Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 10.00 ACUITE BB- | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 10.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
Rating Rationale

­Acuité has reaffirmed the long term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs.10.00 Cr bank facilities of Agrawal Ginning and Pressing Private Limited. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.

About the Company

­Agrawal Ginning & Pressing Private Limited was incorporated on May 19, 2008 and is engaged in ginning of raw cotton. The company is managed by Mr. Mahesh Kumar Khetan, Mr. Vikrant Kumar Khetan and Mrs. Kirti Khetan. The company has two ginning units in Adilabad, Telangana and in Maharashtra. The company has an oil mill in Telangana and has established an oil mill in Maharashtra.

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 noncooperation 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:

­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 endeavored 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.

Rating Sensitivity

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

Material Covenants


Liquidity Position

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


­Not Applicable

Other Factors affecting Rating

­Not Applicable


Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 122.06 92.88
PAT Rs. Cr. 3.54 0.93
PAT Margin (%) 2.90 1.00
Total Debt/Tangible Net Worth Times 1.22 2.24
PBDIT/Interest Times 5.54 4.21
Status of non-cooperation with previous CRA


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:
• Default Recognition:
• Application Of Financial Ratios And Adjustments:

Note on Complexity Levels of the Rated Instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on


Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
05 Oct 2021 Cash Credit Long Term 10.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
10 Jul 2020 Cash Credit Long Term 10.00 ACUITE BB (Downgraded and Issuer not co-operating*)
09 May 2019 Cash Credit Long Term 10.00 ACUITE BBB- | Stable (Assigned)

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE BB- | Reaffirmed | Issuer not co-operating*

Analytical Rating Desk
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