Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 15.80 ACUITE C | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 0.20 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 16.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has downgraded the long-term rating to  ‘ACUITE C’ (read as ACUITE C) from ‘ACUITE B’ (read as ACUITE B) and reaffirmed the shortterm rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 16.00 crore bank facilities of Sumer Sons Auto Tech Private Limited (SSAPL). 

The rating is downgraded is on account of information risk required for review of ratings. The rating continues to be an indicative rating and is based on the best available information. The downgrade is on the basis of publicly available information that has reported about the ongoing delays in their repayments

About the Company
­Sumer Sons Auto Tech Private Limited (SSAPL) was established in 2012 by Mr. Sanjeev Jain. The company is an authorised dealer for Ashok Leyland's entire range of commercial vehicles including LCV, HCV, ICV and MCVs. SSAPL, in 2013, started the LC division and currently operates from its 10,000 square yard showroom (sales, service, and spares) at Agra. 
 
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 notcooperating”, 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 lenders and investors regarding the use of such information, on which the indicative credit rating is based.
 
About the Rated Entity - Key Financials
­The rated entity has not shared the latest fianancial statement despite repeated requests.
 
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
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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
28 Jun 2022 Inventory Funding Long Term 8.00 ACUITE B ( Issuer not co-operating*)
Proposed Working Capital Demand Loan Long Term 1.80 ACUITE B ( Issuer not co-operating*)
Bank Guarantee Short Term 0.20 ACUITE A4 ( Issuer not co-operating*)
Cash Credit Long Term 6.00 ACUITE B ( Issuer not co-operating*)
30 Mar 2021 Bank Guarantee Short Term 0.20 ACUITE A4 (Issuer not co-operating*)
Proposed Working Capital Demand Loan Long Term 1.80 ACUITE B (Issuer not co-operating*)
Cash Credit Long Term 6.00 ACUITE B (Issuer not co-operating*)
Inventory Funding Long Term 8.00 ACUITE B (Issuer not co-operating*)
06 Jan 2020 Bank Guarantee Short Term 0.20 ACUITE A4 (Issuer not co-operating*)
Inventory Funding Long Term 8.00 ACUITE B (Issuer not co-operating*)
Cash Credit Long Term 6.00 ACUITE B (Issuer not co-operating*)
Proposed Working Capital Demand Loan Long Term 1.80 ACUITE B (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Punjab National Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 0.20 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 6.00 Simple ACUITE C | Downgraded | Issuer not co-operating*
TATA Capital Financial Service Ltd. Not Applicable Inventory Funding Not Applicable Not Applicable Not Applicable 8.00 Simple ACUITE C | Downgraded | Issuer not co-operating*
Not Applicable Not Applicable Proposed Working Capital Demand Loan Not Applicable Not Applicable Not Applicable 1.80 Simple ACUITE C | Downgraded | Issuer not co-operating*

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