Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 12.00 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 12.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 12.00 crore bank facilities of Shree Rajendra Agro Industries. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­Karnataka based Shree Rajendra Agro Industries (SRAI) was established in the year 2011, promoted by Mr. Sumerimal Jain and family, It is engaged in the business of ginning and pressing of raw cotton and also sells cotton seeds. The firm's manufacturing unit is located at Yadigiri in Karnataka and has an installed capacity of 2 lakhs quintals per annum.

 
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

None

 
Liquidity Position

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

 
Outlook

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
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on Complexity Levels of the Rated Instrument
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
30 Jul 2021 Cash Credit Long Term 12.00 ACUITE B+ ( Issuer not co-operating*)
07 May 2020 Cash Credit Long Term 12.00 ACUITE B+ (Issuer not co-operating*)
13 Mar 2019 Cash Credit Long Term 12.00 ACUITE B+ (Issuer not co-operating*)
05 Jan 2018 Cash Credit Long Term 12.00 ACUITE B+ | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Bank of Maharashtra Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 12.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*

Contacts
Analytical Rating Desk
About Acuité Ratings & Research

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