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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 70.00 | ACUITE BB- | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 70.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long term rating to ‘ACUITE BB- (read as ACUITE double B minus) from ‘ACUITE BB (read as ACUITE double B ) on the Rs.70.00 Cr bank facilities of RNP Marketing and Cargo Private Limited (RNP). The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.
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| About the Company |
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Mumbai based RNP was established in 2003 as a proprietorship concern with the business of logistic and transport services. Subsequently, its constitution changed into Private Limited in 2008. In FY 2013-2014, RNP started trading of food grains by virtue of its access and proximity to ports and warehouses in 2013-2014. Currently, RNP derives more than 90 percent of the revenue from trading business and rest is from logistic segment. The trading activities of the company encompass several products in food grains such as Tur dal, Wheat, Desi Bajra, Moong Dal and Chana Dal and Basmati Paddy Rice among others. RNP has also started new processing unit for cleaning sorting and grading of groundnuts in November 2018. The company is led by Mr. Piyush Joshi and Mr. Ramesh Gami
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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 continues to be 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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| About the Rated Entity - Key Financials |
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The rated entity has not shared the latest financial statements despite repeated requests.
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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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| Material 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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| Status of non-cooperation with previous CRA |
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None
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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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• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm |
| Note on Complexity Levels of the Rated Instrument |
| https://www.acuite.in/view-rating-criteria-55.htm |
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