Press Release

Press Release

January 15, 2024

S T REDDIAR & SONS
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	13.43	ACUITE B+ \| Reaffirmed \| Issuer not co-operating*	-
Bank Loan Ratings	0.12	-	ACUITE A4 \| Reaffirmed \| Issuer not co-operating*
Total Outstanding	13.55	-	-

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) and short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 13.55 crore bank facilities of S.T. Reddiar & Sons. The rating continues to be flagged as “Issuer NotCooperating” and is based on best available information

About the Company

S T Raddiar & 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

None

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:

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.

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

Key Financials

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

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.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
19 Oct 2022	Cash Credit	Long Term	1.40	ACUITE B+ ( Issuer not co-operating*)
	Bills Discounting	Short Term	0.05	ACUITE A4 ( Issuer not co-operating*)
	Term Loan	Long Term	10.28	ACUITE B+ ( Issuer not co-operating*)
	Letter of Credit	Short Term	0.07	ACUITE A4 ( Issuer not co-operating*)
	Secured Overdraft	Long Term	1.75	ACUITE B+ ( Issuer not co-operating*)
22 Jul 2021	Cash Credit	Long Term	1.40	ACUITE B+ (Downgraded and Issuer not co-operating*)
	Letter of Credit	Short Term	0.07	ACUITE A4 ( Issuer not co-operating*)
	Term Loan	Long Term	10.28	ACUITE B+ (Downgraded and Issuer not co-operating*)
	Bills Discounting	Short Term	0.05	ACUITE A4 ( Issuer not co-operating*)
	Secured Overdraft	Long Term	1.75	ACUITE B+ (Downgraded and Issuer not co-operating*)
24 Apr 2020	Secured Overdraft	Long Term	1.75	ACUITE BB- (Issuer not co-operating*)
	Bills Discounting	Short Term	0.05	ACUITE A4 (Issuer not co-operating*)
	Term Loan	Long Term	10.28	ACUITE BB- (Issuer not co-operating*)
	Letter of Credit	Short Term	0.07	ACUITE A4 (Issuer not co-operating*)
	Cash Credit	Long Term	1.40	ACUITE BB- (Issuer not co-operating*)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Punjab National Bank	Not Applicable	Bills Discounting	Not Applicable	Not Applicable	Not Applicable	0.05	Simple	ACUITE A4 \| Reaffirmed \| Issuer not co-operating*
Punjab National Bank	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	1.40	Simple	ACUITE B+ \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Letter of Credit	Not Applicable	Not Applicable	Not Applicable	0.07	Simple	ACUITE A4 \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Secured Overdraft	Not Applicable	Not Applicable	Not Applicable	1.75	Simple	ACUITE B+ \| Reaffirmed \| Issuer not co-operating*
Punjab National Bank	Not Applicable	Term Loan	Not available	Not available	Not available	10.28	Simple	ACUITE B+ \| Reaffirmed \| Issuer not co-operating*

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Abhishek Singh Analyst - Rating Operations Tel: 022-49294065 abhishek.s@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.