Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 8.00 Crs. of Shree Srinivasa Tex based on best available information, as the issuer did not cooperate.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (01 Feb 2023) |
Present | ||
Fund Based | 3.75 | 3.75 | Long Term |
BWR C
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR C
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
Non Fund Based | 4.25 | 4.25 | Short Term |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
Grand Total | 8.00 | 8.00 | (Rupees Eight Crores Only) |
The rating was due for review in Feb 2024. BWR took up the matter with the issuer to provide the required information over emails and through telephone calls. Despite the best efforts of Brickwork Ratings to get the minimum required information for a review through emails and through telephone calls, the entity has not provided the same. BWR also tried to get in touch with the banker for feedback on the account over emails however no response was received. Further, the concern has not been sharing the No Default Statement(NDS) with BWR as per regulatory requirements. In the absence of adequate information from the concern, BWR is unable to assess the concern’s financial performance and its ability to service its debt and maintain a valid rating.
In view of the non-availability of information and lack of cooperation from Shree Srinivasa Tex, Brickwork Ratings has reaffirmed the long term rating of 'BWR C' and short term rating of ‘BWR A4’, along with the continuation of the rating in the “Issuer Not Cooperating” category, based on best available information as the Issuer did not cooperate.
The lenders/investors may note to exercise due caution while using the above rating which mentions "ISSUER NOT COOPERATING" since the rating lacks any projections or forward looking component as it is arrived based on the best available information without any management/banker's interaction.
LIMITATIONS OF THE RATING
In view of the non-availability of information and lack of cooperation from Optima Homes Pvt Ltd, Brickwork Ratings has reaffirmed the long term rating of ‘BWR C’, along with the continuation of the rating in the “Issuer Not Cooperating” category, based on best available information as the Issuer did not cooperate.
ABOUT THE ENTITYMacro Economic Indicator | Sector | Industry | Basic Industry |
---|---|---|---|
Commodities | Forest Materials | Paper, Forest & Jute Products | Forest Products |
Incorporated in 2006 at Dindigul, Shree Srinivasa Tex is engaged in trading of timber. Mrs.P.Daksha is the proprietrix .
Note: As per info available on Feb-2018.
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
This account does not have any outstanding non-cooperation ratings assigned by other CRAs'.
ANY OTHER INFORMATIONNIL
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 | 3.75 |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
01Feb2023 |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
01Feb2022 |
BWR C
(Reaffirmation/ISSUER NOT COOPERATING*) |
NA |
NA
|
Non Fund Based | ST | 4.25 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
01Feb2023 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
01Feb2022 |
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*) |
NA |
NA
|
Grand Total | 8.00 | (Rupees Eight 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 | |
---|---|
Varsha Jasmin Rating Analyst varsha.j@brickworkratings.com |
Hari Kishan Yadav Associate Director - Ratings hari.ky@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 | Union Bank of India | Cash Credit | 3.75 | _ | 3.75 | |
2 | Union Bank of India | Letter of Credit | _ | 4.25 | 4.25 | |
Total | 3.75 | 4.25 | 8.00 | |||
TOTAL (Rupees Eight 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 11,560 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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