|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 82.78 | ACUITE C | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 11.22 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 94.00 | - | - |
| * The issuer did not co-operate; based on best available information. | |||
|
Rating Rationale |
|
Acuité has downgraded and withdrawn its long-term rating to ‘ACUITE C’ (read as ACUITE C) from ‘ACUITE B+’ (read as ACUITE B Plus) on the Rs.82.78 Cr. bank facilities of Jamuna Hatcheries Private Limited(JHPL ; part of Jamuna group). The rating is being withdrawn on account of request received from the company and No Objection Certificate (NOC) received from the banker.
Further, Acuité has withdrawn the long-tem rating on the Rs. 11.22 Cr. proposed Facilities of Jamuna Hatcheries Private Limited (JHPL). The same is withdrawn without assigning any rating as it is proposed facilities. The rating is being withdrawn on account of request received from the company. The rating withdrawal is in accordance with the Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. Rationale for downgrade : The rating downgarde takes cognizance of delays in servicing debt obligations by JHPL in term loan (auto loan) in the month of Dec 2024 as understood from credit bureau information report of the company. The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available. |
| About the Company |
|
Hyderabad-based, Jamuna Hatcheries Private Limited (JHPL) was incorporated in 2018. JHPL is promoted by Mrs. Etela Jamuna Reddy and her son Mr. Etela Nithin Reddy. JHPL is engaged in diversified operations such as commercial bird farming, operation of hatcheries and production of feed among others. It has a cumulative capacity to manage and place as much as 2.00 lakh layer birds and 1.05 Lakh hatching eggs per day and poultry feed mill capacity of 20 tons per hour.
|
| About the Group |
|
Jamuna Poultry Farm is a proprietorship firm which was established in 2010 by Mrs. E. Jamuna. JPF is engaged in production of commercial eggs and the poultry unit is located in Shamirpet (Telangana) with an average production of commercial eggs is about 1.30 lakhs eggs per day.
|
| Unsupported Rating |
| Not applicable |
| Non-cooperation by the issuer/borrower |
|
Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. 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 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 |
| None |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 65.90 | 128.53 |
| PAT | Rs. Cr. | 0.11 | 0.22 |
| PAT Margin | (%) | 0.17 | 0.17 |
| Total Debt/Tangible Net Worth | Times | 1.70 | 1.72 |
| PBDIT/Interest | Times | 1.47 | 1.55 |
| Status of non-cooperation with previous CRA |
| Not applicable |
| Any other information |
| None |
| Applicable Criteria |
|
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
| Note on complexity levels of the rated instrument |
|
| |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| * The issuer did not co-operate; based on best available information. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| *Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||
|
||||||
|
Contacts |
About Acuité Ratings & Research |
