* 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 plus) from 'ACUITE BB-' (read as ACUITE double B minus) and the short term rating to 'ACUITE A4' (read as ACUITE A four) from ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 17.83 Cr. bank facilities of Reflexions Narayani Impex Private Limited 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
Incorporated in 1994 and is based out of Kolkata, Reflexions Narayani Impex Private Limited (RNIPL) is led by managing director Mr. Satyabrata Mukhopadhyay, the entity is engaged in contract manufacturing and export of leather accessories for several global brands to locations such as Russia, UAE, and several countries in Europe. Further RNIPL owns and operates ‘Rene Towers’, which counts several leading Indian corporates as its tenants.
About the Group
Rene Group (RG) consists of Rene Impex Private Limited (RIPL) and Reflexions Narayani Impex Private Limited (RNIPL). The group is promoted by Mr. Satyabrata Mukhopadhyay. RG started its operations in 1994 and is engaged in the manufacture and export of high-end leather accessories. Subsequently, in 2003, the group expanded its line of operation to the manufacturing of apparel. Under its brand 'Rene', the group is in process of establishing a chain of retail stores dealing in apparel and leather goods with 7 stores in Kolkata. Additionally, the group derives income from the leasing of its commercial space ‘Rene Towers’.
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 A4+
(Reaffirmed & Issuer not co-operating*)
FBN/FBP/FBD/PSFC/FBE
Short Term
2.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
12.83
ACUITE BB-
(Downgraded & Issuer not co-operating* from ACUITE BB | Stable)
18 Jun 2024
PC/PCFC
Short Term
3.00
ACUITE A4+
(Reaffirmed)
FBN/FBP/FBD/PSFC/FBE
Short Term
2.00
ACUITE A4+
(Reaffirmed)
Proposed Long Term Bank Facility
Long Term
12.83
ACUITE BB | Stable
(Upgraded from ACUITE BB- | Stable)
21 Mar 2023
PC/PCFC
Short Term
3.00
ACUITE A4+
(Upgraded from ACUITE A4)
FBN/FBP/FBD/PSFC/FBE
Short Term
2.00
ACUITE A4+
(Upgraded from ACUITE A4)
Term Loan
Long Term
11.70
ACUITE BB- | Stable
(Upgraded from ACUITE B+ | Stable)
Term Loan
Long Term
1.13
ACUITE BB- | Stable
(Upgraded from ACUITE B+ | Stable)
* 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
Indian Bank
Not avl. / Not appl.
FBN/FBP/FBD/PSFC/FBE
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Indian Bank
Not avl. / Not appl.
PC/PCFC
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.00
Simple
ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
12.83
Simple
ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
* 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.
*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)
