Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 16.95 ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 1.10 - ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 0.00 - -
Total Withdrawn Quantum (Rs. Cr) 18.05 - -
 
Rating Rationale
­Acuité has reaffirmed & withdrawn the long-term rating of ‘ACUITE BB+’ (read as ACUITE double B plus) and the short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.18.05 Cr bank facilities of Sonodyne International Private Limited (SIPL).
The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
The rating withdrawal is in accordance with the Acuité's policy on withdrawal of rating.
The rating has been withdrawn on account of the request received from the company, and as per the sanction letter from the bank, as the limits of Sonodyne International Private Limited has been merged with Sonodyne Technologies Private Limited.

About the Company
­Incorporated in 1982, Sonodyne International Private Limited (SIPL) is based in Kolkata and is promoted by Mr. Ashok Kumar Mukherjee. SIPL is engaged in the business of manufacturing and export of amplifiers, power amplifiers, audio distribution amplifiers, high power amplifiers, QSC amplifiers and professional amplifiers, among others for high quality audio system.
 
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 noncooperation 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:
­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions the lenders and investors regarding the use of such information, on which the indicative credit rating is based.
 
About the Rated Entity - Key Financials
­­The entity has not shared the latest financial statement for Acuite to comment.
 
Rating Sensitivity
­­"No information provided by the issuer / available for Acuite to comment upon."
 
Material Covenants
­None
 
Liquidity Position
­­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­Not Applicable
 
Status of non-cooperation with previous CRA
None
 
Any other information
­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
 
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
­­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
20 May 2022 Packing Credit Long Term 7.25 ACUITE BB+ ( Issuer not co-operating*)
Bank Guarantee Short Term 0.10 ACUITE A4+ ( Issuer not co-operating*)
Proposed Bank Facility Long Term 9.70 ACUITE BB+ ( Issuer not co-operating*)
Letter of Credit Short Term 1.00 ACUITE A4+ ( Issuer not co-operating*)
16 Feb 2021 Packing Credit Long Term 7.25 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 1.00 ACUITE A4+ (Downgraded and Issuer not co-operating*)
Proposed Bank Facility Long Term 9.70 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 0.10 ACUITE A4+ (Downgraded and Issuer not co-operating*)
09 Dec 2020 Packing Credit Long Term 7.25 ACUITE BBB- (Issuer not co-operating*)
Letter of Credit Short Term 1.00 ACUITE A3 (Issuer not co-operating*)
Proposed Bank Facility Long Term 9.70 ACUITE BBB- (Issuer not co-operating*)
Bank Guarantee Short Term 0.10 ACUITE A3 (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
State Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 0.10 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
State Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
State Bank of India Not Applicable PC/PCFC Not Applicable Not Applicable Not Applicable 7.25 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 9.70 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*
­

Contacts
Analytical Rating Desk
About Acuité Ratings & Research
Acuité Ratings & Research Limitedwww.acuite.in