­SPRL is an Allahabad-based company incorporated in 2011 by Mr. Shiv Poojan and his family. The company is engaged in the processing and selling of basmati & non-basmati rice, processing of wheat into various products such as flour, semolina, maida, among others. The company has two divisions, i.e. rice and wheat division, which contribute equall y to the total revenue of the company. The manufacturing unit of the company is located in Sahson (Allahabad) with an installed capacity of 46,080 tonnes per annum for paddy processing and 54,000 tonnes per annum for wheat processing. The company procures paddy from Allahabad and Jaunpur Mandi (Uttar Pradesh).

­The SP group constitutes S. P. Sortex Rice Exports India Private Limited and SPRL Foods Limited established in 2010 and 2011 respectively. The SP group is engaged in processing and selling of basmati & nonbasmati rice alongwith processing of wheat. The SP group is promoted by Mr. Shiv Poojan and his family. The group has two manufacturing unit located in Sahson and Naini (Allahabad) with total installed capacity of 74,880 metric tonnes per annum for paddy processing and 54,000 metric tonnes per annum for wheat processing. The group sells its basmati & non-basmati rice under common brand name ‘Shivansh’ and ‘Prayag’.The registered office of the SG group is in Allahabad.

­­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.

­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.

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

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

­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.