Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 13.50 ACUITE D | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 3.00 - ACUITE D | Downgraded | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 16.50 - -
 
Rating Rationale
­Acuité has downgraded the long-term rating to ‘ACUITE D' (read as ACUITE D) from  ‘ACUITE B’ (read as ACUITE B) and also downgraded the short term rating to ‘ACUITE D' (read as ACUITE D) from  'ACUITE A4' (read as ACUITE A four) on the Rs.16.50 crore bank facilities of Raj Shree Impex Private Limited (RIPL).
The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information. The downgrade is on the basis on the report about the ongoing delays in their repayments and publicly available information.

About the Company
­­Incorporated in 2010, RIPL is engaged in the manufacturing of readymade garments, exclusively ladies kurta. The promoter Mr. Laxman Daga has four years of experience in the garment industry. The manufacturing facility is located at Jaipur.
 
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."
 
All Covenants
­None
 
Liquidity Position
­­No information provided by the issuer / available for Acuite to comment upon
 
Outlook: Not Applicable­
­
 
Other Factors affecting Rating
­None
 
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
None
 
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
11 Jan 2023 Bank Guarantee Short Term 1.00 ACUITE A4 ( Issuer not co-operating*)
Term Loan Long Term 4.27 ACUITE B ( Issuer not co-operating*)
Proposed Long Term Loan Long Term 1.73 ACUITE B ( Issuer not co-operating*)
Letter of Credit Short Term 2.00 ACUITE A4 ( Issuer not co-operating*)
Cash Credit Long Term 7.50 ACUITE B ( Issuer not co-operating*)
20 Oct 2021 Bank Guarantee Short Term 1.00 ACUITE A4 ( Issuer not co-operating*)
Proposed Long Term Loan Long Term 1.73 ACUITE B ( Issuer not co-operating*)
Term Loan Long Term 4.27 ACUITE B ( Issuer not co-operating*)
Letter of Credit Short Term 2.00 ACUITE A4 ( Issuer not co-operating*)
Cash Credit Long Term 7.50 ACUITE B ( Issuer not co-operating*)
17 Jul 2020 Term Loan Long Term 4.27 ACUITE B (Downgraded and Issuer not co-operating*)
Proposed Long Term Loan Long Term 1.73 ACUITE B (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 2.00 ACUITE A4 (Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4 (Issuer not co-operating*)
Cash Credit Long Term 7.50 ACUITE B (Downgraded and Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
State Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE D | Downgraded | Issuer not co-operating*
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 7.50 Simple ACUITE D | Downgraded | Issuer not co-operating*
State Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 2.00 Simple ACUITE D | Downgraded | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Loan Not Applicable Not Applicable Not Applicable 1.73 Simple ACUITE D | Downgraded | Issuer not co-operating*
State Bank of India Not Applicable Term Loan Not available Not available Not available 4.27 Simple ACUITE D | Downgraded | Issuer not co-operating*

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