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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 25.00 | ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 25.00 | - | - |
| Rating Rationale |
| Acuité has Reaffirmed & Withdrawn the long term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs.25.00 crore bank facilities of Ashoka. The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. This rating continues to be an indicative rating and is based on best available information. The rating is being withdrawn on account of request received from the company and NOC received from the banker |
| About the Company |
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Ashoka is a partnership firm established in April 2014 located at Vallioor, Tirunelveli, Tamil Nadu. The firm is engaged in retailing of readymade garments and it caters to consumers across all segments, from luxury to value for men, women and kids in the formal and casual space from its five storied showroom with an area ~1.05 lakh square feet situated in Vallioor, Tirunelveli, Tamil Nadu. The firm is promoted by Mr. Antony Jeyaraj, Mr. Antony Selva Kumar, Mrs. Irine Veronica Priya Latha, Mrs. Anna Rathi as partners with profit sharing of 25% each. The Firm commenced its operations in May 2017 and FY18 is the first full year of operations of the firm. The firm procures RMG majorly Bangalore, Tiruppur, Maharashtra and other locations with average credit period days of 70 to 90 days. The Company sells the RMG to the Walk-in customers. |
| 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 noncooperation 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 notcooperating”, 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 entity has not shared the latest financial statement for Acuite to comment upon |
| Rating Sensitivity |
| No information provided by the issuer / available for Acuite to comment upon. |
| Material Covenants |
| None |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Status of non-cooperation with previous CRA |
| None |
| Any other information |
| Acuite is yet to receive No default statement (NDS) from the rated entity despite repeated requests and followups |
| 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 |
| 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. |
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