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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 8.10 | ACUITE BB- | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 9.00 | - | ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* |
| Bank Loan Ratings | 2.90 | - | Not Applicable | Withdrawn |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 20.00 | - | - |
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Rating Rationale |
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Acuité has downgraded and withdrawn the long-term rating to 'ACUITE BB-' (read as ACUITE double B minus) from 'ACUITE BB' (read as ACUITE double B) on the Rs.8.10 crore bank facilities of Sanna Enterprises.
Acuité has reaffirmed and withdrawn the short-term rating to ‘ACUITE A4+’ (read as ACUITE A Four plus) on Rs.9.00 crore bank facilities of Sanna Enterprises. Acuité has withdrawn the short-term proposed limit without assigning any rating for the Rs.2.90 crore bank facilities of Sanna Enterprises as it is a proposed facility. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information. The rating is downgraded on account of information risk. The rating has been withdrawn as per Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility. The rating has been withdrawn on account of the request received from the company and the NOC (No Objection Certificate) received from the banker. |
| About the Company |
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Established in 2003, Sanna Enterprises (SE) is a Nagaland based proprietorship firm promoted by Ms. Sanchana Gupta. The firm is engaged in trading of food grains and other rationing items, and supplies food items such as pulses, rice, milk, tea, coffee, sugar, refined oil and cereals to private players and even to government departments, namely, The Director General Assam Rifles, Indian Army and Indian Navy. Additionally, the firm has been engaged in trading of solar equipment and street lights. It also operates food outlets in Imphal, Jorhat and Kullu Airport since 2019.
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| Unsupported Rating |
| Not Applicable |
| 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.
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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 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 ratingis based.
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| Rating Sensitivity |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 189.27 | 187.82 |
| PAT | Rs. Cr. | 0.31 | 0.29 |
| PAT Margin | (%) | 0.17 | 0.15 |
| Total Debt/Tangible Net Worth | Times | 0.76 | 1.18 |
| PBDIT/Interest | Times | 1.45 | 1.41 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| None |
| 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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