Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 23.50 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 0.50 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 24.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long term rating to ‘ACUITE B+’ (read as ACUITE B plus) and short term rating to ‘ACUITE A4’ (read as ACUITE A four) on the Rs.24.00 Cr bank facilities of Sankar Marine Aquarium Private Limited (SMAPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

­Sankar Marine Aquarium Private Limited (SMAPL) a West Bengal based company was established in 2014 by Mr. Swadesh Ranjan Nayak as a proprietor is engaged in processing of sea fish with an installed capacity of 7 ton per day. The company changed its constitution to a partnership firm in 2016 and enhanced its installed capacity to 30 ton per day. The constitution was changed to a closely held company in September 2017. The processing unit is located in Shankarpur, West Bengal. SMAPL procures fish directly from the auction in Digha estuary and caters to the local exporters.

 
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 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.

 
Limitation regarding information availability:

­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.

 
About the Rated Entity - Key Financials

The rated entity has not shared the latest financial statements despite repeated requests.

 
Rating Sensitivity

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

 
Material Covenants

­Not Applicable

 
Liquidity Position

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

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

­Not Applicable

 
Status of non-cooperation with previous CRA

­None

 
Any other information

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

 
Applicable Criteria
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm

Note on Complexity Levels of the Rated Instrument

­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.

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
26 Nov 2021 Cash Credit Long Term 8.50 ACUITE B+ ( Issuer not co-operating*)
Bank Guarantee Short Term 0.50 ACUITE A4 ( Issuer not co-operating*)
Proposed Term Loan Long Term 7.07 ACUITE B+ ( Issuer not co-operating*)
Proposed Cash Credit Long Term 3.57 ACUITE B+ ( Issuer not co-operating*)
Term Loan Long Term 4.36 ACUITE B+ ( Issuer not co-operating*)
27 Aug 2020 Proposed Term Loan Long Term 7.07 ACUITE B+ (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 0.50 ACUITE A4 (Downgraded and Issuer not co-operating*)
Proposed Cash Credit Long Term 3.57 ACUITE B+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 8.50 ACUITE B+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 4.36 ACUITE B+ (Downgraded and Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Bank of India Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 0.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 8.50 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 3.57 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 7.07 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Bank of India Not Applicable Term Loan Not available Not available Not available 4.36 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research

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