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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 4.10 | - | ACUITE A4+ | Reaffirmed | Issuer not co-operating* |
| Bank Loan Ratings | 55.90 | ACUITE BB | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 60.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long-term rating to ‘ACUITE BB‘(read as ACUITE double B) from ‘ACUITE BB+' (read as ACUITE double B plus) and reaffirmed the short term rating of ‘ACUITE A4+' (read as ACUITE A four plus) on the Rs.60.00 crore bank facilities of Aaiswarya Dyeing Mills Private Limited. This rating continues to be an indicative rating and is based on the best available information. Downgraded on account of information risk. |
| 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. |
| Non-cooperation by the issuer/borrower: |
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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 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: |
| 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 requests. |
| Rating Sensitivity |
| No information provided by the issuer/ available for Acuité to comment upon. |
| Material Covenants |
| None |
| Liquidity Position |
| No information provided by the issuer/ available for Acuité to comment upon. |
| Outlook |
| Not Applicable |
| Status of non-cooperation with previous CRA |
| ICRA, vide its press release dated Dec 18, 2018 had denoted the rating of Aaiswarya Dyeing Mills Private Limited as 'ICRA BBB+/Stable/ICRA A2; ISSUER NOT COOPERATING' on account of lack of adequate information required for monitoring of ratings. |
| 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 |
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• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on Complexity Levels of the Rated Instrument |
| https://www.acuite.in/view-rating-criteria-55.htm |
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