Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 16.00 Crs. of P.S. Seth Sons Jewellers Pvt. Ltd. based on best available information, as the issuer did not cooperate.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (29 Apr 2020) |
Present | ||
Fund Based | 16.00 | 16.00 | Long Term |
BWR D (Issuer Not Cooperating)
Reaffirmed |
BWR D
Reaffirmation/ISSUER NOT COOPERATING* |
Grand Total | 16.00 | 16.00 | (Rupees Sixteen Crores Only) |
BWR Reaffirmed the long term rating of BWR D under Issuer not cooperating based on best available information as the Issuer did not cooperate.
Initially BWR had rated Bank Loan facilities amounting of Rs. 16.00 Crs ( Fund based) of P.S Seth Sons Jewellers Private Limited on 30 March 2019. The rating assigned was long term rating of BWR D . The rating was due for review in March 2020. The long term rating further reaffirmed as BWR D under Issuer Not Cooperating on 29.04.2020 . BWR took up with the issuer to provide required information over emails and send email to banker, Despite the best efforts BWR to get at least the minimum required information for a review, the entity has not provided the same. The company has not submitted No Default Statement since April 2019 . In the absence of adequate information from the issuer/Company, BWR is unable to assess the issuer’s/Company’s financial performance and its ability to service its debt and maintain a valid rating
LIMITATIONS OF THE RATING
Information availability risk is a key factor in the assessment of credit risk as generally, noncooperation by the rated entities to provide 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 ENTITYP.S Seth Sons Jewellers Private Limited was established in 2006. The company is engaged in the trading of Jewellery. The unit is located at 32- A- Ceetee Mall, Mall Road, Amritsar. It is currently managed by Mr Pardeep Seth, Mr Sandeep Seth and Ridhi Seth.
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.
N.A
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)Facilities | Current Rating (2021) | 2021 (History) | 2020 | 2019 | 2018 | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating | Date | Rating |
Fund Based | LT | 16.00 |
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*) |
NA |
NA
|
29Apr2020 |
BWR D (Issuer Not Cooperating)
(Reaffirmed) |
30Mar2019 |
BWR D
(Assigned) |
NA |
NA
|
Grand Total | 16.00 | (Rupees Sixteen 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.
Hyperlink/Reference to applicable CriteriaAnalytical Contacts | |
---|---|
Aman sharma Rating Analyst Board : +91 172 5032 295 / 6 aman.s@brickworkratings.com |
V.K.Kukreja Associate Director - Ratings Board : +91 11 2341 2232 kukreja.vk@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.) |
---|---|---|---|---|---|
1 | Punjab National Bank | Cash CreditSanctioned | 16.00 | _ | 16.00 |
Total | 16.00 | 0.00 | 16.00 | ||
TOTAL (Rupees Sixteen Crores Only) |
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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 11,400 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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