Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 30.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 30.00 - -
 
Rating Rationale

­Acuité has Reaffirmed its long term rating of ‘ACUITE D (read as ACUITE D)’ on the Rs.30.00 crore bank facilities of Yashwant Dugdh Prakriya Limited (YDPL). The rating continues to be flagged as “Issue Not-Cooperating” and is a based on best available information.

 


About the Company

­Incorporated in 2004, Yashwant Dugdh Prakriya Limited (YDPL) is engaged in processing of milk and production of various milk products. The day to day operations are carried out by its managing director, Mr. Satyajit Shivajirao Naik along with other directors. Company has its production unit in Shirala, Sangli, Maharashtra with production capacity of 200000 litres per day. It sells its products under the brand name of Sunanda and it has also registered ‘Puro’ as new brand for export products.

 
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:

­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.

 
Rating Sensitivity

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

 
All Covenants

­Not Applicable

 
Liquidity Position

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

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

­Not Applicable

 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 60.13 104.64
PAT Rs. Cr. (1.85) (1.27)
PAT Margin (%) (3.08) (1.22)
Total Debt/Tangible Net Worth Times (43.59) 10.36
PBDIT/Interest Times (0.34) 1.08
Status of non-cooperation with previous CRA

­Not Applicable

 
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.

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
15 Jul 2022 Term Loan Long Term 0.51 ACUITE D (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 8.00 ACUITE D (Downgraded and Issuer not co-operating*)
Proposed Term Loan Long Term 21.49 ACUITE D (Downgraded and Issuer not co-operating*)
18 May 2021 Cash Credit Long Term 8.00 ACUITE B (Issuer not co-operating*)
Proposed Term Loan Long Term 21.49 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 0.51 ACUITE B (Issuer not co-operating*)
02 Mar 2020 Cash Credit Long Term 8.00 ACUITE B | Stable (Assigned)
Proposed Term Loan Long Term 21.49 ACUITE B | Stable (Assigned)
Term Loan Long Term 0.51 ACUITE B | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Axis Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 8.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 21.49 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Axis Bank Not Applicable Term Loan Not available Not available Not available 0.51 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
­

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