* 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 reaffirmed the short-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 40.00 Crore bank facilities of Aarya Exim(AE). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information.
About the Company
Gujarat based Aarya Exim(AE) was established in 2013 by Mr. Harenbhai L. Viradiya and Ms. Savitaben L. Viradiya. The partners possess a decade of experience in the gems and jewellery industry. The firm is engaged in the manufacturing and trading of gold, silver and diamond jewellery.
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
About the Rated Entity - Key Financials
The rated entity has not shared the latest financial statements despite repeated requests.
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 D
(Downgraded & Issuer not co-operating* from ACUITE A4)
11 Apr 2023
PC/PCFC
Short Term
40.00
ACUITE A4
(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
UCO BANK
Not avl. / Not appl.
PC/PCFC
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
40.00
Simple
ACUITE D | Reaffirmed | 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.
