RATING RATIONALE
28Nov2024

MV Waghadkar and Sons Jewellers Pvt Ltd

Brickwork Ratings reaffirms the long term rating for the Bank Loan Facilities of Rs. 9.16 Crs. of MV Waghadkar and Sons Jewellers Pvt Ltd based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(17 Nov 2023)
Present
Fund Based 9.16 9.16 Long Term BWR C
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
BWR C
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Grand Total 9.16 9.16 (Rupees Nine Crores and Sixteen 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

Brickwork Ratings (BWR) has consistently taken up with MV Waghadkar and Sons Jewellers Pvt Ltd through emails and telephone calls to provide the requisite information for the review of the ratings. Despite the best efforts of BWR to get at least the minimum required information for a review, the company continues to be non-cooperative. Further, the company has not been submitting the monthly ‘No Default Statement’ (NDS) in deviation from the extant guidelines. Due to the continued lack of management cooperation and in the absence of adequate information from the company, BWR is unable to assess the company's financial performance and its ability to service its debt and maintain a valid rating. Hence, based on best available information and in terms of extant regulatory requirements, BWR has reaffirmed the long term rating and continued in the ISSUER NOT COOPERATING* category.

The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack any projections or forward looking component as it is arrived at based on the best available information without any management/banker's interaction.

*Issuer did not cooperate; based on best available information.

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 the required information for a review of the assigned rating 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 rating.

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Consumer Discretionary Consumer Durables Consumer Durables Gems, Jewellery And Watches

MV Waghadkar & Sons Pvt Ltd is involved in the business of manufacturing and retailing of Gold, Silver and Diamond ornaments. Company is a family business spanning 3 generations of promoter family.

(As per the latest information available in Dec 2017)

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. View Previous Document

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

Nil

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2024) 2023 2022 2021
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 9.16
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
17Nov2023
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
16Nov2022
BWR B- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
18Nov2021
BWR B- Stable
(Reaffirmation/ISSUER NOT COOPERATING*)
Grand Total 9.16 (Rupees Nine Crores and Sixteen lakhs Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

S. Adithya

Rating Analyst adithya.s@brickworkratings.com

Nagaraj K

Director - Ratings Board : +91 80 4040 9940 nagaraj.ks@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
MV Waghadkar and Sons Jewellers Pvt 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.) Complexity of the Instrument
1 Union Bank of India Term Loan 0.66 _ 0.66 Simple##
2 Union Bank of India Cash Credit 8.50 _ 8.50 Simple##
Total 9.16 0.00 9.16
TOTAL (Rupees Nine Crores and Sixteen lakhs Only)

##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.

ANNEXURE-II
INSTRUMENT DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

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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 11,560 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.

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