Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 102.38 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 10.00 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 112.38 - -
 
Rating Rationale
­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and short term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 112.38 crore bank facilities of J S Designer Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. 

About the Company
­J S Designer Limited was established as a proprietorship firm (known as BNK Exports) in 1997. The firm was later converted into a private limited company in 2004. ­J S Designer Limited undertakes manufacturing and export of readymade garments for women and children. Mr. Vikas Mohan Singhal, Mrs. Anuradha Singhal, Mr. Raj Kumar Garg are directors of the company.
 
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 statements despite repeated requests.
 
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
­Not Applicable
 
Status of non-cooperation with previous CRA
­Not Applicable
 
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
29 Jun 2022 Packing Credit Long Term 85.00 ACUITE D ( Issuer not co-operating*)
Bills Discounting Long Term 15.00 ACUITE D ( Issuer not co-operating*)
Letter of Credit Short Term 10.00 ACUITE D ( Issuer not co-operating*)
Term Loan Long Term 2.38 ACUITE D ( Issuer not co-operating*)
31 Mar 2021 Bills Discounting Long Term 15.00 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 2.38 ACUITE D (Issuer not co-operating*)
Packing Credit Long Term 85.00 ACUITE D (Issuer not co-operating*)
Letter of Credit Short Term 10.00 ACUITE D (Issuer not co-operating*)
06 Jan 2020 Letter of Credit Short Term 10.00 ACUITE D (Issuer not co-operating*)
Bills Discounting Long Term 15.00 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 2.38 ACUITE D (Issuer not co-operating*)
Packing Credit Long Term 85.00 ACUITE D (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Central Bank of India Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 15.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable PC/PCFC Not Applicable Not Applicable Not Applicable 85.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Term Loan Not available Not available Not available 2.38 Simple ACUITE D | Reaffirmed | Issuer not co-operating*

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