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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 6.80 | - | ACUITE A4+ | Reaffirmed | Issuer not co-operating* |
| Bank Loan Ratings | 8.20 | ACUITE BB- | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 15.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long-term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) from‘ACUITE BB’ (read as ACUITE double B) and reaffirmed the short term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.15.00 crore bank facilities of The Ananda Bag Tea Company Limited (TABTCL). The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.
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| About the Company |
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Incorporated in 1920, the company is led by Mr Chokhani and family of Kolkata. 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 metalised 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.
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| Non-cooperation by the issuer/borrower: |
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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 noncooperation 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.
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| Limitation regarding information availability: |
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The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.
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| About the Rated Entity - Key Financials |
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The rated entity has not shared the latest financial statements despite repeated requests.
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| Rating Sensitivity |
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No information provided by the issuer / available for Acuite to comment upon.
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| Material Covenants |
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None.
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| Liquidity Position |
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No information provided by the issuer / available for Acuite to comment upon.
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| Outlook |
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Not Applicable.
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| Other Factors affecting Rating |
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None.
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| Status of non-cooperation with previous CRA |
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None.
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| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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| Applicable Criteria |
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• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on Complexity Levels of the Rated Instrument |
| https://www.acuite.in/view-rating-criteria-55.htm |
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