kirti Patel.
About the Group
Shree Shankar Vijay Timber Exports Private Limited (SSVTEPL) was incorporated by Mr. Kirti Patel in 1975 in Mumbai. SSVTEPL is engaged in the business of timber trading, primarily teakwood procured from Myanmar. SSVTEPL caters primarily to export market. It acts as a mercantile trader procuring timber from Malaysia and other South East Asian countries and sells it in domestic as well as overseas markets such as Europe and Middle East.
Shiv Prasad Enterprises (SPE) is a Mumbai based partnership firm established in the year 1993 by Mr. Kirti Patel and his family members. SPE caters primarily to export market. SPE is engaged in mercantile trading procuring timber from Malaysia and other South East Asian countries and sells it in domestic as well as overseas markets such as Europe and Middle East.
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 Sensitivities
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:
Not Applicable
Liquidity Position
No information provided by the issuer / available for Acuite to comment upon
* 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.
*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)
