* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuite has downgraded the long term rating to ‘ACUITE B’ (read as ACUITE B) from ‘ACUITE BB-’ (read as ACUITE double B minus) and the short term rating to ‘ACUITE A4’ (read as ACUITE A four) from ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 13.00 Cr. bank facilities of Kumud Rice And Dal Mill. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
Kumud Rice and Dal Mill was established in 1994 by Mr. Triloki Nath Gupta, Mr. Tushar Gupta and Mr. Sanjeev Gupta. The firm is located in Hardoi, Uttar Pradesh, India. It is engaged in manufacturing of the wide assortment of Indian Rice which includes Sortex Sona masoori steamed rice, Non-Basmati rice and Samba masoori rice. The firm is mostly engaged in processing of different masoori rice. The firm operates four plants in Hardoi, Uttar Pradesh and exports to countries like Doha, Dubai, Oman, Nepal and Bangladesh to name few.
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 non-cooperation 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
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
4.00
ACUITE BB-
(Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan
Long Term
0.85
ACUITE BB-
(Downgraded & Issuer not co-operating* from ACUITE BB)
Proposed Long Term Bank Facility
Long Term
0.15
ACUITE BB-
(Downgraded & Issuer not co-operating* from ACUITE BB)
29 Feb 2024
PC/PCFC
Short Term
8.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
4.00
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
0.85
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
0.15
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Punjab National Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.00
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Punjab National Bank
Not avl. / Not appl.
PC/PCFC
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
8.00
Simple
ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.15
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Punjab National Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.85
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
