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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 18.00 | ACUITE B+ | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 18.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long term rating to ‘ACUITE B+’ (read as ACUITE B plus) from ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs.18.00 crore bank facilities of Sri Shiva Durga Rice Industries (SSDRI). The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.
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| About the Company |
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Sri Shiva Durga Rice Industries (SSDRI) was incorporated in the year 2007 as a partnership firm. The firm is engaged in the milling of paddy and produces raw & boiled rice. The firm has a milling unit in Bebbigudem village of Nalgonda district of Telangana with an installed capacity of 5 tons per hour.
The promoters of the firm Mr. Kasam Jagan, Mrs. Kasam Swapna, Mr. Julakanti Udaykumar, Mrs. Julakanti Vijaykumari, Mr. Karnati Karuna and Mrs. Vangaviti Sridevi have long experience of more than one decade in the rice industry. SSDRI sale its product under the brand names of SD Gold and JJJ. The firm procures paddy directly from farmers and sells it to wholesalers. Its major market is Hyderabad city with 90 percent share and the rest is sold across the state of Telangana. |
| Non-cooperation by the issuer/borrower: |
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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: |
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The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuite endeavored to gather information about the entity/industry from the public domain. Therefore, Acuite cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.
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| About the Rated Entity - Key Financials |
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The rated entity has not shared the latest Financial Statements despite repeated attempts.
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| Rating Sensitivity |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Material Covenants |
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None
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| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Outlook |
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Not Applicable
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| Status of non-cooperation with previous CRA |
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None
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| Any other information |
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Acuite is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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| Applicable Criteria |
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• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • 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 |
| Note on Complexity Levels of the Rated Instrument |
| https://www.acuite.in/view-rating-criteria-55.htm |
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