* 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 minus) from 'ACUITE B' (read as ACUITE B) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 20.00 crore bank facilities of Zamindara Timber Private Limited (ZTPL) 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
Zamindara Timber Private Limited (ZTPL) is Haryana based company established in 1975 as proprietorship concern by Mr. Amit Kamboj and Mr. Sailash Kamboj. Later in the year 2013, the constitution of the company was changed into private limited. The company is engaged in sawing and trading of timber.
About the Group
The Haryana based Zamindara group consists of Zamindara Timber Private Limited (ZTPL) established in 1975 as proprietorship concern and later in the year 2013 converted to private limited company and Ved Prakash & Sons Lumbers Private Limited (VPSLPL) incorporated in 2009. Both are engaged in the same line of business. The group mainly imports timber logs from Malaysia, New Zealand, Solomon Islands and Singapore and sells to traders, wholesalers, civil engineering companies and construction companies in Gujarat, Punjab and Haryana. The group is promoted by Mr. Sailash Kamboj. and Mr. Amit Kamboj.
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
1.25
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
15 Jan 2024
Letter of Credit
Short Term
16.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Proposed Secured Overdraft
Long Term
1.25
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Secured Overdraft
Long Term
2.75
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
Punjab National Bank
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
16.00
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.
1.25
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Punjab National Bank
Not avl. / Not appl.
Secured Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.75
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* 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.
