Thursday, March 28, 2024
News

Kamal Haasan firm non-cooperating, Crisil changes ratings

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Chennai | Tuesday, 2021 3:15:05 PM IST
With Kamal Haasan (KH) proprietary company owned by actor-turned-politician Kamal Haasan not cooperating, credit rating agency Crisil changed the firm's rating to CRISIL B+ /Stable/Issuer Not Cooperating.

Recently Crisil in a statement announced the migration of the proprietary business KH to CRISIL B+/Stable (Issuer Not Cooperating).

According to Crisil, it has been consistently following up with Kamal Haasan for obtaining information through letters and emails dated April 14, 2021 and April 19, 2021 among others, apart from telephonic communication. However, the issuer has remained non-cooperative.

"The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company," Crisil said.

"Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component," the rating agency added.

According to Crisil, KH is a proprietorship firm with interests in directing, acting, and producing mainly involved in Tamil film industry.

In January 2020 Crisil had rated KH as CRISIL B+/Stable for a total bank loan facility of Rs 25 crore.

"The rating reflects high degree of geographic concentration in revenue profile and exposure to risks inherent to the film industry. These weaknesses are partially mitigated by established presence and proprietor's extensive industry experience," Crisil then said.

As per the election nomination papers filed by Kamal Haasan while contesting in the Tamil Nadu Assembly polls in April, his total loan outstanding was about Rs 49.50 crore (housing/mortgage/insurance and other loans from Canara Bank about Rs 33.16 crore, loans from individuals/entities about Rs 15.33 crore and other liabilities about Rs 1.01 crore).

Kamal Haasan has floated a political party Makkal Needhi Maiam (MNM). The party contested in the 2019 Lok Sabha polls and 2021 Tamil Nadu Assembly polls and drew blank in both.

--IANS vj/rs

( 344 Words)

2021-05-11-09:30:04 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE ENTERTAINMENT NEWS
Anna Kendrick, Blake Lively reunite for ...
It's official! Aditi Rao Hydari, Siddhar...
AR Rahman reveals plans to set up Broadw...
'No country treats pornstars like we do....
'Ye Congress ke dimag waali Mandi nahi.....
Bhumi Pednekar raises temperature in aqu...
More...
 
INDIA WORLD ASIA
Amendment of CAA aims to legalize RSS's ...
'All parties against me' says Jagan Redd...
DMK criticises Election Commission for b...
Nomination for second phase of Lok Sabha...
Centre extends AFSPA in 8 districts, 21 ...
From 'Microphone' to 'Pressure Cooker', ...
More...    
 
 Top Stories
Luminous starts 250 MW solar panel ... 
Tamil Nadu: Nominations of DMK, AIA... 
Assam CM reviews South Bank Elevate... 
Telangana: MLC bypolls held in Maha... 
'Amar Singh Chamkila' trailer out, ... 
Delhi court extends custodial reman... 
"We cannot form government with BJP... 
Debunking Myths About Motor Insuran...