ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
-
RBI
Bank Loan Ratings
0.00
6.56
-
ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
RBI
Total Outstanding
0.00
0.00
-
-
-
Total Withdrawn
0.00
8.45
-
-
-
* 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
Acuite has reaffirmed and withdrawn its long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 1.89 crore bank facilities and the short-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 6.56 crore bank facilities of Buma Hosiery Mill (Erstwhile Puma Hosiery Mill). The rating has been withdrawn on account of the request received from the issuer and the NOC (No Objection Certificate) received from the lender.
The rating has been withdrawn as per Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility.
The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
Tirupur based Buma Hosiery Mill (Erstwhile Puma Hosiery Mill)is a partnership firm, established in 2010 by Mrs. P Sudha, Mrs. R Latha and Mr. S Jothimanikandan. It is engaged in manufacture of readymade hosiery garments (Male, Female and kidswear), which includes T-shirts, Shirts, Sweats, Pants. It is a 3 star export house (recognised by Government of India) and ISO 9001 certified. The promoters have over 3 decades experience in the garment business and have been exporting to most of the European countries over the past two and half decade, through its group company Tirupur Pandit Hosiery Mills Private Limited.
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."
* 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
Indian Bank
Not avl. / Not appl.
Bills Discounting
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.06
Simple
ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
Indian Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.37
Simple
ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
Indian Bank
Not avl. / Not appl.
PC/PCFC
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.50
Simple
ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
Indian Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.40
Simple
ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
Indian Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.12
Simple
ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating*
* 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.
