Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 256.30 ACUITE C | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 80.24 ACUITE D | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 247.09 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 14.71 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 598.34 - -
 
Rating Rationale
­Acuité has downgraded its long term rating to ‘ACUITE D' (read as ACUITE D) from ‘ACUITE C' (read as ACUITE C) on the Rs 80.24 crore bank facilities. The long term rating is reaffirmed to ACUITE C (read as ACUITE C) on bank facilities Rs 256.30 crore & long term reafirmed to ACUITE D (read as ACUITE D) on bank facilities Rs 247.09. The short term rating is reaffirmed to ACUITE D (read as ACUITE D) on bank facilities of Rs 14.17 crore of Pooja Diam LLP. The rating continues to be flagged as “Issue Not Cooperating”. The downgrade is on account of default as recognized from CIBIL suit filed account for the bank loan facilities availed from Bank of Baroda.

About the Company
­Established in 1992, Mumbai based Pooja Diam LLP (Erstwhile Pooja Exports) is engaged in trading of cut & polished diamonds. The firm was formed by Kothari family who were earlier associated with M/s. B Vijay Kumar & Co. The operations of the firm are managed by a team of skilled personnel headed by Mr. Sunil S. Kothari and his brother Mr. Sanju Kothari. M/s Pooja Exports has been converted into Pooja Diam LLP on September 27, 2019.
 
About the Group
­Sidds Jewels India LLP (SJIL)
Incorporated in 2003, Sidds Jewels India LLP (SJIL) is promoted by Mr. Sunil S. Kothari belonging to the Kothari family. Located at Mumbai. The company is into manufacturing and export of diamond studded jewellery. The manufacturing facility is located in SEEPZ, Mumbai which employs around 200 employees

Sidds Jewels Private Limited (SJPL)
Incorporated in 2003, Sidds Jewels Private Limited (SJPL) is promoted by Mr. Sunil S. Kothari belonging to the Kothari family Located at Mumbai. The company is into manufacturing and export of diamond studded jewellery. The manufacturing facility is located in SEEPZ, Mumbai which employs around 200 employees.
 
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 an unwillingness to provide information could be a sign of potential deterioration in its overall credit quality
 
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
 
Other Factors affecting Rating
­Not Applicable
 

Particulars Unit FY 20 (Actual) FY 19 (Actual)
Operating Income Rs. Cr. 2638.73 2627.46
PAT Rs. Cr. 44.40 37.84
PAT Margin (%) 1.68 1.44
Total Debt/Tangible Net Worth Times 2.17 2.24
PBDIT/Interest Times 2.05 1.89
Status of non-cooperation with previous CRA
­None
 
Any other information
­Not Applicable
 
Applicable Criteria
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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
17 Aug 2022 Bank Guarantee Short Term 4.68 ACUITE D ( Issuer not co-operating*)
Post Shipment Credit Long Term 148.67 ACUITE D ( Issuer not co-operating*)
Post Shipment Credit Long Term 40.77 ACUITE C ( Issuer not co-operating*)
Post Shipment Credit Long Term 98.42 ACUITE D ( Issuer not co-operating*)
Post Shipment Credit Long Term 50.24 ACUITE C ( Issuer not co-operating*)
Post Shipment Credit Long Term 38.38 ACUITE C ( Issuer not co-operating*)
Post Shipment Credit Long Term 30.00 ACUITE C ( Issuer not co-operating*)
Post Shipment Credit Long Term 26.85 ACUITE C ( Issuer not co-operating*)
Post Shipment Credit Long Term 122.00 ACUITE C ( Issuer not co-operating*)
Proposed Bank Facility Long Term 0.90 ACUITE C ( Issuer not co-operating*)
Post Shipment Credit Long Term 27.40 ACUITE C ( Issuer not co-operating*)
Bank Guarantee Short Term 10.03 ACUITE D ( Issuer not co-operating*)
25 May 2021 Bank Guarantee Short Term 10.03 ACUITE D (Downgraded from ACUITE A3)
Post Shipment Credit Long Term 30.00 ACUITE C (Downgraded from ACUITE BBB- | Negative)
Bank Guarantee Short Term 4.68 ACUITE D (Downgraded from ACUITE A3)
Post Shipment Credit Long Term 98.42 ACUITE D (Downgraded from ACUITE BBB- | Negative)
Post Shipment Credit Long Term 148.67 ACUITE D (Downgraded from ACUITE BBB- | Negative)
Post Shipment Credit Long Term 50.24 ACUITE C (Downgraded from ACUITE BBB- | Negative)
Post Shipment Credit Long Term 40.77 ACUITE C (Downgraded from ACUITE BBB- | Negative)
Post Shipment Credit Long Term 26.85 ACUITE C (Downgraded from ACUITE BBB- | Negative)
Proposed Bank Facility Long Term 0.90 ACUITE C (Downgraded from ACUITE BBB- | Negative)
Post Shipment Credit Long Term 38.38 ACUITE C (Downgraded from ACUITE BBB- | Negative)
Post Shipment Credit Long Term 27.40 ACUITE C (Downgraded from ACUITE BBB- | Negative)
Post Shipment Credit Long Term 122.00 ACUITE C (Downgraded from ACUITE BBB- | Negative)
08 Mar 2021 Post Shipment Credit Long Term 98.42 ACUITE BBB- | Negative (Downgraded from ACUITE BBB+ | Negative)
Post Shipment Credit Long Term 26.85 ACUITE BBB- | Negative (Downgraded from ACUITE BBB+ | Negative)
Bank Guarantee Short Term 4.68 ACUITE A3 (Downgraded from ACUITE A2+)
Post Shipment Credit Long Term 148.67 ACUITE BBB- | Negative (Downgraded from ACUITE BBB+ | Negative)
Post Shipment Credit Long Term 50.24 ACUITE BBB- | Negative (Downgraded from ACUITE BBB+ | Negative)
Post Shipment Credit Long Term 40.77 ACUITE BBB- | Negative (Downgraded from ACUITE BBB+ | Negative)
Post Shipment Credit Long Term 30.00 ACUITE BBB- | Negative (Downgraded from ACUITE BBB+ | Negative)
Bank Guarantee Short Term 10.03 ACUITE A3 (Downgraded from ACUITE A2+)
Proposed Bank Facility Long Term 0.90 ACUITE BBB- | Negative (Downgraded from ACUITE BBB+ | Negative)
Post Shipment Credit Long Term 122.00 ACUITE BBB- | Negative (Downgraded from ACUITE BBB+ | Negative)
Post Shipment Credit Long Term 27.40 ACUITE BBB- | Negative (Downgraded from ACUITE BBB+ | Negative)
Post Shipment Credit Long Term 38.38 ACUITE BBB- | Negative (Downgraded from ACUITE BBB+ | Negative)
21 Oct 2020 Bank Guarantee Short Term 5.00 ACUITE A2+ (Reaffirmed)
Post Shipment Credit Long Term 559.20 ACUITE BBB+ | Negative (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Canara Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 10.03 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 4.68 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 26.85 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 122.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 50.24 Simple ACUITE D | Downgraded | Issuer not co-operating*
Bank of Baroda Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 30.00 Simple ACUITE D | Downgraded | Issuer not co-operating*
Union Bank of India Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 98.42 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Canara Bank Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 148.67 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of Maharashtra Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 40.77 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Axis Bank Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 38.38 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Central Bank of India Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 27.40 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 0.90 Simple ACUITE C | Reaffirmed | Issuer not co-operating*

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