|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 15.10 | ACUITE BB+ | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 15.10 | - | - |
| Rating Rationale |
|
Acuité has reaffirmed the long-term rating to ‘ACUITE BB+’ (read as ACUITE double B plus) on the Rs.15.10 crore bank facilities of Harekrishna Rice Processing and Exports(HRPE). This rating is now an indicative rating and is based on best available information.
|
| About the firm |
|
Established in January 2015, Harekrishna Rice Processing and Exports (HRPE) is a partnership firm promoted by Mr. Anirudha Dash, Mr. Trilochan Dash, Mr. Ashirbad Dash and his family members. HRPE had set up an automated rice milling unit with processing capacity of 57600 MT per annum in Jajpur, Odisha and commenced its commercial operations in 2018. The firm is engaged in milling and processing of paddy into non-basmati rice.
|
| 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 Sensitivities |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Material Covenants |
| Not Applicable |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
| Not Applicble |
| Other Factors affecting Rating |
| Not Applicable |
| Particulars | Unit | FY 21 (Actual) | FY 20 (Actual) |
| Operating Income | Rs. Cr. | 76.25 | 64.67 |
| PAT | Rs. Cr. | 0.58 | 0.56 |
| PAT Margin | (%) | 0.76 | 0.87 |
| Total Debt/Tangible Net Worth | Times | 1.43 | 1.57 |
| PBDIT/Interest | Times | 4.01 | 3.12 |
| Key Financials: |
| The rated entity has not shared the latest financial statement for Acuite to comment. |
| Status of non-cooperation with previous CRA |
| India Ratings vide its press release dated 28/07/2022 had rated the company to IND B-/A4; Issuer Not Cooperating. |
| 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 |
|
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Trading Entitie: https://www.acuite.in/view-rating-criteria-61.htm |
| 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 www.acuite.in.
|
|
| |
|
|
|||||||||||||||||||||||||||
|
|
Contacts |
| Analytical | Rating Desk |
| About Acuité Ratings & Research |
