* 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 C’ (read as ACUITE C) and ‘ACUITE D’ (read as ACUITE D) and the short term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 86.95 crore bank facilities of Srivalli Shipping and Transport Private Limited(SSTPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Incorporated in 1994 as a partnership firm and later reconstituted as a private limited company in 2011 as Srivalli Shipping and Transport Private Limited (SSTPL), the company provides various end-to-end logistic services and custom house for clearing and forwarding, stevedoring, material handling, warehousing, transporting, freight forwarding services; and dealing with all clearances of import and export consignments of various clients. STPL is promoted and managed by Mr. P Babu Rao. The Company operates through its own operations at Visakhapatnam and Kakinada, and from Gangavaram, Krishnapatnam, Chennai, Mumbai ports. It has branches at Guntur, Krishnapatnam, Bangalore, Chennai, Hyderabad and Mumbai.
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:
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 C
(Downgraded & Issuer not co-operating* from ACUITE BB+)
Cash Credit
Long Term
30.00
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE BB+)
Term Loan
Long Term
21.95
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE BB+)
Bank Guarantee (BLR)
Short Term
25.00
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE A4+)
06 Sep 2023
Bank Guarantee (BLR)
Short Term
25.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
30.00
ACUITE BB+
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
21.95
ACUITE BB+
(Reaffirmed & Issuer not co-operating*)
Proposed Cash Credit
Long Term
10.00
ACUITE BB+
(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
Union Bank of India
Not avl. / Not appl.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
25.00
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
30.00
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
10.00
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
Union Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
21.95
Simple
ACUITE D | 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.
