Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 5.30 ACUITE B- | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 5.30 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
Acuité has reaffirmed the long-term rating of ‘ACUITE B-’ (read as ACUITE B minus) on the Rs. 5.30 Crore bank facilities of Fino Foods Private Limited (FFPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
 

About the Company
­Incorporated in 2015, FFPL is promoted by the Indore-based Muchhal family (Madhya Pradesh) and is engaged in the manufacturing and processing of dry pasta under the brand name ‘Finosta’. The manufacturing facility located at Indore (Madhya Pradesh) has installed capacity of around 250 tons per month. FFPL commenced operations in November 2016.
 
 
Non-cooperation by the issuer/borrower:
­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before due date.
This rating is therefore being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

 
 
Limitation regarding information availability:
­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavoured to gather information about the entity / industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.
 
 
About the Rated Entity - Key Financials
­The rated entity has not shared the latest Financial Statements despite repeated attempts.
 
 
Rating Sensitivity
­No information provided by the issuer / available for Acuité to comment upon.
 
 
Material Covenants
­Not Applicable
 
 
Liquidity Position
­No information provided by the issuer / available for Acuité to comment upon.
 
 
Outlook
­Not Applicable
 
 
Status of non-cooperation with previous CRA
­None
 
 
Any other information
­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups
 
 
Applicable Criteria
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm

Note on Complexity Levels of the Rated Instrument
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Istruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
23 Dec 2020 Cash Credit Long Term 0.45 ACUITE B- (Issuer not co-operating*)
Term Loan Long Term 4.85 ACUITE B- (Issuer not co-operating*)
26 Sep 2019 Cash Credit Long Term 0.45 ACUITE B- (Issuer not co-operating*)
Term Loan Long Term 4.85 ACUITE B- (Issuer not co-operating*)
06 Jul 2018 Term Loan Long Term 4.85 ACUITE B- (Issuer not co-operating*)
Cash Credit Long Term 0.45 ACUITE B- (Issuer not co-operating*)
05 Jul 2017 Cash Credit Long Term 0.45 ACUITE B- | Stable (Assigned)
Term Loan Long Term 4.85 ACUITE B- | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 0.45 ACUITE B- | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available 31-12-2022 4.85 ACUITE B- | Reaffirmed | Issuer not co-operating*
­
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