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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 11.09 | ACUITE BB | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 0.91 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 12.00 | - | - |
| * The issuer did not co-operate; based on best available information. | |||
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Rating Rationale |
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Acuité has downgraded and withdrawn the long-term rating to 'ACUITE BB’ (read as ACUITE double B) from ‘ACUITE BB+’ (read as ACUITE double B plus) on the Rs.11.09 Cr. bank facilities of The Tripura Flour Mills (TTFM). The rating has been withdrawn on account of the request received from the company and NOC (No Objection Certificate) received from the banker. Acuité has also withdrawn its long-term proposed limit of Rs.0.91 Cr. without assiging any rating of The Tripura Flour Mills as it is a proposed facility.(TTFM). The rating has been withdrawn on account of the request received from the company. The rating is downgraded on account of information risk. The rating has been withdrawn as per Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility. The rating is now to be flagged as “Issuer Not Cooperating” and is based on the best available information. |
| About the Company |
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Established in 2002, The Tripura Flour Mills (TTFM) is a partnership firm, promoted by Mr. Debashish Swami, Mr. Debojyoti Swami, Ms. Debomitra Swami and Ms. Shyamashree Swami. The firm is engaged in the processing of wheat in order to produce maida, suji, atta and bran. TTFM has two units in Dharmanagar, Tripura, one is Modern Flour Mill unit with an installed capacity of 120 MT per day and the other one is Old Tripura Flour Mill unit with an installed capacity of 100 MT per day. Further, the firm also has a cold storage facility which stores potatoes procured from the market.
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| Unsupported Rating |
| Not Applicable |
| 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 noncooperation by the issuer along with an 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.
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| Limitation regarding information availability |
| Rating Sensitivities |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 74.60 | 58.86 |
| PAT | Rs. Cr. | 3.59 | 2.93 |
| PAT Margin | (%) | 4.82 | 4.97 |
| Total Debt/Tangible Net Worth | Times | 0.50 | 0.34 |
| PBDIT/Interest | Times | 7.32 | 6.71 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Interaction with Audit Committee anytime in the last 12 months (applicable for rated-listed / proposed to be listed debt securities being reviewed by Acuite) |
| Not applicable |
| Any other information |
| None |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
| Note on complexity levels of the rated instrument |
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| * The issuer did not co-operate; based on best available information. | ||||||||||||||||||||||||||||||||||||
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