Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 20.00 ACUITE B+ | Downgraded | Issuer not co-operating* -
Total Outstanding 20.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

Acuité has downgraded the long-term rating to 'ACUITE B+‘ (read as ACUITE B plus) from ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs. 20.00 crore bank facilities of Shree Shakambari Rice Mill Private Limited (SSRMPL) 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

­Established in 2006, Shree Shakambari Rice Mill Private Limited (SSRMPL) is situated in Kolkata and specializes in processing both Basmati and Non-Basmati Rice. The company is presently endorsed by Mr. Rajnish Kumar and Mr. Anish Kumar. Sourcing paddy from Bihar, Jharkhand, and Uttar Pradesh, the company operates with an installed capacity of 16 TPH, achieving a utilization rate of approximately 87.50 percent.

 
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
­"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
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 24 (Actual) FY 23 (Actual)
Operating Income Rs. Cr. 178.59 151.72
PAT Rs. Cr. 1.40 1.28
PAT Margin (%) 0.78 0.84
Total Debt/Tangible Net Worth Times 2.32 2.06
PBDIT/Interest Times 1.62 2.06
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
05 Apr 2024 Cash Credit Long Term 20.00 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable)
16 Aug 2023 Cash Credit Long Term 20.00 ACUITE BB | Stable (Reaffirmed)
03 Jun 2022 Cash Credit Long Term 20.00 ACUITE BB | Stable (Downgraded from ACUITE BB+)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
IDBI Bank Ltd. Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
* The issuer did not co-operate; based on best available information.

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