Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 20.00 ACUITE B+ | Downgraded | Issuer not co-operating* -
Total Outstanding 20.00 - -
Rating Rationale

­Acuité has downgraded the long-term rating to 'ACUITE B+' (read as ACUITE B plus) from ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs.20.00 crore bank facilities of California Agri Nuts Corporation (CANC).
The rating is now  be flagged as “Issuer NotCooperating” and is based on the best available information.
The rating has been downgraded on account of information risk.

About the Company
­Established in 2008, CANC is a Delhi based partnership firm engaged in the trading of dry fruits. The day to day operations are managed by partners, Mr. Raju Bhatia and Mrs. Simi Bhatia. The firm imports dry fruits and grocery goods from across the world (Australia, USA and Chile, among others) and sells them pan India.
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 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 has 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 rating is based.
Rating Sensitivities
­­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

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 359.43 277.26
PAT Rs. Cr. 0.56 0.69
PAT Margin (%) 0.16 0.25
Total Debt/Tangible Net Worth Times 2.70 0.48
PBDIT/Interest Times 1.60 1.96
Status of non-cooperation with previous CRA
­Not Applicable
Any other information
Applicable Criteria
• Application Of Financial Ratios And Adjustments:
• Default Recognition:
• Trading Entitie:

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
19 Jan 2023 Cash Credit Long Term 20.00 ACUITE BB- | Stable (Upgraded from ACUITE B+ | Not Applicable)
20 Jun 2022 Cash Credit Long Term 20.00 ACUITE B+ | Not Applicable (Downgraded & Issuer not co-operating*)
31 Mar 2021 Cash Credit Long Term 20.00 ACUITE BB- | Stable (Reaffirmed)

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Canara Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )


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