* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to ‘ACUITE B-’ (read as ACUITE B minus) from 'ACUITE B' (read as ACUITE B) on the Rs. 5.00 crore bank facilities of Lakshmi Silvers (LS) on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Lakshmi Silvers (LS), a Pondicherry based partnership firm is part of the PSLJ group. The firm, established in 2013 by Mr. K. Nagarajan, Mr. N. Naveen Baalaji and Ms. N. Sukanya is engaged in the retail trade of silver jewellery through its showroom at Kasakadai Street, Pondicherry.
About the Group
PSLJ group constitutes three partnership firms - Pondicherry Sri Lakshmi Jewellers (PSLJ), LS and Lakshmi Sovrn alongwith Pondicherry Sri Lakshmi Jewellers Private Limited (PSLJPL). LS and Lakshmi Sovrn were established in 2013. Subsequently, PSLJPL was incorporated in 2014 with commercial operations commencing in August, 2017. PSLJ took over the operations of Lakshmi Sovrn in FY2017-18. The group is engaged in the retailing of jewellery - gold, silver, diamond and platinum with operations spread across Pondicherry, Karaikal, Neyveli and Chidambaram.
Unsupported Rating
Not Applicable
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
About the Rated Entity - Key Financials
The rated entity has not shared the latest financial statements despite repeated requests.
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
29 Jan 2024
Cash Credit
Long Term
5.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
THE KARUR VYSYA BANK LIMITED
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
