* 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 B-’ (read as ACUITE B minus) and the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.10.35 crore bank facilities of The Canara Workshops Limited (TCWL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
The Canara Workshops Limited (TCWL), incorporated in 1943, is a Mangalore-based company promoted by the late Mr. Vaman Srinivas Kudva. The company manufactures leaf springs and related components used in commercial and passenger vehicles. The facility is equipped with rolling mill with capacity of 7,000 TPA and machining capacity of 7,200 TPA.
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 Secured Overdraft
Long Term
0.75
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
02 Feb 2024
Letter of Credit
Short Term
2.10
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Dropline Overdraft
Long Term
7.50
ACUITE B
(Reaffirmed & Issuer not co-operating*)
Proposed Secured Overdraft
Long Term
0.75
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
State Bank of India
Not avl. / Not appl.
Dropline Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
7.50
Simple
ACUITE B- | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.10
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Secured Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.75
Simple
ACUITE B- | 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.
