* 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) and reaffirmed the short term rating of 'ACUITE A4' (read as ACUITE A four) on the Rs.8.50 Cr. bank facilities of Sri Vasudeva Sawmill And Wood Works (SVSMWW) 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
Vellore (Tamil Nadu) based Sri Vasudeva SawMill And Wood Works (SVSMWW) was established in 1980 as a proprietary firm by Mr. V. Vardharajan, Mr. A. C. Vasudevan, Ms. Girija and Mr. V Devarajan. Later, the constitution has been changed to a partnership firm in 2012. The firm is engaged in processing and trading of timber and procures 100 percent of its raw material (wooden logs) from Africa and South American countries. The firm caters to domestic clients mainly to local construction and furniture manufacturers in Tamil Nadu and southern states of India. Further, the firm has installed capacity of 100 cubic meters/ onth.
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+)
Proposed Long Term Bank Facility
Long Term
1.00
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
04 Apr 2024
Letter of Credit
Short Term
5.50
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
1.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Secured Overdraft
Long Term
2.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
12 Jan 2023
Letter of Credit
Short Term
5.50
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
1.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Secured Overdraft
Long Term
2.00
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
THE KARUR VYSYA BANK LIMITED
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.50
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
THE KARUR VYSYA BANK LIMITED
Not avl. / Not appl.
Secured Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
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.
