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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 12.50 | ACUITE B | Downgraded | Issuer not co-operating* | - |
Total Outstanding | 12.50 | - | - |
Total Withdrawn | 0.00 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuité has downgraded the long-term rating to ‘ACUITE B’ (read as ACUITE B) from 'ACUITE B+' (read as ACUITE B plus) on the Rs.12.50 crore bank facilities of Saraansh Suitings Private Limited (SSPL) 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 2012, Saraansh Suitings Private Limited is promoted by Mr. Sandeep Chordia, Mr. Sunil Chordia and Mr. Sampat Lal Chordia, among others. The company manufactures cotton and blended suiting fabric using air jet technology and caters to the ready-made garment market in India and overseas. Additionally, SSPL undertakes job work for other manufactures and trades in grey and finished fabric material. The company has its manufacturing unit in Bhilwara (Rajasthan) with 52 looms installed and annual capacity of 7 lakh meters. |
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. |
Limitation regarding information availability |
Rating Sensitivity |
"No information provided by the issuer / available for Acuite to comment upon." |
Liquidity Position |
"No information provided by the issuer / available for Acuite to comment upon." |
Outlook |
Not Applicable |
Other Factors affecting Rating |
None |
Particulars | Unit | FY 24 (Actual) | FY 23 (Actual) |
Operating Income | Rs. Cr. | 14.62 | 30.21 |
PAT | Rs. Cr. | 0.97 | 2.49 |
PAT Margin | (%) | 6.62 | 8.23 |
Total Debt/Tangible Net Worth | Times | 0.05 | 0.08 |
PBDIT/Interest | Times | (7.24) | 20.67 |
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 |
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* The issuer did not co-operate; based on best available information. |
Contacts |
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