![]() |
![]() |
Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 16.19 | ACUITE B | Downgraded | Issuer not co-operating* | - |
Total Outstanding | 16.19 | - | - |
Total Withdrawn | 0.00 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuité has downgraded the long-term rating to 'ACUITE B‘ (read as ACUITE B) from ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 16.19 crore bank facilities of Mother India Agrofoods Private Limited (MIAPL) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information. |
About the Company |
Incorporated in 2013, Mother India Agrofoods Private Limited (MIAPL is a Patna based company promoted by Mr. Chandra Sen Singh and Mr. Ramjee Singh). The Company is engaged in milling and processing of non-basmati rice and its commercial operations began in 2016. MIAPL sells rice locally as well in states of West Bengal, Assam and Uttar Pradesh under its own brand- ‘Mother India’. The Company`s rice mill is set up in Patna, Bihar with an installed capacity of 8 Tons per hour and operates with around 160 employees. |
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 24 (Actual) | FY 23 (Actual) |
Operating Income | Rs. Cr. | 72.71 | 56.58 |
PAT | Rs. Cr. | 0.41 | 0.38 |
PAT Margin | (%) | 0.57 | 0.67 |
Total Debt/Tangible Net Worth | Times | 5.31 | 6.71 |
PBDIT/Interest | Times | 1.54 | 1.59 |
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 |
|
|
|
|||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
* The issuer did not co-operate; based on best available information. |
Contacts |
About Acuité Ratings & Research |
© Acuité Ratings & Research Limited. All Rights Reserved. | www.acuite.in |