* 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.18.00 crore bank facilities of Sri Shiva Durga Rice Industries (SSDRI) 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
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.
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+)
Cash Credit
Long Term
3.00
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Proposed Long Term Bank Facility
Long Term
3.00
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
13 Dec 2023
Cash Credit
Long Term
12.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
3.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
3.00
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
Canara Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
12.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Canara Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.00
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.
3.00
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.
