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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 72.70 | ACUITE BB+ | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 6.10 | - | ACUITE A4+ | Downgraded | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 78.80 | - | - |
| Rating Rationale |
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Acuité has downgraded its long term rating to ‘ACUITE BB+’ (read as ACUITE Double B Plus) from 'ACUITE BBB-' (read as ACUITE Triple B Minus) and short term rating to 'ACUITE A4+ (read as ACUITE A Four Plus) from 'ACUITE A3 (read as ACUITE A Three) on the Rs.78.80 crore bank facilities of Shri Jatadhari Rice Mill Private Limited (SJRMPL). This rating is now an indicative rating and is based on best available information.
Rationale for Rating The rating is downgraded due to non-submission of No Default Statement (NDS) for last 03 consecutive months by SJRMPL. |
| About the Company |
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Incorporated in 1995, Shri Jatadhari Rice Mill Private Limited (SJRMPL) is engaged in manufacturing rice and rice bran. The company belongs to Halder Venture group and promoted by West Bengal based Halder family, who are involved with rice and oil milling since 1924. Currently, the company is headed by Mr. Keshab Kumar Halder, Mr. Prabhat Kumar Halder, Mrs. Poulomi Halder and Mrs. Rekha Halder.
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| About the Group |
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In 1924, Mr. Brindaban Chandra Halder started rice and oil Mill in Rampurhat, West Bengal. After sixty years, Mr. Prabhat Kumar Halder, the second generation director, expanded the business by acquiring Shri Lalateswari in Nalhati, Birbhum. Under the current director, Mr. Keshab Kumar Halder’s leadership, the group started Shri Jatadhari Rice Mill Private Limited (SJRMPL) in 1995. The group further added P K Cereals Private Limited (PKCPL) in 2006 and P K Agri Link Private Limited in 2008.
The P K group mills rice and manufactures crude rice bran oil and de-oiled rice bran cakes. SJRMPL and PKCPL are engaged in rice milling, while PKAPL operates a solvent extraction plant. The group's day-to-day operations are headed by Mr. Keshab Kumar Halder and Mr. Prabhat Kumar Halder. The group’s products are exported to several countries worldwide, including China, Vietnam, Togo, Nepal, Bangladesh, Myanmar, Tanzania and others. The group has corporate offices in India and Singapore. |
| Non-cooperation by the issuer/borrower |
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Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. 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.
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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 Sensitivities |
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No information provided by the issuer / available for Acuite to comment upon.
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| All Covenants |
| Not Available |
| Liquidity Position |
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No information provided by the issuer / available for Acuite to comment upon.
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| Outlook |
| Not Applicable |
| Key Financials: |
| No information provided by the issuer / available for Acuite to comment upon. |
| Status of non-cooperation with previous CRA |
| Not Available |
| Any other information |
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Acuité has considered the consolidated business and financial risk profiles of P K Cereals Private Limited (PKCPL) and Shri Jatadhari Rice Mill Private Limited (SJRMPL), together referred to as the P K Group, on account of similar line of business, same management and operational linkages between the entities.
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| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Trading Entitie: https://www.acuite.in/view-rating-criteria-61.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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