|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 7.00 | ACUITE B+ | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 3.00 | - | ACUITE A4 | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 10.00 | - | - |
| Rating Rationale |
|
Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) and the short-term rating of ‘ACUITE A4’ (read as ACUITE A four ) on the Rs. 10.00 crore bank facilities of Nakoda Fruit Products Private Limited (NFPPL).The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information.
|
| About the Company |
|
Nakoda Fruit Products Private Limited (NFPPL), based at Nagpur, was incorporated in 2009. The company is engaged in processing and trading of various dry fruits and pigeon peas. NFPPL caters to domestic market with processing capacity of 5 tons per day. The promoter of the group, Mr Pravin Choudhary has over three decade of experience in business management in Agro and food processing sector. Mr Jayesh Choudhary is the third generation entrepreneur, who has about a decade experience in the food processing sector.The Current directors of NFPPL are Mr Hareshkumar Ranaranjit Prashad and Mr Narendrabhai Kantibhai Patel.
|
| About the Group |
|
The Nakoda group was established in 1989 by Mr. Choudhary and family, led by Mr. Pravin Choudhary and is also based out of Nagpur (Maharashtra). The group is managing five entities viz. Nakoda Group of Industries Limited (NGIL), Nakoda Fruit Products Private Limited (NFPPL), Parshvanath Overseas (PO), Parshva Food International (PFI) and Nakoda Agro Commodities Private Limited (NACPL). Incorporated in 2013, Nakoda group is engaged in manufacturing of tutti fruity (Diced Chelory) also called as 'Papaya Preserve' and canned fruit cubes which comes under the category of bakery products. The group is also engaged in processing of almonds which are imported from California and other Middle East countries by the traders in Maharashtra. Other business also includes trading of sesame seeds, clove, cutpeel murabba, karonda, daalchini and toor daal.
|
| 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: |
|
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."
|
| Material Covenants |
|
None.
|
| Liquidity Position |
|
"No information provided by the issuer / available for Acuite to comment upon."
|
| Outlook |
|
Not Applicable.
|
| Other Factors affecting Rating |
|
Not Applicable.
|
| Particulars | Unit | FY 18 (Provisional) | FY 17 (Actual) |
| Operating Income | Rs. Cr. | 147.60 | 104.54 |
| PAT | Rs. Cr. | 2.99 | 1.88 |
| PAT Margin | (%) | 2.03 | 1.80 |
| Total Debt/Tangible Net Worth | Times | 1.86 | 2.05 |
| PBDIT/Interest | Times | 1.83 | 1.64 |
| Status of non-cooperation with previous CRA |
|
None.
|
| Any other information |
|
Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
|
| 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 • 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.
|
|
| |
|
|
|||||||||||||||||||||||||||
|
|
Contacts |
| Analytical | Rating Desk |
| About Acuité Ratings & Research |
