­Syndicate Impex (SI) was established in 2006 and has its manufacturing plant set up at Tirupur (Tamil Nadu). The company is engaged in manufacturing and export of knitted garments with a capacity of 5,00,000 pieces per month of all possible styles and blends. SI procures yarn count ranging from 20s to 70s and outsources knitting, dyeing and compacting. The company primarily caters to the international markets. The company is promoted by Mr.A.Kathiresan and Mr. S. Jayakumar who have pursued B.Sc. in Apparel and Fashion Technology and are in the garments business for more than a decade.

­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.

­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.

­"No information provided by the issuer / available for Acuite to comment upon."

­ None

­"No information provided by the issuer / available for Acuite to comment upon."

­Not Applicable

­None

­The rated entity has not shared the latest financial statements despite repeated requests.