Brickwork Ratings reaffirms the long term and short term ratings with continuation of ratings under Issuer Not Cooperating category and simultaneously withdraws the ratings for the Bank Loan Facilities of Rs. 95.00 Crs. of Swaraj Suiting Ltd.
ParticularsFacilities/Instruments** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (13 Aug 2024) |
Present | ||
Fund Based | 94.51 | 94.51 | Long Term |
BWR BB- /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
BWR BB -
/Stable Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
Non Fund Based | 0.49 | 0.49 | Short Term |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
Grand Total | 95.00 | 95.00 | (Rupees Ninety Five Crores Only) |
Brickwork Ratings (BWR) has last rated the bank loan facilities of "Swaraj Suiting Ltd." on 13 Aug 2024 by downgrading the long-term rating to "BWR BB-/Stable" and reaffirming the short-term rating to "BWR A4" under ISSUER NOT COOPERATING*.
In the absence of adequate information, BWR is unable to assess the company’s financial performance and its ability to service its debt and maintain a valid rating. Hence, owing the customer's request for withdrawal of rating, No Objection Certificate from the Bankers for the withdrawal and in line with the extant SEBI guidelines/BWR's withdrawal policy, BWR recommended to Reaffirm the long term rating at “BWR BB-/Stable” and reaffirm the short term rating at “BWR A4” and withdrawn the ratings under Issuer Not Cooperating Category.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.
COMPANY's / FIRM's PROFILEMacro Economic Indicator | Sector | Industry | Basic Industry |
---|---|---|---|
Consumer Discretionary | Textiles | Textiles & Apparels | Garments & Apparels |
The Company was originally incorporated as “Swaraj Suiting Private Limited” in 2003 and is promoted by Mr. Mohammad Sabir Khan. SSL is presently producing/ weaving finish and grey fabrics.The company will be able to Integrate Dying of yarn used for weaving and Finishing of fabric after the COD for the new facility is achieved in Neemuch. The company is expected to commence operations by the end of May 2022.The company got listed on NSE (NSE SME exchange) on 28 March 2022 at an issue price of INR 56/-. The company has raised equity of Rs. 12.12 Crs in Pre IPO and Rs. 10.68 Crs during the IPO and funds raised have mainly been used in the ongoing capex plan and working capital requirements.
(As per previous update)
NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY(IF ANY)Not Applicable
ANY OTHER INFORMATIONNil
RATING HISTORY FOR THE PREVIOUS THREE YEARS(including withdrawal and suspended)Name of Instrument (NCD/Bank Loan /Non- Fund Based facilitates/ Commercial Paper etc.) | Current Rating (2024) | 2024 (History) | 2023 | 2022 | 2021 | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating | Date | Rating |
Fund Based | LT | 94.51 |
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
13Aug2024 |
BWR BB- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
10Aug2023 |
BWR BBStable
(ISSUER NOT COOPERATING* /Downgrade) |
18May2022 |
BWR BBB- Stable
(Reaffirmation) |
14Sep2021 |
BWR BBB- Stable
(Assignment) |
Non Fund Based | ST | 0.49 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
13Aug2024 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
10Aug2023 |
BWR A4
(ISSUER NOT COOPERATING* /Downgrade) |
18May2022 |
BWR A3
(Reaffirmation) |
14Sep2021 |
BWR A3
(Assignment) |
Grand Total | 95.00 | (Rupees Ninety Five Crores Only) |
Analytical Contacts | |
---|---|
Krishnappa Murugesh Ratings Analyst krishnappa.m@brickworkratings.com |
V Ramachandra Director - Ratings ramachandra.v@brickworkratings.com |
1-860-425-2742 | media@brickworkratings.com |
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 | Bank of Baroda | Term LoanSanctioned | 31.93 | _ | 31.93 | Simple## |
2 | Bank of Baroda | Cash CreditSanctioned | 4.00 | _ | 4.00 | Simple## |
3 | Bank of Baroda | Bank GuaranteeSanctioned | _ | 0.49 | 0.49 | Simple## |
4 | State Bank Of India (SBI) | Term LoanSanctioned | 18.63 | _ | 18.63 | Simple## |
5 | State Bank Of India (SBI) | Cash CreditSanctioned | 11.00 | _ | 11.00 | Simple## |
6 | Un tied portion | Cash CreditProposed | 3.95 | _ | 3.95 | Simple## |
7 | Union Bank of India | Cash CreditSanctioned | 10.00 | _ | 10.00 | Simple## |
8 | Union Bank of India | Term LoanSanctioned | 15.00 | _ | 15.00 | Simple## |
Total | 94.51 | 0.49 | 95.00 | |||
TOTAL (Rupees Ninety Five Crores 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.
Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
---|---|---|---|---|---|---|
Nil | Nil | Nil | Nil | Nil | Nil | Nil |
Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
---|---|---|---|
Nil | Nil | Nil | Nil |
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About Brickwork RatingsBrickwork 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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