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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 8.50 | ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 11.50 | Not Applicable | Withdrawn | - |
| Bank Loan Ratings | 9.20 | - | ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* |
| Bank Loan Ratings | 5.80 | - | Not Applicable | Withdrawn |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 35.00 | - | - |
| Rating Rationale |
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Acuité has Reaffirmed and withdrawn its long-term rating of ‘ACUITE BB+’ (read as ACUITE double B plus) and reaffirmed the short-term rating of 'ACUITE A4+' (read as ACUITE A four plus) on the rs 17.70Cr bank facilities of Rashik Bihari Food Product Private Limited.
Also, the rating will be Not Applicable for the withdrawn proposed limit on the Rs.17.30 Cr bank facilities of Rashik Bihari Food Product Private Limited (RBFPPL). The rating is now to be flagged as “Issuer Not-Cooperating” and is based on best available information. The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NOC received from the banker. |
| About the Company |
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Established in 2010, Rashik Bihari Food Product Private Limited (RBFPPL) is a merger of 3 companies Vishwanath Rice Mill (1990), Vishwanath Parboiling Industries (1990) and Parwati Trading Company (2003). The company is promoted by Mr. Naresh Kumar Agrawal, Smt. Sanju Agrawal, Mr. Rashik Agrawal and Mr. Aakash Agrawal. RBFPPL is engaged in the manufacturing, trading and exporting of all kinds of non-basmati rice and have a manufacturing facility located in Chhattisgarh with a paddy milling capacity of 58,000 MTPA. The company has its own brand in non-basmati rice named as ‘SAFFHIRE’ and the rice supplies are also exported to the Middle East and African region. Moreover, the company is ISO certified and a member of APEDA.
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| Non-cooperation by the issuer/borrower: |
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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.
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| Limitation regarding information availability: |
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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 ratingis based.
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| About the Rated Entity - Key Financials |
| The rated entity has not shared the latest financial statement for Acuite to comment. |
| Rating Sensitivity |
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The rated entity has not shared the latest financial statements despite repeated requests. |
| Material Covenants |
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None |
| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
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Not Applicable |
| Other Factors affecting Rating |
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None |
| Status of non-cooperation with previous CRA |
| Crisil vide its press release dated 14.03.2022, had rated the company to CRISIL B/A4 Stable ; INC. |
| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups. |
| Applicable Criteria |
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• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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 |
| Note on Complexity Levels of the Rated Instrument |
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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.
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