Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 14.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Total Outstanding 14.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­­Acuite has reaffirmed the long term rating of ‘Acuite D’ (read as Acuite D) on the Rs. 14.00 crore bank facilities of Luxmi Rice Mills (LRM).The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

­Established in 1980, Luxmi Rice Mills (LRM) is a proprietorship firm engaged in the processing and trading of basmati and non-basmati rice. The manufacturing facilities are located in Nissing (District Karnal) Haryana, with an installed capacity of 3 MT per hour. The firm was promoted by Mr. Roshan Lal Singla and it sells under the brand name of ‘Singal Chab. The registered office of the company is in Haryana.

 
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

­"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 17 (Actual) FY 16 (Actual)
Operating Income Rs. Cr. 71.36 54.00
PAT Rs. Cr. 0.16 0.13
PAT Margin (%) 0.23 0.24
Total Debt/Tangible Net Worth Times 1.42 1.77
PBDIT/Interest Times 1.17 1.16
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• 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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
24 May 2024 Cash Credit Long Term 14.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
24 Feb 2023 Cash Credit Long Term 14.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 14.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.

Disclosure of list of non-cooperative issuers
• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php


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