* 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) on the Rs. 13.00 crore bank facilities of Singla Industries 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
Haryana-based Singla Industries (SI) was established in April, 2016 by the Singla family viz. Vipin Singla, Maju Singla and Anu Singla. The firm is engaged in the processing of basmati rice from paddy. The processing facilities of the firm is located in Sikanderpur. Around 70 percent of the processed rice is sold to under its own brand names which are Khayali pulao, Silver shine, Riwayat, UGS, Factory to you. Other 30 percent of the products are sold to companies like L.T. Foods and I.T.C who sell it under their own brand name.
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
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 B+)
Term Loan
Long Term
2.26
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Proposed Long Term Bank Facility
Long Term
0.74
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
14 Dec 2023
Cash Credit
Long Term
10.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
2.26
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
0.74
ACUITE B+
(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
Indian Bank
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.
0.74
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Indian Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.26
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.
