* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to ‘ACUITE B+’ (read as ACUITE B plus) from 'ACUITE BB-' (read as ACUITE double B minus) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.60.00 crore bank facilities of Aaiswarya Dyeing Mills Private Limited on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Gujarat based, Aaiswarya Dyeing Mills Private Limited (ADMPL) was incorporated in 1993. The company is promoted by Mr. Rameshchandra Modi (Managing Director). The company is engaged in dyeing and printing of fabrics on job work basis used for making dress materials, sarees and shirts. The company has its manufacturing unit at Surat with an installed capacity of 8, 54,000 meters per day.
Unsupported Rating
Not Applicable
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.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
Limitation regarding information availability
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Bank Guarantee/Letter of Guarantee
Short Term
0.10
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Cash Credit
Long Term
40.00
ACUITE BB-
(Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan
Long Term
15.90
ACUITE BB-
(Downgraded & Issuer not co-operating* from ACUITE BB)
08 Jan 2024
Letter of Credit
Short Term
4.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee
Short Term
0.10
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
40.00
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
15.90
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
H D F C Bank Limited
Not avl. / Not appl.
Bank Guarantee/Letter of Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.10
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
H D F C Bank Limited
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
40.00
Simple
ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
H D F C Bank Limited
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
H D F C Bank Limited
Not avl. / Not appl.
Term Loan
Unlisted
RBI
28 Feb 2017
Not avl. / Not appl.
31 Jan 2022
15.90
Simple
ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
