Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 0.50 - ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Bank Loan Ratings 7.75 ACUITE B- | Reaffirmed & Withdrawn | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 0.00 - -
Total Withdrawn Quantum (Rs. Cr) 8.25 - -
 
Rating Rationale
­Acuité has reaffirmed & withdrawn its long term rating of ‘ACUITE B-’ (read as ACUITE B minus) and short term rating of 'ACUITE A4' (read as ACUITE A four) on the Rs.8.25 crore bank facilities of New Man Exports.
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 The rating is being withdrawn on account of request received from the company and NOC received from the banker.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
­Tirupur - Tamil Nadu based, New Man Exports (NME) is a partnership firm established in 2000. The company is engaged in stitching and selling of garments. The firm procures yarn from local suppliers, manufactures garments and sells in the domestic as well as international market. Mr. C. Ramasamy and Mr. R. Arun are partners in this firm.
 
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 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.
 
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 Available.
 
Key Financials
­The issuer has not provided the latest financials 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
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
02 Jun 2022 Bills Discounting Short Term 0.50 ACUITE A4 ( Issuer not co-operating*)
Cash Credit Long Term 6.75 ACUITE B- ( Issuer not co-operating*)
Proposed Term Loan Long Term 1.00 ACUITE B- ( Issuer not co-operating*)
01 Mar 2021 Proposed Term Loan Long Term 1.00 ACUITE B- (Issuer not co-operating*)
Cash Credit Long Term 6.75 ACUITE B- (Issuer not co-operating*)
Bills Discounting Short Term 0.50 ACUITE A4 (Issuer not co-operating*)
05 Dec 2019 Proposed Term Loan Long Term 1.00 ACUITE B- (Upgraded from ACUITE D)
Bills Discounting Short Term 0.50 ACUITE A4 (Upgraded from ACUITE D)
Cash Credit Long Term 6.75 ACUITE B- (Upgraded from ACUITE D)
10 Jun 2019 Proposed Term Loan Long Term 1.00 ACUITE D (Issuer not co-operating*)
Bills Discounting Short Term 0.50 ACUITE D (Issuer not co-operating*)
Cash Credit Long Term 6.75 ACUITE D (Issuer not co-operating*)
04 Apr 2018 Cash Credit Long Term 6.75 ACUITE B | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE B | Stable (Reaffirmed)
Bills Discounting Short Term 0.50 ACUITE A4 (Reaffirmed)
Letter of Credit Short Term 0.75 ACUITE A4 (Withdrawn)
29 Mar 2017 Cash Credit Long Term 4.50 ACUITE B | Stable (Assigned)
Bills Discounting Short Term 2.00 ACUITE A4 (Assigned)
Term Loan Long Term 1.00 ACUITE B | Stable (Assigned)
Letter of Credit Short Term 0.75 ACUITE A4 (Assigned)
30 Jun 2016 Cash Credit Long Term 4.50 ACUITE B | Stable (Suspended)
Proposed Long Term Loan Long Term 1.00 ACUITE B | Stable (Suspended)
Post Shipment Credit Short Term 2.00 ACUITE A4 (Suspended)
Letter of Credit Short Term 0.75 ACUITE A4 (Suspended)
30 Apr 2015 Cash Credit Long Term 4.50 ACUITE B | Stable (Assigned)
Proposed Long Term Loan Long Term 1.00 ACUITE B | Stable (Assigned)
Post Shipment Credit Short Term 2.00 ACUITE A4 (Assigned)
Letter of Credit Short Term 0.75 ACUITE A4 (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
DBS Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 6.75 ACUITE B- | Reaffirmed & Withdrawn | Issuer not co-operating*
DBS Bank Ltd Not Applicable FBN/FBP/FBD/PSFC/FBE Not Applicable Not Applicable Not Applicable 0.50 ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Proposed Bank Facility Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 1.00 ACUITE B- | Reaffirmed & Withdrawn | Issuer not co-operating*

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