Press Release

Press Release

March 05, 2026

SIDDHIVINAYAK DATA PRIVATE LIMITED
Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	60.00	ACUITE BBB- \| Stable \| Assigned	-
Total Outstanding	60.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has assigned the long term rating of ‘ACUITE BBB-’ (read as ACUITE Triple B Minus) on Rs 60 Cr. bank facilities of Siddhivinayak Data Private Limited. The outlook is 'Stable'.

Rationale for rating
The rating takes into account benefits derived from experienced promoters that continues to support business stability. Profitability margins remain modest, reflecting the highly fragmented and intensely competitive nature of the industry. The financial risk profile is average due to high gearing and low net worth; however, liquidity is adequate owing to the absence of long-term debt. Acuité expects performance to improve, supported by healthy year to date performance and increasing revenue from PFAD products. These positives are partially offset by the uncertainties around sustaining current profitability levels, and the need to monitor any deterioration in the financial risk profile.

About the Company

Siddhivinayak Data Private Limited was incorporated in October 2023 located in Gorakhpur is engaged in trading of sugar and palm oil-based byproducts. It is promoted & managed by Mr. Harsh Ramraika, Mr. Purushottam Das, Mr. Pankaj Kumar and Mr. Rohit Ramraika.

Unsupported Rating

Not applicable

Analytical Approach

Acuité has taken a standalone view of the business and financial risk profile of Siddhivinayak Data Private Limited (SDPL),

Key Rating Drivers

Strengths

Extensive experience of promotors
Siddhivinayak Data Private Limited (SDPL), incorporated in October 2023 and headquartered in Gorakhpur, Uttar Pradesh, builds on over six decades of legacy in India’s sugar ecosystem through its promoters’ firm, Kanniram Hanuman Das. It is promoted & managed by Mr. Harsh Ramraika, Mr. Purushottam Das, Mr. Pankaj Kumar and Mr. Rohit Ramraika. Their long-standing industry knowledge, combined with the operational expertise gained through Siddhivinayak Associates since 2013, provides strong strategic direction and operational stability to SDPL.
Increased scale of operations
SDPL’s revenue increased to Rs. 570.01 crore in FY2025 from Rs. 14.13 crore in FY2024. The lower revenue in FY2024 was due to the company having only three months of full operations, as commercial activities began in January 2024. In contrast, FY2025 marked the first full year of operations, leading to a substantial rise in income. As of Jaunuary 2026 SDPL has been able to attain a turnover of Rs. 501.95 crore and PAT level of Rs 3.03 Cr. Acuite believes that scale of operations will improve over the medium term.

Efficient Working Capital Management
SDPL’s operations exhibit Efficient working capital cycle, as indicated by its low gross current asset (GCA) days of 48 days in FY2025 compared to 246 days in FY2024. The debtor period of the company stood at 46 days in FY2025 as compared to 131 days in the FY2024. The company does not maintain any inventory. The creditor days stood at 13 days at year end FY2025. Acuité believes that the working capital operations of the company will remain at the similar levels over the medium term on account of nature of business.

Weaknesses

Average financial risk profile
The financial risk profile of the company is marked by low but increasing net worth , high gearing and moderate debt protection metrics. The tangible net worth of the company increased to Rs.11.44 crore as on FY2025 from Rs.3.51 crore in FY2024, on account of accretion of profit in reserves and fresh Issue done in FY2025. For FY2025, the gearing of the company increased to 3.68 times in FY2025 from 1.29 times in FY2024. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) also increased to 5.73 times in FY2025 from 2.26 times in FY2024. The Interest Coverage Ratio (ICR) decreased to 4.34 times in FY2025 from 7.04 times in FY2024. Also, the Debt Service Coverage Ratio (DSCR) decreased to 3.31 times in FY2025 from 5.62 times in FY2024. The net cash accruals to total debt (NCA/TD) stood at 0.15 times in FY2025 from 0.04 times in FY2024. The financial risk profile of the company is expected to improve, in absence of any significant debt funded capex in the near term.

Margins Susceptible to the Nature of Business
The company operates in trading-driven business model, marked by thin operating spreads, volatility in commodity prices, and intense competitive pressures, makes its profitability inherently vulnerable to fluctuations. Although operating margins improved marginally from 1.88% in FY2024 to 1.89% in FY2025, margins remain modest. While futhur improvement in margins is anticipated in FY2026 supported by better realizations from PFAD products, the stability and sustainability of these enhanced margins remain uncertain given the dynamic and volatile nature of the commodity trading industry.

Rating Sensitivities

Movement in sales and profitability margins
Movement in gearing and net worth level.

Liquidity Position

Adequate

The company has Adequate liquidity marked by net cash accruals of Rs. 6.36 Cr. in FY2025 as against Rs.0.18 Cr. debt obligations over the same period. The current ratio of the company stood at at 1.25 times in FY2025. Additionally, the Company maintains an unencumbered cash and bank balance of Rs. 0.54 crore and has almost 91% utilization of its sanctioned bank limits over the last six months ending January 2025. Acuité believes that the Company’s liquidity profile will expected to remain over similar levels over the medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	570.01	14.13
PAT	Rs. Cr.	5.78	0.16
PAT Margin	(%)	1.01	1.14
Total Debt/Tangible Net Worth	Times	3.68	1.29
PBDIT/Interest	Times	4.34	7.04

Status of non-cooperation with previous CRA (if applicable)

Not applicable

Any other information

None

Applicable Criteria

• 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
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm

Note on complexity levels of the rated instrument

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.

Rating History :

Not applicable

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	52.50	Simple	ACUITE BBB- \| Stable \| Assigned
State Bank of India	Not avl. / Not appl.	Line of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.50	Simple	ACUITE BBB- \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Prashant Dey
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.