Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 7.55 ACUITE D | Reaffirmed | Issuer not co-operating* -
Total Outstanding 7.55 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 7.55 crore bank facilities of Suresh Traders. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

­Suresh Traders (ST), a Bangalore based proprietorship firm established in the year 2003 by Mr. Suresh. The firm is engaged in the manufacturing of curtains and trading in furnishing fabrics. The firm sells its products through whole dealers in South India, and it also operates three retail outlets in Bangalore. The firms manufacturing facility is in Bangalore with a stitching capacity of 1000 pieces per day.

 
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 noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating continues to be 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 entity has not shared the latest financial statement 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

­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
02 Mar 2023 Cash Credit Long Term 5.15 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan Long Term 2.40 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
24 Dec 2021 Cash Credit Long Term 5.15 ACUITE B (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 2.40 ACUITE B (Reaffirmed & Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Bank of Baroda Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.15 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.40 Simple ACUITE D | Reaffirmed | Issuer not co-operating*

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