* 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 reaffirmed the short term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 20.00 crore bank facilities of Shreeram And Sons. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
Established in 2013, Shreeram And Sons is a Bangalore based partnership firm, engaged in manufacturing & exporting readymade garments. The firm is established by Mr. Bhagwat Sharad Kumar and Mr. V. Ramesh. Shreeram & sons is primarily catering to the markets of USA, Italy and South Korea for its overseas clients and domestic clients in the form of Mirza International Limited (Redtape brand). The firm is also exporting to reputed global brands like Micheal Kors USA, Shinsegae International Inc (South Korea). The factory is Worldwide Responsible Accredited Production (WRAP) certified.
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
About the Rated Entity - Key Financials
The rated entity has not shared the latest financial statements despite repeated requests.
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 D
(Downgraded & Issuer not co-operating* from ACUITE A4)
Letter of Credit
Short Term
1.00
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE A4)
Proposed Letter of Credit
Short Term
2.00
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE A4)
Proposed Packing Credit
Short Term
2.00
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE A4)
20 Oct 2023
PC/PCFC
Short Term
15.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Letter of Credit
Short Term
1.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Proposed Letter of Credit
Short Term
2.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Proposed Packing Credit
Short Term
2.00
ACUITE A4
(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
Union Bank of India
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.00
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India
Not avl. / Not appl.
PC/PCFC
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
15.00
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Packing Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
* 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.
