­AMR Sumangalee Jewellerrs (ASJ) was established in 2013 by Mr. P. Arumugam, Mr. P. Manivel, Mr. P. Ravikumar, Mr. A. Manojkumar and Mr. M. Ilanjeyan. ASJ is a retailer of Gold and silver Jewellery based in Salem, Tamil Nadu. The Partners have been in the business for more than 2 decades.

­The Sumangalee group was established in 1996 as a partnership firm. The group is based in Tamil Nadu. The firm is engaged in retailing of gold, silver and diamond jewellery. The group comprises Sumangalee Jewellers (established in 1996), established within the city premises of Salem and AMR Sumangalee Jewellerrs (established in July 2013 and operational since September 2013) and established on the outskirts of the city limits. The day-to-day operations of the group are managed by Mr. P. Arumugam, Mr. P. Manivel, Mr. P. Ravikumar and others.

­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.

­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.

­The rated entity has not shared the latest financial statements despite repeated requests.

­­"No information provided by the issuer / available for Acuite to comment upon."

­­"No information provided by the issuer / available for Acuite to comment upon."

­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 www.acuite.in.