Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 6.68 ACUITE B- | Downgraded | Issuer not co-operating* -
Total Outstanding 6.68 - -
 
Rating Rationale

­Acuité has downgraded the long-term rating to 'ACUITE B-' (read as ACUITE B minus) from ‘ACUITE B’ (read as ACUITE B) on the Rs.6.68 Cr. bank facilities of Noorjahan Agro India 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

Uttar Pradesh- based Noorjahan Agro India (hereafter referred to as Noorjahan) was established in 2011 and is promoted and managed by Mohd. Dilnawaz and Mr. Haji Sadiq. The firm is engaged in the trading of live-stock. The stocks are being procured locally and are being sold to different parts of the country.­

 
Unsupported Rating

­­Not Applicable 

 
Non-cooperation by the issuer/borrower:

­Acuité has been requesting for No Default Statement from the rated entity. However, the issuer / borrower failed to submit such information before 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 endeavoured 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.

 
About the Rated Entity - Key Financials

­The rated entity has not shared the latest financial statements despite repeated requests.

 
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

 
Status of non-cooperation with previous CRA

­Not Applicable 

 
Any other information

­None

 
Applicable Criteria
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.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
07 Apr 2023 Cash Credit Long Term 5.57 ACUITE B (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility Long Term 1.11 ACUITE B (Reaffirmed & Issuer not co-operating*)
16 Mar 2022 Cash Credit Long Term 5.57 ACUITE B | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 1.11 ACUITE B | Stable (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
The Jammu and Kashmir Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.57 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.11 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )

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