­Haryana-based Singla Industries (SI) was established in April, 2016 by the Singla family viz. Vipin Singla, Maju Singla and Anu Singla.and the firm is engaged in the processing of basmati rice from paddy. The processing facilities of the firm is located in Sikanderpur, with an installed capacity of 250 Tons/day. 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.

­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 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.

­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 endeavoured 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.

­The rated entity has not shared the latest financial statements despite repeated requests.

­No information provided by the issuer/ available for Acuité to comment upon.

­None

­No information provided by the issuer/ available for Acuité to comment upon.

­Not Applicable

­None

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

­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.