* 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 B-‘ (read as ACUITE B minus) from 'ACUITE B+‘ (read as ACUITE B plus) on the Rs. 17.00 crore bank facilities of Shri Madhur Foods Products Private Limited (SMFPPL) 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 1997, Shri Madhur Foods Products Private Limited is engaged in the extraction of cottonseed oil. SMFPPL has an installed capacity of 100 tonnes per day, Maharashtra-based company and was promoted by Late Mr. Hansraj Agrawal, currently managed by the Agarwal family.
About the Group
Omshree Agro Tech Private Limited (OATPL) incorporated in 2005, is a Maharashtra based company engaged in the extraction of soyabean oil from soyabean seeds and it also produces soyabean meal, hulls, lecithin and defatted soya flour.
Maharashtra-based Omshree Group was established in 2009, Om Industries (OI) is engaged in the extraction of cottonseed oil. OI is a part of Omshree group of companies and is an expansion to Shri Madhur Food Products Private Limited (SMFPPL).The group was promoted by Late Mr. Hansraj Agrawal, currently managed by the Agarwal family.
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
About the Rated Entity - Key Financials
The rated entity has not shared the latest financial statements despite repeated requests.
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 B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Cash Credit
Long Term
10.00
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Proposed Long Term Bank Facility
Long Term
2.50
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
17 Apr 2024
Cash Credit
Long Term
4.50
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
10.00
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
2.50
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
20 Jan 2023
Cash Credit
Long Term
10.00
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
2.50
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
4.50
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
* 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
State Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.50
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
State Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
10.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
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.
2.50
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
* 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.
