­Vellingiri Andavar Textiles Private Limited was incorporated in 1989. The company is engaged in manufacturing, purchase and sale of cotton, yarn and cloth and generation of wind power energy. Mr. Venkatasamy Sampathkumar and Mr. Venkatasamy Ramamoorthy are the directors of the company. The registered office is in Coimbatore

­Sivasubramania textiles (SST), Vellingiri andavar textiles private Limited (VATPL) and C N V textiles private Limited are the group companies managed by two brothers C.V. Ramamoorty and C.V Sampath Kumar. The promoter of the group C.N Venkataswami during 1985 incorporated CNV textiles private Limited as a ginning factory. Later, diluted into Sivasubramania textiles and Vellingiri andavar Textiles private Limited and started Yarn manufacturing. The group produces yarn of 20s to 80s counts and compact yarn. Currently the group has the production capacity of 100,000 spindles and 10 rotors. The group has its own wind mills which can produce 10 M.W of electricity. Apart from these the group also have solar electricity system (Including ground mounted and rooftop)which can produce around 18 M.W electricity these contribute around 90% of the power usage of the group.
 

­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.

­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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­­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in