Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 7.50 ACUITE B- | Downgraded | Issuer not co-operating* -
Total Outstanding 7.50 - -
Total Withdrawn 0.00 - -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 minus) from 'ACUITE B' (read as ACUITE B) on the Rs. 7.50 crore bank facilities of Sri Sakthi Veeramathe Weaving (SSVW) 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

­­Sri Sakthi Veeramathe Weaving (SSVM) a partnership based firm established in 2017 located in Tamil Nadu. The firm is managed by Mrs. K Saratha and Mr. D. Krishna Moorthy. The firm primarily engaged in manufacturing of grey fabrics. The firm started its commercial operation from July 2018. The manufacturing facility is located at Dindigul, Tamil Nadu with an installed capacity of 24, 46,617 meters per annum.

 
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
• 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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
23 Jan 2024 Term Loan Long Term 7.04 ACUITE B (Reaffirmed & Issuer not co-operating*)
Secured Overdraft Long Term 0.30 ACUITE B (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 0.16 ACUITE B (Reaffirmed & Issuer not co-operating*)
16 Nov 2022 Term Loan Long Term 7.04 ACUITE B (Reaffirmed & Issuer not co-operating*)
Secured Overdraft Long Term 0.30 ACUITE B (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 0.16 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
Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.16 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Canara Bank Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.30 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Canara Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.04 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.

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