RATING RATIONALE
29Nov2024

S.A. Nashipudi

Brickwork Ratings reaffirms the long-term ratings for the Bank Loan Facilities of Rs. 7.58 Crs. of S.A. Nashipudi based on the best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(27 Nov 2023)
Present
Fund Based 7.58 7.58 Long Term BWR C-
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR C -
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Grand Total 7.58 7.58 (Rupees Seven Crores and Fifty Eight lakhs Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

Brickwork Ratings (BWR) had last rated the bank loan facilities of Rs.7.58 Crs in Nov 2023 by reaffirming the long-term rating at BWR C-/ ISSUER NOT COOPERATING*. The rating is due for review in November 2024. BWR has consistently taken up with the company through emails and telephone calls to provide the requisite information for the review of the ratings. Despite the best efforts of BWR to get at least the minimum required information for a review, the company has not been submitting the monthly “No Default Statement” (NDS) as required by regulatory guidelines and remains non-cooperative. Due to the lack of management cooperation, BWR is unable to assess the company’s financial performance and its ability to service its debt and maintain a valid rating. Hence, owing to the lack of management cooperation, Brickwork Ratings reaffirms the long-term rating at BWR C- and continues the rating under the ISSUER NOT COOPERATING* category, based on the best available information.    

The lenders/investors may note to exercise due caution while using the rating that mentions "Issuer Not Cooperating" since the rating lacks any projections or forward-looking component as it is arrived at based on the best available information without any management/banker's interaction.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide the required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should, therefore, take into account the possible deterioration in the credit quality of the rated entity arising from its non-transparency and withholdings of the information required for a review of the rating.

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Consumer Discretionary Consumer Durables Consumer Durables Diversified consumer products

S. A Nashipudi is a sole proprietorship concern established in 1960. It is engaged in Trading of red chillies and processing of chilli powder. Its products are Dry Chili, Chilly powder, Chilly Seeds and Gunny Bags. The Proprietor of the concern is Mr. S. A Nashipudi who has an experience of 20 years in the industry. It produces red chilly powder and pizza cut chilly.

(As per information received to BWR as on Mar 2019)

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

NA

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2024) 2023 2022 2021
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 7.58
BWR C-
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
27Nov2023
BWR C-
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
23Nov2022
BWR C-
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
03Dec2021
BWR C-
(Downgrade/ISSUER NOT COOPERATING*)
Grand Total 7.58 (Rupees Seven Crores and Fifty Eight lakhs Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

Sejal Santosh Jaiswal

Ratings Analyst sejal.sj@brickworkratings.com

Hari Kishan Yadav

Associate Director - Ratings hari.ky@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
S.A. Nashipudi
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.) Complexity of the Instrument
1 Karur Vysya Bank Term LoanOut-standing 0.96 _ 0.96 Simple##
2 Karur Vysya Bank Term LoanOut-standing 0.62 _ 0.62 Simple##
3 Union Bank of India Cash CreditSanctioned 6.00 _ 6.00 Simple##
Total 7.58 0.00 7.58
TOTAL (Rupees Seven Crores and Fifty Eight lakhs Only)

##BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

ANNEXURE-II
INSTRUMENT DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

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Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,560 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner.

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