Rationale

ICRA has kept the Long-Term ratings of Ayyan Fireworks Factory Private Limited in the ‘Issuer Not Cooperating’ category. The ratings are denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING”. The rating continues to remain under “Issuer Not Cooperating” is because of lack of adequate information regarding Ayyan Fireworks Factory Private Limited’s performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its “Policy in respect of non-cooperation by a rated entity” available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Ayyan Fireworks Factory Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity’s management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the “Issuer Not Cooperating” category. The rating is based on the best available information.