PR

Press Release
VAIDYANATH SAHAKARI SAKHAR KARKHANA LIMITED
November 10, 2022
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	207.23	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-
Bank Loan Ratings	62.77	-	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	270.00	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the short-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs.270.00 Crore bank facilities of Vaidyanath Sahakari Sakhar Karkhana Limited (VSSL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.

About the Company

VSSL was set up as a co-operative society in 1996. Subsequently, the constitution was changed in 2006 to public limited by Mr. Gopinath Munde and at present, the company is managed by Mrs. Pankajatai Gopinathrao Munde. The company is engaged in sugar manufacturing, distillery and cogeneration. The sugar plant and distillery unit are located at Parli Vaijnath (Maharashtra). Cogeneration unit is fully operationalised with an installed capacity of 21MW. The installed capacity for sugar is 5000 TCD, 60 KLPD for distillery unit and 21-megawatt co-generation power unit.

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 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.

Limitation regarding information availability:

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 endeavored 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.

About the Rated Entity - Key Financials

The rated entity has not shared the latest financial statements despite repeated requests.

Rating Sensitivity

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

Material Covenants

None

Liquidity Position

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

Outlook

Not Applicable

Status of non-cooperation with previous CRA

None

Any other information

Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

Applicable Criteria

• 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

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.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
18 Aug 2021	Cash Credit	Long Term	0.91	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	6.96	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	0.13	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	0.79	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	1.57	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	0.19	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	0.40	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	16.29	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	5.00	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	9.73	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	4.00	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	66.00	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	1.58	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	15.00	ACUITE D ( Issuer not co-operating*)
	Short Term Loan	Short Term	11.00	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	9.62	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	4.65	ACUITE D ( Issuer not co-operating*)
	Short Term Loan	Short Term	25.00	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	6.48	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	57.85	ACUITE D ( Issuer not co-operating*)
	Short Term Loan	Short Term	25.00	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	1.85	ACUITE D ( Issuer not co-operating*)
01 Jun 2020	Cash Credit	Long Term	5.00	ACUITE D (Issuer not co-operating*)
	Term Loan	Long Term	0.13	ACUITE D (Issuer not co-operating*)
	Term Loan	Long Term	6.48	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	4.00	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	66.00	ACUITE D (Issuer not co-operating*)
	Term Loan	Long Term	0.40	ACUITE D (Issuer not co-operating*)
	Term Loan	Long Term	9.62	ACUITE D (Issuer not co-operating*)
	Short Term Loan	Short Term	25.00	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	16.29	ACUITE D (Issuer not co-operating*)
	Term Loan	Long Term	0.79	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	57.85	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	0.19	ACUITE D (Issuer not co-operating*)
	Term Loan	Long Term	1.57	ACUITE D (Issuer not co-operating*)
	Term Loan	Long Term	9.73	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	6.96	ACUITE D (Issuer not co-operating*)
	Short Term Loan	Short Term	25.00	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	1.58	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	0.91	ACUITE D (Issuer not co-operating*)
	Short Term Loan	Short Term	11.00	ACUITE D (Issuer not co-operating*)
	Term Loan	Long Term	15.00	ACUITE D (Issuer not co-operating*)
	Term Loan	Long Term	1.85	ACUITE D (Issuer not co-operating*)
	Term Loan	Long Term	4.65	ACUITE D (Issuer not co-operating*)
13 Mar 2019	Term Loan	Long Term	0.13	ACUITE D (Reaffirmed)
	Term Loan	Long Term	0.79	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	16.29	ACUITE D (Reaffirmed)
	Term Loan	Long Term	4.65	ACUITE D (Reaffirmed)
	Term Loan	Long Term	1.85	ACUITE D (Reaffirmed)
	Term Loan	Short Term	25.00	ACUITE D (Reaffirmed)
	Term Loan	Long Term	0.40	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	66.00	ACUITE D (Reaffirmed)
	Term Loan	Long Term	1.57	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE D (Reaffirmed)
	Term Loan	Long Term	9.73	ACUITE D (Reaffirmed)
	Term Loan	Long Term	9.62	ACUITE D (Reaffirmed)
	Term Loan	Short Term	25.00	ACUITE D (Reaffirmed)
	Bank Guarantee	Short Term	1.58	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	6.96	ACUITE D (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE D (Reaffirmed)
	Term Loan	Short Term	11.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	0.91	ACUITE D (Reaffirmed)
	Bank Guarantee	Short Term	0.19	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	57.85	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE D (Reaffirmed)
	Term Loan	Long Term	6.48	ACUITE D (Reaffirmed)
08 Mar 2018	Cash Credit	Long Term	139.81	ACUITE D (Reaffirmed)
	Term Loan	Long Term	61.00	ACUITE D (Reaffirmed)
	Bank Guarantee	Short Term	1.77	ACUITE D (Reaffirmed)
	Secured Overdraft	Long Term	0.91	ACUITE D (Reaffirmed)
	Term Loan	Long Term	66.51	ACUITE D (Reaffirmed)
13 Dec 2016	Cash Credit	Long Term	139.81	ACUITE D (Assigned)
	Secured Overdraft	Long Term	0.91	ACUITE D (Assigned)
	Term Loan	Long Term	66.51	ACUITE D (Assigned)
	Term Loan	Long Term	61.00	ACUITE D (Assigned)
	Bank Guarantee	Short Term	1.77	ACUITE D (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Union Bank of India	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	1.58	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	0.19	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	5.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	4.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	6.96	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	66.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	0.91	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	16.29	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
IDBI Bank Ltd.	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	57.85	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Short-term Loan	Not Applicable	Not Applicable	Not Applicable	11.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Short-term Loan	Not Applicable	Not Applicable	Not Applicable	25.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Short-term Loan	Not Applicable	Not Applicable	Not Applicable	25.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
IDBI Bank Ltd.	Not Applicable	Term Loan	Not available	Not available	Not available	1.57	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
IDBI Bank Ltd.	Not Applicable	Term Loan	Not available	Not available	Not available	0.13	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
IDBI Bank Ltd.	Not Applicable	Term Loan	Not available	Not available	Not available	9.73	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
IDBI Bank Ltd.	Not Applicable	Term Loan	Not available	Not available	Not available	6.48	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Term Loan	Not available	Not available	Not available	0.79	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Term Loan	Not available	Not available	Not available	4.65	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Term Loan	Not available	Not available	Not available	9.62	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Term Loan	Not available	Not available	Not available	0.40	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Term Loan	Not available	Not available	Not available	1.85	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
IDBI Bank Ltd.	Not Applicable	Term Loan	Not available	Not available	Not available	15.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*

Contacts

Analytical	Rating Desk
Pooja Ghosh Vice President-Rating Operations Tel: 022-49294041 pooja.ghosh@acuite.in Abhishek Singh Analyst-Rating Operations Tel: 022-49294065 abhishek.s@acuite.in	Varsha Bist Senior Manager-Rating Operations Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité.