Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 23.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 28.00 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 51.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and short term rating of ‘ACUITE D’( read as ACUITE D) on the Rs. 51.00 crore bank facilities of Supreme Overseas Exports India Private Limited (SOPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­SOPL, is a Bangalore (Karnataka)- based company incorporated in 1998 by Mr. S. R. Ramchandar and Mr. Sri Harsha. The company is engaged in manufacturing and exporting of finished leather and leather garments. The company exports its products to countries such as Italy, Germany, France, Denmark and Switzerland, among others.

 
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 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 financial statements 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
 
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
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
28 Jul 2021 Cash Credit Long Term 20.00 ACUITE D ( Issuer not co-operating*)
Bills Discounting Short Term 5.00 ACUITE D ( Issuer not co-operating*)
Term Loan Long Term 3.00 ACUITE D ( Issuer not co-operating*)
Letter of Credit Short Term 20.00 ACUITE D ( Issuer not co-operating*)
Standby Line of Credit Short Term 3.00 ACUITE D ( Issuer not co-operating*)
28 Apr 2020 Cash Credit Long Term 20.00 ACUITE D (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 20.00 ACUITE D (Downgraded and Issuer not co-operating*)
Bills Discounting Short Term 5.00 ACUITE D (Downgraded and Issuer not co-operating*)
Standby Line of Credit Short Term 3.00 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 3.00 ACUITE D (Downgraded and Issuer not co-operating*)
07 Mar 2019 Bills Discounting Short Term 5.00 ACUITE A4 (Assigned)
Term Loan Long Term 3.00 ACUITE BB- | Stable (Assigned)
Cash Credit Long Term 20.00 ACUITE BB- | Stable (Assigned)
Standby Line of Credit Short Term 3.00 ACUITE A4 (Assigned)
Letter of Credit Short Term 20.00 ACUITE A4 (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
State Bank of India Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 5.00 ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 20.00 ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 20.00 ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Stand By Line of Credit Not Applicable Not Applicable Not Applicable 3.00 ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Term Loan Not available Not available Not available 3.00 ACUITE D | Reaffirmed | Issuer not co-operating*

Contacts
Analytical Rating Desk
About Acuité Ratings & Research

Acuité Ratings & Research Limitedwww.acuite.in