Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 1.50 ACUITE B- | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 4.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 5.50 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long-term rating of ‘ACUITE B-’ (read as ACUITE B minus) and the short term rating of ‘ACUITE A4 (read as ACUITE A four) on the Rs. 5.50 crore bank facilities of Sri Jalaram Timber Depot (SJTD). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information.
 

About the Company
­SJTD is a Tamil Nadu-based partnership firm established in 1999 by Mr. Narayan Bhanji Patel and Mr. Madhavji Narayan Patel. The firm is engaged in trading of timber. The business was taken over by Mr. Mavji Narayan Patel, Mrs. Lakshmi M. Patel, Mr. Deepak M. Rangani and Mrs. Harsha D. Rangani from 1 April, 2009 after the retirement of Mr. Narayan Bhanji Patel and Mr. Madhavji Narayan Patel.
 
 
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 endeavoured 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 Financial Statements despite repeated attempts.
 
 
Rating Sensitivity
­No information provided by the issuer / available for Acuité to comment upon.
 
 
Material Covenants
­Not Application
 
 
Liquidity Position
­No information provided by the issuer / available for Acuité to comment upon.
 
 
Outlook
­Not Applicable
 
 
Status of non-cooperation with previous CRA
­None
 
 
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
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm

Note on Complexity Levels of the Rated Instrument
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Istruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
22 Dec 2020 Cash Credit Long Term 1.50 ACUITE B- (Issuer not co-operating*)
Bills Discounting Short Term 1.00 ACUITE A4 (Issuer not co-operating*)
Letter of Credit Short Term 3.00 ACUITE A4 (Issuer not co-operating*)
30 Sep 2019 Bills Discounting Short Term 1.00 ACUITE A4 (Issuer not co-operating*)
Letter of Credit Short Term 3.00 ACUITE A4 (Issuer not co-operating*)
Cash Credit Long Term 1.50 ACUITE B- (Issuer not co-operating*)
27 Jul 2018 Cash Credit Long Term 1.50 ACUITE B- | Stable (Downgraded from ACUITE B | Stable)
Bills Discounting Short Term 1.00 ACUITE A4 (Reaffirmed)
Letter of Credit Short Term 3.00 ACUITE A4 (Reaffirmed)
19 May 2017 Cash Credit Long Term 1.50 ACUITE B | Stable (Assigned)
Bills Discounting Short Term 1.00 ACUITE A4 (Assigned)
Letter of Credit Short Term 3.00 ACUITE A4 (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Tamilnad Mercantile Bank Limited Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 1.00 ACUITE A4 | Reaffirmed | Issuer not co-operating*
Tamilnad Mercantile Bank Limited Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 1.50 ACUITE B- | Reaffirmed | Issuer not co-operating*
Tamilnad Mercantile Bank Limited Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 3.00 ACUITE A4 | Reaffirmed | Issuer not co-operating*
­
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