Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 40.00 - ACUITE D | Downgraded | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 40.00 - -
Rating Rationale
Acuite has downgraded the short term rating to ‘ACUITE D’ (read as ACUITE D) from‘ACUITE A4’ (read as ACUITE A four) on the Rs. 40.00 crore bank facilities of Aarya Exim(AE). The rating continues to be flagged as “Issuer NotCooperating” and is based on best available information.
The downgrade is on the basis of ongoing delays in their repayments and other publicly 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.
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:
­­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 endeavored 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 statement for Acuite to comment.
Rating Sensitivity
­­"No information provided by the issuer / available for Acuite to comment upon."
All Covenants
­­Not Applicable
Liquidity Position
­­"No information provided by the issuer / available for Acuite to comment upon."
Outlook: Not Applicable­
Other Factors affecting Rating
Status of non-cooperation with previous CRA
­­Not Applicable
Any other information
Applicable Criteria
• Manufacturing Entities:
• Default Recognition:
• Application Of Financial Ratios And Adjustments:

Note on Complexity Levels of the Rated Instrument
­­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
11 Apr 2023 Packing Credit Short Term 40.00 ACUITE A4 ( Issuer not co-operating*)
19 Jan 2022 Packing Credit Short Term 40.00 ACUITE A4 ( Issuer not co-operating*)
27 Oct 2020 Packing Credit Short Term 40.00 ACUITE A4 (Issuer not co-operating*)

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
UCO Bank Not Applicable PC/PCFC Not Applicable Not Applicable Not Applicable 40.00 Simple ACUITE D | Downgraded | Issuer not co-operating*


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