Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 7.36 Crs. of Shri Lakshmi Srinivasa Agro Industries based on best available information, as the issuer did not cooperate.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (11 Nov 2022) |
Present | ||
Fund Based | 7.36 | 7.36 | 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 | 7.36 | 7.36 | (Rupees Seven Crores and Thirty Six lakhs Only) |
The rating was due for review in November 2023. Brickwork ratings(BWR) took up with the firm to provide the required information over emails and through telephonic communication. Despite the best efforts of Brickwork Ratings to get at least the minimum required information for a review, the firm has not provided the same. In the absence of adequate information from the issuer and continued lack of management cooperation, Brickwork Ratings is unable to assess the issuer's financial performance and its ability to service its debt and maintain valid ratings. The firm has not been submitting NDS to BWR. Based on inadequate information and continued lack of management cooperation , Brickwork Ratings has reaffirmed the long-term rating to 'BWR C-' and continued the rating in the Issuer Not Cooperating* category.
The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack 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 required information for a review of the assigned rating October also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating.
ABOUT THE ENTITYMacro Economic Indicator | Sector | Industry | Basic Industry |
---|---|---|---|
Fast Moving Consumer Goods | Fast Moving Consumer Goods | Agricultural Food & other Products | Other Agricultural Products |
Shri Lakshmi srinivasa agro industries was incorporated as a partnership firm in January 2016. The firm has a manufacturing unit in Raichur, Karnataka. The firm is in to processing of paddy to rice. The firm also sells broken rice, maize and wheat. Partners of the firm are T. Krishna Rao, Smt. T. mangadevi, Sri T. Durga Kishore and Sri T. Sumanth.
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
The entity does not carry outstanding ratings with any other credit rating agencies.
ANY OTHER INFORMATIONNA
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 | 7.36 |
BWR C-
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
11Nov2022 |
BWR C-
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
24Sep2021 |
BWR C-
(Downgrade/ISSUER NOT COOPERATING*) |
Grand Total | 7.36 | (Rupees Seven Crores and Thirty Six 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.
Hyperlink/Reference to applicable CriteriaAnalytical Contacts | |
---|---|
Kuradapu Sarath Chandra Kumar Rating Analyst sarathchandra.k@brickworkratings.com |
Nagaraj K Director - Ratings Board : +91 80 4040 9940 nagaraj.ks@brickworkratings.com |
1-860-425-2742 | media@brickworkratings.com |
SL.No. | Name of the Bank/Lender | Type Of Facilities | Long Term(Rs.Crs.) | Short Term(Rs.Crs.) | Total(Rs.Crs.) | |
---|---|---|---|---|---|---|
1 | Union Bank of India | Term LoanOut-standing | 0.36 | _ | 0.36 | |
2 | Union Bank of India | Open Cash Credit / Cash Credit (Hypothecation/Pledge)Sanctioned | 7.00 | _ | 7.00 | |
Total | 7.36 | 0.00 | 7.36 | |||
TOTAL (Rupees Seven Crores and Thirty Six lakhs Only) |
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About Brickwork RatingsBrickwork 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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