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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 11.00 | ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 11.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed & withdrawn the long-term rating of ‘ACUITE BB’ (read as ACUITE double B) on the Rs.11.00 Cr. bank facilities of Aditya Oil Industries (AOI). The rating withdrawal is in accordance with Acuité’s policy on withdrawal of rating. The rating is flagged as “Issuer NotCooperating”. The rating is being withdrawn on account of request received from the company and NOC received from the banker. |
| About the Company |
| Gujarat-based, Aditya Oil Industries (AOI) was registered in 2007 as a partnership firm and commenced operations in 2011. The partners of the firm are Mr. Nitinbhai Govindbhai Patel, Mr. Amitbhai Govindbhai Patel, and Mr. Kushalbhai Nitinbhai Patel. The firm is engaged in the extraction of oil from cotton seeds as well as ginning and pressing. The plant is located in Kadi, Gujarat, and has a capacity of 100MT per month. |
| Non-cooperation by the issuer/borrower: |
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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 noncooperation by the issuer along with an 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: |
| 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 ratingis based. |
| About the Rated Entity - Key Financials |
| The rated entity has not shared the latest financial statements despite repeated requests. |
| Rating Sensitivity |
| No information provided by the issuer / available for Acuite to comment upon |
| Material Covenants |
| None |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| None |
| Status of non-cooperation with previous CRA |
| Care Ratings, vide its press release dated July 26, 2022 had reaffirmed the rating of AOI to 'CARE B-; ISSUER NOT COOPERATING’. |
| 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 |
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• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 |
| https://www.acuite.in/view-rating-criteria-55.htm |
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