* 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) on the Rs. 10.00 Cr. bank facilities of Rene 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 2003 and is based out of Kolkata, Rene Impex Private Limited (RIPL) is led by managing director Mr. Satyabrata Mukhopadhyay, the entity is engaged in contract manufacturing and export of leather accessories for domestic markets.
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 BB-
(Downgraded & Issuer not co-operating* from ACUITE BB | Stable)
Proposed Long Term Bank Facility
Long Term
7.00
ACUITE BB-
(Downgraded & Issuer not co-operating* from ACUITE BB | Stable)
18 Jun 2024
Proposed Long Term Bank Facility
Long Term
7.00
ACUITE BB | Stable
(Upgraded from ACUITE BB- | Stable)
Cash Credit
Long Term
3.00
ACUITE BB | Stable
(Upgraded from ACUITE BB- | Stable)
21 Mar 2023
Cash Credit
Long Term
3.00
ACUITE BB- | Stable
(Upgraded from ACUITE B+ | Stable)
Proposed Long Term Bank Facility
Long Term
6.63
ACUITE BB- | Stable
(Upgraded from ACUITE B+ | Stable)
Term Loan
Long Term
0.37
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.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.00
Simple
ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
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.
7.00
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)
