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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 9.20 | ACUITE B+ | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 9.20 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long-term rating to 'ACUITE B+' (read as ACUITE B plus) form 'ACUITE BB-' (read as ACUITE double B minus) on the Rs.9.20 crore bank facilities of T R V Cashew Company. The rating is now an indicative rating and is based on the best available information. The rating is downgraded on account of information risk. |
| About the Company |
| Established in 2006 as a proprietorship entity by Mr. B. Yuvaraj, TRV Cashew Company (TRV) is primarily engaged in processing of raw cashew nuts into kernels, and is also engaged in trading of raw cashew nuts and other types of nuts in a smaller proportion. The entity sells its products by way of retail sales through its retail outlets (4 of which are located in Chennai and 5 in other cities of Tamil Nadu) and to other wholesalers majorly in Southern India. On the other hand, the primary raw material viz. raw cashew nuts are majorly procured from its group entity viz. Ronald Leeman Commodities (RLC). |
| About the Group |
| Established in 2016 as a partnership firm by Mr. B. Yuvaraj with his wife – Mrs. Y. Nithyeswari, Ronald Leeman Commodities (RLC) is primarily engaged in trading of raw cashew nuts, and is also engaged in processing of raw cashew nuts into kernels and trading of other types of nuts in a smaller proportion. The firm sells its products majorly to its group entity viz. TRV Cashew Company (TRV) and to other wholesalers majorly in Southern India. On the other hand, the raw cashew nuts are procured from other wholesalers majorly in Southern India. |
| 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 noncooperation by the issuer along with an 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 |
| 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. |
| Rating Sensitivities |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Material Covenants |
| None |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
| Not Applicable |
| Key Financials: |
| The issuer has not provided with the latest financial statement to comment upon. |
| Status of non-cooperation with previous CRA |
| None |
| Any other information |
| Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
| Note on Complexity Levels of the Rated Instrument |
| https://www.acuite.in/view-rating-criteria-55.htm |
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