* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to ‘ACUITE B-’ (read as ACUITE B minus) from ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 12.00 crore bank facilities of Om Industries (OI) 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
Established in 2009, Maharashtra- based Om Industries (OI) is engaged in extraction of cottonseed oil. OI has an installed capacity of 100 tpd. OI is a part of Omshree group of companies and is an expansion to Shri Madhur Food Products Private Limited (SMFPPL). The company was promoted by the Mr. Surendra Kumar Gupta, Mr. Virendra Kumar Gupta and Mr. Rajendra Kumar Gupta.
About the Group
Acuité has considered the consolidated business and financial profiles of Omshree Agro Tech Limited, Omshree Agro Industries Private Limited, Om Industries and Shri Madhur Food Products Private Limited. Maharashtra-based Omshree Group was established in 1980 by Late Mr. Hansraj Agrawal by setting up of groundnut crushing oil mill. Later it expanded to crushing of soyabeans and cotton-seeds. The Group is an integrated unit and is engaged in oil extraction and refining of soyabean and cottonseed oil. Retail sales in the group is under the brand-name 'Anmol Soya Oil' for soyabean oil and 'Madhur' for deoiled cake which is used as animal feed in the domestic market.
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
About the Rated Entity - Key Financials
The rated entity has not shared the latest financial statements despite repeated requests.
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Cash Credit
Long Term
3.50
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Proposed Long Term Bank Facility
Long Term
6.00
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
22 Apr 2024
Cash Credit
Long Term
2.50
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
3.50
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
6.00
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
25 Jan 2023
Cash Credit
Long Term
2.50
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
3.50
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
6.00
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
State Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.50
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
State Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.50
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
6.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
