Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 8.70 ACUITE C | Reaffirmed & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 1.00 - ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 0.00 - -
Total Withdrawn Quantum (Rs. Cr) 9.70 - -
 
Rating Rationale
­Acuité has reaffirmed & withdrawn the long term rating of ‘ACUITE C’ (read as ACUITE C) and short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.9.70 crore bank facilities of Facctum Wears. 
The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. This rating is now 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 The rating is being withdrawn on account of request received from the company and NOC received from the banker.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
­Facctum Wears was established as a partnership firm in 1996. Mr. T Lakshmanan Mr. K A Rengadurai are partners in the firm. The firm is engaged in the business of manufacturing of knitted garments. The firm caters to reputed customers like Reliance Trends. It also manufactures its garments under their own brand name ‘FW’. The firm also exports garments to countries like France and Sweden. The firm holds 7 well-equipped manufacturing production units at Tirupur.
 
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.
 
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
 
Key Financials
­The issuer has not provided the latest financial statement for Acuite to comment upon
 
Status of non-cooperation with previous CRA
­None
 
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
• 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
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
30 May 2022 Packing Credit Short Term 0.75 ACUITE A4 (Reaffirmed)
Cash Credit Long Term 8.70 ACUITE C (Downgraded from ACUITE B | Stable)
Post Shipment Credit Short Term 0.25 ACUITE A4 (Reaffirmed)
08 Mar 2021 Post Shipment Credit Short Term 0.25 ACUITE A4 (Upgraded from ACUITE D)
Packing Credit Short Term 0.75 ACUITE A4 (Upgraded from ACUITE D)
Cash Credit Long Term 8.70 ACUITE B | Stable (Upgraded from ACUITE D)
04 Jan 2021 Packing Credit Short Term 0.75 ACUITE D (Issuer not co-operating*)
Post Shipment Credit Short Term 0.25 ACUITE D (Issuer not co-operating*)
Cash Credit Long Term 8.70 ACUITE D (Issuer not co-operating*)
18 Oct 2019 Packing Credit Short Term 0.75 ACUITE D (Downgraded from ACUITE A4+)
Cash Credit Long Term 8.70 ACUITE D (Downgraded from ACUITE BB- | Stable)
Post Shipment Credit Short Term 0.25 ACUITE D (Downgraded from ACUITE A4+)
14 Feb 2019 Cash Credit Long Term 8.70 ACUITE BB- | Stable (Downgraded from ACUITE BB )
Packing Credit Short Term 0.75 ACUITE A4+ (Reaffirmed)
Post Shipment Credit Short Term 0.25 ACUITE A4+ (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Bank of Maharashtra Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 8.70 Simple ACUITE C | Reaffirmed & Withdrawn | Issuer not co-operating*
Bank of Maharashtra Not Applicable PC/PCFC Not Applicable Not Applicable Not Applicable 0.75 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Bank of Maharashtra Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 0.25 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*

Contacts
Analytical Rating Desk
About Acuité Ratings & Research
Acuité Ratings & Research Limitedwww.acuite.in