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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 148.59 | ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 11.41 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 160.00 | - | - |
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Rating Rationale |
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Acuité has reaffirmed and withdrawn the long-term rating to ‘ACUITE B+’ (read as ACUITE B plus) on the Rs.148.59 crore bank facilities of Shreegluco Biotech Private Limited(SBPL).
Acuité has also withdrawn the long-term proposed limit without assigning any rating on the Rs.11.41 crore bank facilities of Shreegluco Biotech Private Limited(SBPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information. The withdrawal is on account of the client's request and receipt of the NOC from the lead banker. The withdrawal is in accordance with Acuité's policy on withdrawal of ratings as applicable to the respective facility / instrument. |
| About the Company |
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Bangalore-based, Shreegluco Biotech Private Limited (SBPL) is promoted by Mr. Srinath Bysani who has a rich experience in trading of corn since 1986. The promoter was involved in the business of procuring corn from farmers and supplying to poultry, cattle and starch industries. In 2012, the company was incorporated with the intent of forward integration in the business and set up a starch & derivatives plant wherein raw material is primarily being corn. In June 2015, the company started construction and was able to setup a plant with a capacity of 600 tons/day capacity grinding and started commercial production in January 2018. The other promoters of the company are Mrs. B.S. Mamatha and Mr. B.S. Adinarayanaguptha. SBPL’s product portfolio include starch, germ, gluten, fiber and enrich fiber, liquid glucose, high maltose syrup and maltodextrin.
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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 rating is 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. | 562.04 | 205.78 |
| PAT | Rs. Cr. | 20.98 | 26.27 |
| PAT Margin | (%) | 3.73 | 12.76 |
| Total Debt/Tangible Net Worth | Times | 1.76 | 1.34 |
| PBDIT/Interest | Times | 3.15 | 3.15 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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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