* 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
Acuite has downgraded the long-term rating to “ACUITE B” (read as ACUITE B) from “ACUITE B+” (read as ACUITE B Plus) on Rs.25.95 crore bank facilities of White Gold Agro Products.
The rating downgrade is on account of information risk. The rating is now flagged as “Issuer Not-Cooperating” on account of information risk and is based on the best available information.
About the Company
Established in 2019, White Gold Agro Products (WGAP), is involved in the manufacturing of sugar, molasses and their by-products. Its manufacturing plant is located at Hojai, Assam.The partners of the firm are Mr. Deepak Kayal, Mr. Manoj Kumar Kayal, Mr. Rohit Kumar Agarwalla and Vinita Agarwalla. The commercial production was started in December 2022.
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 Sensitivities
Potential triggers (individual or collective) for an upward rating action:
"No information provided by the issuer / available for Acuite to comment upon."
Potential triggers (individual or collective) for a downward rating action:
"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."
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.
2.95
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
North Eastern Development Finance Corporation Ltd.
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
31 Dec 2028
20.00
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.
