* 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) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 41.51 crore bank facilities of Rajdhani Crafts Industries Private Limited (RCIPL) 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
The Jaipur-based Rajdhani Group (RG) established in 1964, is engaged in the manufacture and export of wooden furniture products and handicraft items. The group comprises Rajdhani Crafts Industries Private Limited (RCIPL) and Rajdhani Crafts (RC). The group sells its products under the brand name "Rajdhani". RG was promoted by the Jaipur-based Mr Agarwal and family and has presence in the wooden furniture industry for over five decades. The day-to- day operations of the group are led by Mr. Samir Agarwal and Mr. Sudhir Agarwal. As informed by the management, Rajdhani Crafts Industries Private Limited has taken over the operations of Rajdhani Crafts from April, 2017.
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
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+)
Secured Overdraft
Long Term
9.40
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
27 Oct 2023
PC/PCFC
Short Term
27.11
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
5.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Secured Overdraft
Long Term
9.40
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
Punjab National Bank
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 )
Punjab National Bank
Not avl. / Not appl.
PC/PCFC
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
27.11
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Punjab National Bank
Not avl. / Not appl.
Secured Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
9.40
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.
