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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 100.00 | - | ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* |
| Bank Loan Ratings | 220.00 | ACUITE BB | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 320.00 | - | - |
| Rating Rationale |
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Acuité has downgraded & withdrawn its long term rating to ‘ACUITE BB’ (read as ACUITE double B ) from 'ACUITE BB+' (read as ACUITE double B plus) and reaffirmed and withdrawn the short term rating of 'ACUITE A4+' (read as ACUITE A four plus) on the Rs.320 crore bank facilities of Etc Agro Processing India Private LImited. The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. This rating continues to be an indicative rating and is based on best available information. The rating is being withdrawn on account of request received from the company and NOC received from the banker. The rating is being downgraded on the acocunt of information risk. |
| About the Company |
| ETC Agro Processing (India) Private Limited (EAPIL) was incorporated in 2008 and is a Mumbai based company. It is fully owned company of Export Trading Group (ETG). The entity is primarily engaged in processing and trading of pulses, and also in trading of agriculture commodities. Directors of ETC Agro Processing (India) Private Limited are Mr. Ketan Kumar V Patel, Anant Rajwanshy, Minesh Kumar Kanubhai Patel, Parag Vishnu Gadre, Pawan Bhijulal Mundada. |
| 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 unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is therefore being flagged as “Issuer notcooperating”, 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. |
| Key Financials |
| The issuer has not provided the latest financials for Acuite to comment upon |
| 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 |
| None |
| 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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