* 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) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 15.00 Crore bank facilities of Oriana Agro Infra Limited (OAIL) 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 2006, Oriana Agro Infra Limited builds warehouses under DBOL (Design Build Own Lease) model in Odisha. The company is also engaged in logistics services of loading and unloading of food grains from these warehouses. Mr. Nalini Kanta Patnaik and Mr. Abhinandan Mohanty are the promoter directors in the company. In 2017, the company has signed contracts with Odisha State Civil Supplies Corporation Limited (OSCSCL) which is the nodal agency of GoO, to provide guaranteed monthly rental with an increment of 7.5 per cent annually on compounding basis for 10 years under the scheme irrespective of the quantity of monthly storage of food grains by the Government. Moreover, GoO has also given a counter guarantee as Letter of Comfort to fulfil all the obligations of the contract including disbursal of guaranteed subsidy amount of Rs.0.56 Cr. per warehouse. Each warehouse has a storage capacity of 2500 metric tons on minimum 1.5 acres of company owned land along with all-weather interior roads, water and electricity connection, weigh bridge, office and staff quarters.
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
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 B+)
Proposed Long Term Bank Facility
Long Term
1.60
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
26 Oct 2023
Bank Guarantee (BLR)
Short Term
0.35
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
13.05
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
1.60
ACUITE B+
(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
UCO BANK
Not avl. / Not appl.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.35
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
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.
1.60
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
UCO BANK
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
13.05
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.
