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Bank Loan Ratings 13.50 ACUITE BB- | Downgraded & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 0.80 Not Applicable | Withdrawn -
Bank Loan Ratings 28.50 - ACUITE A4 | Downgraded & Withdrawn | Issuer not co-operating*
Bank Loan Ratings 7.20 - Not Applicable | Withdrawn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Total Withdrawn 50.00 - -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­Acuite has downgraded and withdrawn the long term rating to 'ACUITE BB-' (read as ACUITE double B minus) from  'ACUITE BB' (read as ACUITE double B) and also downgraded and withdrawn the short term rating to 'ACUITE A4' (read as ACUITE A four) from 'ACUITE A4+' (read as ACUITE A four plus) on the Rs. 42.00 Cr.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 The rating is being withdrawn on account of request received from the company and NOC (No Objection Certificate) received from the banker.

Further, Acuite has withdrawn the long term rating on Rs. 0.80 Cr. and also withdrawn the short term rating on Rs. 7.20 Cr.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 The rating is being withdrawn on account of request received from the company and NDC (No Due Certificate) received from the banker.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.
 
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 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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
06 Mar 2024 PC/PCFC Short Term 7.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
PC/PCFC Short Term 25.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
PC/PCFC Short Term 3.50 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Post Shipment Credit Short Term 0.20 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 13.50 ACUITE BB (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 0.80 ACUITE BB (Reaffirmed & Issuer not co-operating*)
23 Dec 2022 PC/PCFC Short Term 7.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
PC/PCFC Short Term 25.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
PC/PCFC Short Term 3.50 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Post Shipment Credit Short Term 0.20 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 13.50 ACUITE BB (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 0.80 ACUITE BB (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
State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.80 Simple Not Applicable|Withdrawn
Standard Chartered Bank Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE A4 | Downgraded & Withdrawn | Issuer not co-operating* ( from ACUITE A4+ )
CITI Bank Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.50 Simple ACUITE A4 | Downgraded & Withdrawn | Issuer not co-operating* ( from ACUITE A4+ )
State Bank of India Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.00 Simple Not Applicable|Withdrawn
State Bank of India Not avl. / Not appl. Post Shipment Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.20 Simple Not Applicable|Withdrawn
CITI Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 13.50 Simple ACUITE BB- | Downgraded & Withdrawn | Issuer not co-operating* ( from ACUITE BB )
* The issuer did not co-operate; based on best available information.

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