Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 5.00 ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 30.00 - ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding 0.00 - -
Total Withdrawn 35.00 - -
 
Rating Rationale

­­Acuite has reaffirmed and withdrawn its long-term rating to 'ACUITE BB' (read as ACUITE double B) and reaffirmed and withdrawn its short-term rating of 'ACUITE A4+' (read as ACUITE A four plus) on th Rs. 35.00 Cr. bank facilities of Mangala Sea Foods (MSF). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. The rating has been withdrawn on account of the request received from the company and the NOC(No Objection Certificate) received from the banker.

About the Company
­­Kochi based, Mangala Sea Foods (MSF) was established in 2009 by Mr.Ashok Bhat, Mr.Premchandra Bhat, Mr.Suresh Bhat and Mr. Sreenivasa Bhat. The firm is a part of the Mangala Group which is engaged in the seafood industry since a significant amount of time. The firm is engaged in the processing and export of sea food products i.e. shrimps and cuttle fish to US, Canada, Europe, Japan and China. The company procures the catch from the southern coastal districts of Kerala, Andhra Pradesh and Tamil Nadu. 
 
 
About the Group
­­Mangala Group, promoted by Mr. Premchand Bhat, Mr. Sreenivasa Bhat, Mr. Ashok Bhat and Mr. Suresh Bhat. The group comprises of Mangala Sea Foods, engaged in processing and exporting of shrimps and cuttle fish, Mangala Marine Exim India Private Limited, engaged in the processing and export of sea food products i.e. shrimps, cuttle fish, squid, octopus, to name a 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 surveilance & 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. Therefore, this rating is 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 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 21 (Provisional) FY 20 (Actual)
Operating Income Rs. Cr. 361.29 364.74
PAT Rs. Cr. 6.63 4.46
PAT Margin (%) 1.84 1.22
Total Debt/Tangible Net Worth Times 1.41 1.39
PBDIT/Interest Times 2.46 2.01
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Rating Process and Timeline: https://www.acuite.in/view-rating-criteria-67.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
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.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.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
23 May 2024 Working Capital Demand Loan (WCDL) Long Term 5.00 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
Bank Guarantee (BLR) Short Term 3.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bills Discounting Short Term 12.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
PC/PCFC Short Term 15.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
23 Feb 2023 Working Capital Demand Loan (WCDL) Long Term 5.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB | Stable)
PC/PCFC Short Term 15.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3+)
Bank Guarantee (BLR) Short Term 3.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3+)
Bills Discounting Short Term 12.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3+)
01 Dec 2021 Working Capital Demand Loan (WCDL) Long Term 5.00 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable)
Bills Discounting Short Term 12.00 ACUITE A3+ (Upgraded from ACUITE A3)
Bank Guarantee (BLR) Short Term 3.00 ACUITE A3+ (Upgraded from ACUITE A3)
PC/PCFC Short Term 15.00 ACUITE A3+ (Upgraded from ACUITE A3)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Canara Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Canara Bank Not avl. / Not appl. Bills Discounting Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.00 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Canara Bank Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Canara Bank Not avl. / Not appl. Working Capital Demand Loan (WCDL) Not avl. / Not appl. Not avl. / Not appl. 30 May 2024 5.00 Simple ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating*
*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)
Sr. no Company Name
1 Mangala Marine Exim India Private Limited
2 Mangala Sea Foods
 

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