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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 40.00 | Not Applicable | Withdrawn | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 40.00 | - | - |
| Rating Rationale |
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Acuité has withdrawn the rating on the Rs.40.00 Cr bank facilities of Suruchi Spices Private Limited (SSPL).
The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NDC received from the banker. Since the loan availed by the company has been repaid, the rating has been withdrawn. |
| About the Company |
| SSPL incorporated in 1990, is a Nagpur based company engaged in the manufacture of spices, papads and instant food mix packets. The company benefits from its long track record of operations and experienced management. Mr. Subhash Jain, Managing Director possesses experience of around four decades in the industry. |
| Analytical Approach |
| Not Applicable |
Key Rating Drivers
| Strengths |
| Not Applicable
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| Weaknesses |
| Not Applicable
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| Rating Sensitivities |
| Not Applicable |
| Material covenants |
| Not Applicable |
| Liquidity Position |
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Not Applicable
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| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 237.57 | 223.35 |
| PAT | Rs. Cr. | 23.64 | 23.00 |
| PAT Margin | (%) | 9.95 | 10.30 |
| Total Debt/Tangible Net Worth | Times | 0.79 | 0.72 |
| PBDIT/Interest | Times | 8.38 | 11.04 |
| Status of non-cooperation with previous CRA (if applicable) |
| None |
| Any other information |
| None |
| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on complexity levels of the rated instrument |
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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
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