Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 6.00 ACUITE B- | Reaffirmed | Issuer not co-operating* -
Total Outstanding 6.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE B-’ (read as ACUITE B minus) on the Rs. 6.00 crore bank facilities of Sri Balaji Modern Rice Mill (SBMRM). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­­The Tamil Nadu based, Sri Balaji Modern Rice Mill (SBMRM) is a proprietary concern established in 2014 by Mrs. V Revathy and Mr. Venkateshan for processing of paddy. The concern trades and processes non-basmati rice and distributed the same in the domestic market. The concern has an installed rice processing capacity of 100 tons per month.

 
Unsupported Rating

­Not Applicable

 
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 the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

 
Limitation regarding information availability
Rating Sensitivity

­"No information provided by the issuer / available for Acuite to comment upon."

 
Liquidity Position

­"No information provided by the issuer / available for Acuite to comment upon."

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

­None

 

Particulars Unit FY 18 (Actual) FY 17 (Actual)
Operating Income Rs. Cr. 5.35 0.98
PAT Rs. Cr. 0.15 0.11
PAT Margin (%) 2.87 11.09
Total Debt/Tangible Net Worth Times 2.41 1.38
PBDIT/Interest Times 2.15 2.18
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
23 Oct 2023 Term Loan Long Term 0.32 ACUITE B- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.32 ACUITE B- (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE B- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 1.20 ACUITE B- (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 3.16 ACUITE B- (Reaffirmed & Issuer not co-operating*)
28 Jul 2022 Term Loan Long Term 0.32 ACUITE B- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.32 ACUITE B- (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE B- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 1.20 ACUITE B- (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 3.16 ACUITE B- (Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE B- | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.16 Simple ACUITE B- | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.20 Simple ACUITE B- | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.32 Simple ACUITE B- | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.32 Simple ACUITE B- | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.

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