* 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) and the short-term rating to 'ACUITE A4' (read as ACUITE A four) from ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.39.60 Cr. bank facilities of Tolar Ocean Products Private Limited (TOPPL).
The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available. The rating is downgraded on account of information risk.
About the Company
Tolar Ocean Products Private Limited (TOPPL) is engaged in the processing and exports of frozen sea products. The seafood includes Indian Mackerel, Ribbon Fish, Squid, Octopus, Cuttle Fish, Sardine, Sea White, Vannamei Shrimps and many more. The present directors of the company are Mr. Prakash Tolar, Mr. Tholar Prakasha Savitha and Ms. Ananya Prakash Tolar. The registered office of the company is in Karnataka. The company procures 80 per cent of fish from marine (sea) remaining through aqua culture. TOPPL has 100 ton of freezer capacity, 1000 ton of cold storage capacity and processing capacity of 100 tons per day.
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 Sensitivities
Potential triggers (individual or collective) for an upward rating action:
No information provided by the issuer / available for Acuite to comment upon
Potential triggers (individual or collective) for a downward rating action:
No information provided by the issuer / available for Acuite to comment upon
Liquidity Position
No information provided by the issuer / available for Acuite to comment upon
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Union Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.60
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Union Bank of India
Not avl. / Not appl.
PC/PCFC
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
24.00
Simple
ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
H D F C Bank Limited
Not avl. / Not appl.
Term Loan
Unlisted
RBI
05 Feb 2024
Not avl. / Not appl.
05 Jan 2029
0.06
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Union Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
29 Mar 2025
Not avl. / Not appl.
29 Dec 2034
9.40
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Union Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
04 Dec 2021
Not avl. / Not appl.
28 Nov 2026
1.14
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.
