ACUITE A4+ | Reaffirmed | Issuer not co-operating*
RBI
Total Outstanding
0.00
132.00
-
-
-
Total Withdrawn
0.00
0.00
-
-
-
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to 'ACUITE BB’ (read as ACUITE double B) from ‘ACUITE BB+’ (read as ACUITE double B plus) and reaffirmed the short term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 132.00 crore bank facilities of Shakti Apifoods Private Limited (SAPL) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information.
About the Company
Based in Punjab, Shakti Apifoods Private Limited (SAPL) was incorporated in 2009. SAPL is engaged in the processing and export of natural honey, Garlic & manufacturing of lndustrial Paints & Powder. The company is directed by Mr. Jagdish Chand, Mr. Jai Gopal and Mr. Suresh Kumar.
Unsupported Rating
Not Applicable
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 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
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE A4+
(Downgraded & Issuer not co-operating* from ACUITE A3)
Packing Credit
Long Term
117.00
ACUITE BB+
(Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable)
Cash Credit
Long Term
5.00
ACUITE BB+
(Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable)
Term Loan
Long Term
4.68
ACUITE BB+
(Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable)
Proposed Long Term Bank Facility
Long Term
0.32
ACUITE BB+
(Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable)
26 Dec 2023
Letter of Credit
Short Term
5.00
ACUITE A3
(Assigned)
Packing Credit
Long Term
117.00
ACUITE BBB- | Stable
(Assigned)
Cash Credit
Long Term
5.00
ACUITE BBB- | Stable
(Assigned)
Term Loan
Long Term
4.68
ACUITE BBB- | Stable
(Assigned)
Proposed Long Term Bank Facility
Long Term
0.32
ACUITE BBB- | Stable
(Assigned)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Punjab National Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.00
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ )
Punjab National Bank
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.00
Simple
ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Punjab National Bank
Not avl. / Not appl.
Packing Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
117.00
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ )
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.32
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ )
Punjab National Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.68
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
