Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 9.00 ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 0.00 - -
Total Withdrawn Quantum (Rs. Cr) 9.00 - -
Rating Rationale
­Acuité has reaffirmed & withdrawn the long term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs.9.00 crore bank facilities of Shekhawati Art Exports. The rating is being withdrawn on account of request received from the company and NOC received from the banker. The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. The rating continues to be an indicative rating and is based on best available information.

About the Company
­Jodhpur-based, Shekhawati Art Exports was established in 2003 by Mr.Vinod Kumar and later Mr. Lalit Kumar Johari joined the firm in 2006. The firm is engaged in the business of manufacturing wooden furniture with installed capacity of 8000 pieces per annum. Further SAE is into 100 percent exports to countries like US, Italy, Spain to name a few. In addition to the furniture manufacturing business Shekhawati Art Exports is in the trading business of Guar and Churi seeds and it has also set up a wind mill in Gujarat in the year 2015 with the installed capacity of 2.1 M.W.
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. This rating is therefore being flagged as “Issuer not cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
Limitation regarding information availability:
­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
About the Rated Entity - Key Financials
The rated entity has not shared the latest financials for Acuite to comment
Rating Sensitivity
­No information provided by the issuer / available for Acuite to comment upon
Material Covenants
Liquidity Position
­No information provided by the issuer / available for Acuite to comment upon
­Not Available
Other Factors affecting Rating
Status of non-cooperation with previous CRA
Any other information
Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups
Applicable Criteria
• Manufacturing Entities:
• Default Recognition:
• Application Of Financial Ratios And Adjustments:

Note on Complexity Levels of the Rated Instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
05 Oct 2021 Term Loan Long Term 9.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
08 Jul 2020 Term Loan Long Term 9.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
24 Apr 2019 Term Loan Long Term 9.00 ACUITE BB | Stable (Assigned)

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Small Industries Development Bank of India Not Applicable Term Loan Not available Not available Not available 9.00 ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*

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