Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 13.43 ACUITE B | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 0.12 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 13.55 - -
Total Withdrawn 0.00 - -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) from ‘ACUITE B+’ (read as ACUITE B plus) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 13.55 crore bank facilities of ­S T Reddiar & Sons 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

­­­S T Reddiar & Sons is an Ernakulam-based partnership firm established in 1886 by Mrs. R. Saradambal, Mr. R. Ramesh, Mr. R. Suresh and Mr. S. Magesh Karthik. The firm is engaged in the printing of religious books, brochures, calendars among others.

 
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
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
 

Particulars Unit FY 15 (Actual) FY 14 (Actual)
Operating Income Rs. Cr. 14.47 18.66
PAT Rs. Cr. 0.87 0.94
PAT Margin (%) 6.01 5.03
Total Debt/Tangible Net Worth Times 0.57 0.81
PBDIT/Interest Times 4.50 4.12
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
15 Jan 2024 Bills Discounting Short Term 0.05 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 0.07 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 1.40 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Secured Overdraft Long Term 1.75 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 10.28 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
19 Oct 2022 Bills Discounting Short Term 0.05 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 0.07 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 1.40 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Secured Overdraft Long Term 1.75 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 10.28 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
Punjab National Bank Not avl. / Not appl. Bills Discounting Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.05 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.40 Simple ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
State Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.07 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
State Bank of India Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.75 Simple ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Punjab National Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.28 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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