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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 13.50 | ACUITE BB- | Downgraded & Withdrawn | Issuer not co-operating* | - |
Bank Loan Ratings | 0.80 | Not Applicable | Withdrawn | - |
Bank Loan Ratings | 28.50 | - | ACUITE A4 | Downgraded & Withdrawn | Issuer not co-operating* |
Bank Loan Ratings | 7.20 | - | Not Applicable | Withdrawn |
Total Outstanding | 0.00 | - | - |
Total Withdrawn | 50.00 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuite has downgraded and withdrawn the long term rating to 'ACUITE BB-' (read as ACUITE double B minus) from 'ACUITE BB' (read as ACUITE double B) and also downgraded and withdrawn the short term rating to 'ACUITE A4' (read as ACUITE A four) from 'ACUITE A4+' (read as ACUITE A four plus) on the Rs. 42.00 Cr. bank facilities of Arjuna Natural Private Limited (Erstwhile Arjuna Natural Limited). The rating is being withdrawn on account of request received from the company and NOC (No Objection Certificate) received from the banker.
Further, Acuite has withdrawn the long term rating on Rs. 0.80 Cr. and also withdrawn the short term rating on Rs. 7.20 Cr. bank facilities of Arjuna Natural Private Limited (Erstwhile Arjuna Natural Limited) without assigning any rating as instrument is fully repaid. The rating is being withdrawn on account of request received from the company and NDC (No Due Certificate) received from the banker. The withdrawal is in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information. The rating is downgraded on account of information risk. |
About the Company |
The Kerala-based Arjuna Natural Private Limited (Erstwhile Arjuna Natural Limited), incorporated in 1989 under the directorship of Mr. P.J. Kunjachan and his brother in law, Mr. Benny Antony is engaged in the manufacture of herbal spices' extracts and formulations at Kerala and Tamil Nadu. Currently, curcumin extract from turmeric contributes to over 67 per cent of its overall revenue. The other extracts are boswellia, mustard oil, garcinia, omega fish oil, pomegranate among others. The company has a Research and Development unit in Kerala. |
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 & reviewof 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 andAcuité’s policies.
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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 |
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Other Factors affecting Rating |
None |
Particulars | Unit | FY 25 (Provisional) | FY 24 (Actual) |
Operating Income | Rs. Cr. | 425.94 | 395.70 |
PAT | Rs. Cr. | 61.59 | 95.43 |
PAT Margin | (%) | 14.46 | 24.12 |
Total Debt/Tangible Net Worth | Times | 0.13 | 0.15 |
PBDIT/Interest | Times | 22.47 | 41.68 |
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 • 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 |
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* The issuer did not co-operate; based on best available information. |
Contacts |
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