RATING RATIONALE
18Mar2022

Supreme (India) Impex Ltd.

Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 264.25 Crs. of Supreme (India) Impex Ltd. based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(04 Mar 2021)
Present
Fund Based 250.85 250.85 Long Term BWR D Issuer Not Cooperating
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Reaffirmation/ISSUER NOT COOPERATING*
Non Fund Based 13.40 13.40 Short Term BWR D Issuer Not Cooperating
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Reaffirmation/ISSUER NOT COOPERATING*
Grand Total 264.25 264.25 (Rupees Two Hundred Sixty Four Crores and Twenty Five lakhs Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

BWR reaffirms the rating of BWR D for the bank loan facilities of Supreme (India) Impex Ltd. and continues with Issuer Non Cooperation based on best available information.

Nature of Non-Cooperation:

The rating of the company was due for review on March 4, 2022. Emails were sent to the company as well as bankers on February 24, 2022, March 8, 2022 and March 10, 2022 to get the required information to review the ratings. However, there was no revert from the company as well as the bankers. Despite the best efforts of BWR to get at least the minimum requiredinformation for a review, the company has not provided the same. In the absence ofadequate information from the issuer, BWR is unable to assess the issuer’s financial performance and its ability to service its debt and maintain avalid rating.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned ratings may also be accompanied by financial stress. Users of the credit ratings should therefore take into account the possible deterioration in the credit quality of the rated entity arising from its non-transparency and withholding of information required for a review of the ratings.

ABOUT THE ENTITY

Supreme, incorporated in 1995, is promoted by Mr. Jugal Kishore Jhawar and his brothers in Surat (Gujarat). The company undertakes value-added work such as embroidery, sequencing, zari and handwork on synthetic fabrics. Mr. Jhawar has been in the textile industry since 1980.

The company is managed by Mr. Abhishek Jhawar, Nikita Jhawar and Sonia Jhawar which have adequate experience in textile industry. 

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators.

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2022) 2022 (History) 2021 2020 2019
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Fund Based LT 250.85
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
04Mar2021
BWR D Issuer Not Cooperating
(Reaffirmation/ISSUER NOT COOPERATING*)
02Mar2020
BWR D
(Downgrade)
18Dec2019
BWR B+ Issuer Not Cooperating
(Downgrade/ISSUER NOT COOPERATING*)
Non Fund Based ST 13.40
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
04Mar2021
BWR D Issuer Not Cooperating
(Reaffirmation/ISSUER NOT COOPERATING*)
02Mar2020
BWR D
(Downgrade)
18Dec2019
BWR A4 Issuer Not Cooperating
(Downgrade/ISSUER NOT COOPERATING*)
Grand Total 264.25 (Rupees Two Hundred Sixty Four Crores and Twenty Five lakhs Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

Hyperlink/Reference to applicable Criteria
Analytical Contacts

Forum Rushit Parekh

Manager - Ratings Board : +91 22 2831 1426, +91 22 2831 1439 forum.rp@brickworkratings.com

Bal Krishna Piparaiya

Senior Director - Ratings Board : +91 22 2831 1426, +91 22 2831 1439 piparaiya.bk@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Supreme (India) Impex Ltd.
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.)
1 Bank of India Gold CardSanctioned 3.00 _ 3.00
2 Bank of India EPC/ PCFC/ FBP/ PSFCSanctioned 22.00 _ 22.00
3 Canara Bank EPC/ PCFC/ FBP/ PSFCSanctioned 122.00 _ 122.00
4 Canara Bank Term LoanSanctioned 0.25 _ 0.25
5 Canara Bank Foreign Letter of Credit (FLC)Sanctioned _ 10.00 10.00
6 Canara Bank Gold CardSanctioned 24.40 _ 24.40
7 Bank of Baroda Gold CardSanctioned 9.60 _ 9.60
8 Bank of Baroda EPC/ PCFC/ FBP/ PSFCSanctioned 48.00 _ 48.00
9 Bank of Baroda Gold CardSanctioned 3.60 _ 3.60
10 Bank of Baroda Foreign Letter of Credit (FLC)Sanctioned _ 3.40 3.40
11 Bank of Baroda EPC/ PCFC/ FBP/ PSFCSanctioned 18.00 _ 18.00
Total 250.85 13.40 264.25
TOTAL (Rupees Two Hundred Sixty Four Crores and Twenty Five lakhs Only)
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About Brickwork Ratings

Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,400 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations.

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