­Hyderabad-based Prasad Feeds Private Limited (PFPL), incorporated in 2015, is promoted by Mr. Hemanth Kumar Karumanchi and his sister, Ms. Karthika. It is engaged in processing and supply of maize crop based silage or green fodder, which is used as cattle feed. Silage is primarily made of maize crop, by chopping the standing maize green crop into tiny pieces and making into a bale form of about 300 kgs with airtight packing for fermentation and durability. PFPL has long-term arrangement with DoAH - GoAP for supply of silage for about 30,000 metric tonnes per annum (MTPA). Further, the company has orders of 3000 MTPA from private parties such as National Dairy Development, MNR Dairy, various Goshalas, among others.

­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 noncooperation 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.

­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.

­"No information provided by the issuer / available for Acuite to comment upon."

­Not Applicable

­"No information provided by the issuer / available for Acuite to comment upon."

­Not Applicable

­Not Applicable

­None

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

­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.