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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 28.95 | ACUITE BB+ | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 2.50 | - | ACUITE A4+ | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 31.45 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE BB+’ (read as ACUITE double B plus) and short term rating of ACUITE A4+ (read as ACUITE A Four plus) on the Rs.31.45 crore bank facilities of Ritika Vegetable Oil Private Limited (RVOPL).The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
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| About the Company |
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Rajasthan-based, Ritika Vegetable Oil Private Limited (RVOPL) was incorporated in 2013 and is part of Data Group (DG). The company is engaged in the extraction of edible oil from mustard seeds as well as trading of edible oil and sale of mustard oil cake.
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| About the Group |
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Rajasthan-based, Data Group (DG) is promoted by Data family and the group has its presence across various sectors including real estate, agriculture, wind energy, IT services and edible oils sector. It has presence in the edibles oils sector through - Ritika Vegetable Oil Private Limited (RVOPL), Shree Hari Agro Industries Limited (SHAIL), Data Ingenious Global Limited (DIGL), Saurabh Agrotech Private Limited (SAPL), Vijay Industries (VI) and Babulal Edible Oils Pvt Ltd (BEOPL). RVOPL and VI are manufacturing entities engaged in extraction of edible oil from mustard seeds and sale of mustard oil cake. SHAIL is engaged in solvent extraction from mustard oil cake and exporting of de-oiled cake. Also processing of Vanaspati ghee and refined oil is undertaken under SHAIL. SAPL and DIGL are trading entities engaged in trading of edible oil and sale of blended vegetable oil. BEOPL is the packaging arm of the group. BEOPL is engaged in packing and repacking of edible oils into pet bottles. The Group sells edible oil in the domestic market through its distribution channels, mainly in North East India, Bihar, Rajasthan, Haryana and Delhi under the brand names of ‘Scooter’, ‘Shiv’, ‘Mast Health’ ‘Ashoka’ and ‘Shiv Classic’.
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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 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: |
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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 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.
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| Rating Sensitivity |
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"No information provided by the issuer / available for Acuite to comment upon."
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| All Covenants |
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Not Applicable
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| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Outlook |
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Not Applicable
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| Other Factors affecting Rating |
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Not Applicable
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| Particulars | Unit | FY 20 (Actual) | FY 19 (Actual) |
| Operating Income | Rs. Cr. | 846.21 | 822.72 |
| PAT | Rs. Cr. | 9.62 | 7.98 |
| PAT Margin | (%) | 1.14 | 0.97 |
| Total Debt/Tangible Net Worth | Times | 0.94 | 1.06 |
| PBDIT/Interest | Times | 2.59 | 2.57 |
| Status of non-cooperation with previous CRA |
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Not Applicable
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| 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.
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| Applicable Criteria |
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• 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 • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.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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