Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 60.00 Not Applicable | Withdrawn -
Total Outstanding 0.00 - -
Total Withdrawn 60.00 - -
 
Rating Rationale

­Acuité has withdrawn the long-term rating on the bank facilities of Rs.60.00 Cr. of Sant Muktai Sugar And Energy Limited (SMSEL) without assigning any rating as the Instrument is fully repaid.
The rating is being withdrawn on account of the request received from the company and the No dues certificate (NDC) received from the bankers as per Acuité’s policy on withdrawal of ratings.

About the Company
­Sant Muktai Sugar And Energy Limited (SMSEL) was incorporated in 2013. The commercial operations of the company commenced in December, 2014. The company is engaged in manufacturing of sugar and power cogeneration. The unit is located in Jalgaon (Maharashtra) and has crushing capacity of 2500 tonnes crushed per day (TCD). SMSEL also has a co-generation plant of 12 mega-watts (MW). SMSEL is a part of the Shraddha Group (SG), promoted by Jadhav family.
 
Unsupported Rating
­Not applicable
 
Analytical Approach
­Not applicable
 
Key Rating Drivers

Strengths
­­Not applicable

Weaknesses
­­Not applicable
Rating Sensitivities
­­­Not applicable
 
Liquidity Position
­­­Not applicable
 
Outlook
­­­Not applicable
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 220.73 161.92
PAT Rs. Cr. 10.34 (6.75)
PAT Margin (%) 4.68 (4.17)
Total Debt/Tangible Net Worth Times 8.97 (41.71)
PBDIT/Interest Times 3.19 0.92
Status of non-cooperation with previous CRA (if applicable)
­­­Not applicable
 
Any other information
­None
 
Applicable Criteria
• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Entities In Manufacturing Sector:- https://www.acuite.in/view-rating-criteria-59.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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
24 Mar 2023 Cash Credit Long Term 30.00 ACUITE B+ | Stable (Reaffirmed)
Cash Credit Long Term 30.00 ACUITE B+ | Stable (Reaffirmed)
03 Jan 2022 Proposed Bank Facility Long Term 30.00 ACUITE B+ | Stable (Reaffirmed)
Cash Credit Long Term 30.00 ACUITE B+ | Stable (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple Not Applicable|Withdrawn
Janata Sahakari Bank Ltd (Pune) Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple Not Applicable|Withdrawn

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