* 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 BB-’ (read as ACUITE double B minus) on the Rs.7.50 crore bank facilities of The Dukes Retreat Limited 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
The Dukes Retreat Limited (TDRL) was incorporated in 1972 as ‘Mayoor Hoteliers Private Limited’ and was renamed to its current nomenclature in 1985. The company was converted into a public limited entity in 1996 and is managed by Ms. Sonali Thakker. Currently, TDRL has two business segments: hospitality and locomotive. Under hospitality segment, the company operates a hotel named Dukes Retreat in Khandala, Maharashtra region. The company also manufactures locomotives which are used in railways, cement industry and power plants under locomotive segment in Hyderabad.
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 BB-
(Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan
Long Term
3.00
ACUITE BB-
(Downgraded & Issuer not co-operating* from ACUITE BB)
17 Apr 2024
Term Loan
Long Term
4.50
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
3.00
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
20 Jan 2023
Term Loan
Long Term
4.50
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
3.00
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
BANK OF MAHARASHTRA
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.50
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
BANK OF MAHARASHTRA
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.00
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
* 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.
