Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 4.50 ACUITE B- | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 9.50 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 14.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE B-’ (read as ACUITE B minus) and the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 14.00 crore bank facilities of Sree Ashapura Saw Mill (SASM). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

­Sree Ashapura Saw Mill (­SASM) was incorporated in 1992. It is a Tamil Nadu-based firm promoted by Mr. P. Ramesh Kumar. The firm is engaged in the trading of timber.

 
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

­"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
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm

Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
22 May 2024 Letter of Credit Short Term 6.50 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Proposed Letter of Credit Short Term 3.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 4.50 ACUITE B- (Downgraded & Issuer not co-operating* from ACUITE B)
22 Feb 2023 Letter of Credit Short Term 6.50 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Proposed Letter of Credit Short Term 3.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 4.50 ACUITE B (Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
DBS Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.50 Simple ACUITE B- | Reaffirmed | Issuer not co-operating*
DBS Bank Ltd Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.

Disclosure of list of non-cooperative issuers
• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php


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