* 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) from ‘ACUITE B+’ (read as ACUITE B plus) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 15.00 crore bank facilities of The Ananda Bag Tea Co Limited (TABTCL) on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.
About the Company
Kolkata based, The Ananda Bag Tea Co Limited (TABTCL), incorporated in 1920, the company is led by Mr. Chokhani and family. The promoters possess extensive experience in the tea industry. Currently, the operations are headed by the third generation of the Chokhani family. The Ananda Bag Tea Company Limited (TABTCL) is engaged in the manufacturing, blending and retailing of tea. The company owns a tea garden - ‘Ananda Tea Estate’ in Upper Assam and produces around 8 lakh kg of Indian black tea (including CTC and orthodox). Additionally, the company has 100000 sq. ft. of metalized blend floor and packaging units in Kolkata. The company sells its packaged tea under the ‘Top Tee Gold’, ‘Top Tee Premium’, ‘Ananda Gold’, ‘Golden Sip’ and ‘Top Tee Jananta brand names. Present directors are Mr. Niraj Chokhani, Mr. Nikhil Chokhani, Mr. Dilip Singh, Ms. Aparna Lohia, Mr. Ishaan Chokhani, and Mr. Apurv Chokhani.
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 A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Letter of Credit
Short Term
2.00
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Bills Discounting
Short Term
4.00
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Cash Credit
Long Term
8.20
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
04 Dec 2023
PC/PCFC
Short Term
0.80
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Letter of Credit
Short Term
2.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Bills Discounting
Short Term
4.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
8.20
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.
Bills Discounting
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.00
Simple
ACUITE A4 | 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.
8.20
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Union Bank of India
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Union Bank of India
Not avl. / Not appl.
PC/PCFC
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.80
Simple
ACUITE A4 | 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.
