Rationale

ICRA has kept the Long-Term and Short-Term ratings of Hem Ceramics in the ‘Issuer Not Cooperating’ category. The ratings are denoted as “[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING”. As part of its process and in accordance with its rating agreement with Hem Ceramics, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity’s management has remained noncooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the “Issuer Not Cooperating” category. The rating is based on the best available information.