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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 6.00 | ACUITE B- | Downgraded | Issuer not co-operating* | - |
Total Outstanding | 6.00 | - | - |
Total Withdrawn | 0.00 | - | - |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 minus) from 'ACUITE B' (read as ACUITE B) on the Rs. 6.00 crore bank facilities of Sona Synthetics 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 |
Established in 1999, the Mumbai based Sona Synthetics has Mr. Hiteshree Shailesh Shah, Dhruv Shailesh Shah and Jiten Nathalal Shah as partners. The partnership firm is engaged in the processing of yarn into synthetic fabric. Out of their entire produce, 75 per cent is sold as processed yarn and 25 per cent is made into cloth/fabric. Out of the fabric that is sold, 50 per cent is plain and 50 per cent is printed. Their suppliers include domestic traders and their customers include wholesalers which sell the fabric for manufacturing shirts. Their monthly capacity is around 100 metric tonnes per month of which they are currently utilising 50 percent. |
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 |
About the Rated Entity - Key Financials |
The rated entity has not shared the latest financial statements despite repeated requests. |
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 |
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 |
About Acuité Ratings & Research |
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