Debt ratings: Some companies just do not want to be rated – 31 Aug 2021

Asia Bulk Sacks Private Limited (ABSPL) is engaged into manufacturing polypropylene and high density polyethylene woven bags and fabrics which find application in industrial packaging materials for fertilisers, tarpaulins, cement, sugar, plastic polymers, food grains, chemicals, salt etc. The company operates with total installed capacity to produce 5400 metric tonnes of woven sacks per annum. But for reasons best known to the company, it is refusing to cooperate with a rating agency in assessing the quality of its debt. The point to note however is that the bank has also given an NOC for the ratings to be withdrawn.

Among other companies in the non-cooperation list are

Padma Polymers Ltd

CIL Nova Petrochemicals Ltd

Siddharth Carbochem Products Ltd

Hemani Industries Ltd

Haritha Fertilisers Ltd