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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 34.00 | Not Applicable | Withdrawn | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 34.00 | - | - |
| Rating Rationale |
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Acuité has withdrawn the rating on the Rs.34.00 Cr bank facilities of Indus Mega Food Park Private Limited (IMFPPL).
The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NDC received from the banker. Since the loan availed by the company has been repaid, the rating has been withdrawn. |
| About the Company |
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Hyderabad-based, Indus Mega Food Park Private Limited (IMFPPL) was incorporated in 2011 as a special purpose vehicle (SPV) for establishment of an integrated food processing park under the Ministry of Food processing Industries (MOFPI), GOI food park scheme. Indus Mega Food Park was promoted by Ananda Group and Vasistha Holdings Ltd along with other stakeholders. Mr. Uddaraju Kasi Viswanadha Raju is the managing director of IMFPPL. He has 4 decades of extensive experience in the agro-related business. In September 2020, Ananda group which already held 42.85 percent stake in IMFPPL, bought VHL’s stake of 30.27 percent and took over the management control. The company is engaged in processing of vegetables, live fish and shrimps. The company is also engaged in processing of feed. The processing unit is present in Khargone (Near Indore, Madhya Pradesh). The Company has a dry warehouse storage facility of 50,000 Metric Tons Per Annum (MTPA), cold storage facility of 10,000 MTPA, Individually Quick Frozen (IQF) line of 2.5 TPH and 2000 MTPA along with extrusion cooking line with capacity of 2 Tons per Hour (TPH).
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| Standalone (Unsupported) Rating |
| Not Applicable, |
| Analytical Approach |
| Not Applicable, |
Key Rating Drivers
| Strengths |
| Not Applicable, |
| Weaknesses |
| Not Applicable, |
| Rating Sensitivities |
| Not Applicable, |
| All Covenants |
| Not Applicable, |
| Liquidity Position |
| Not Applicable, |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| Not Applicable, |
| About the Rated Entity - Key Financials |
| Not Applicable, |
| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable, |
| Any other information |
| Not Applicable, |
| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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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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
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