RATING RATIONALE
11Jun2024

Golden Agrarian Pvt. Ltd.

Brickwork Ratings reaffirms and continues the ratings in the "Issuer not cooperating" category for the Bank Loan Facilities of Rs. 46.47 Crs. of Golden Agrarian Pvt. Ltd. based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(02 Jun 2023)
Present
Fund Based 46.47 46.47 Long Term BWR D
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Grand Total 46.47 46.47 (Rupees Forty Six Crores and Forty Seven 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

BWR has reaffirmed the rating to BWR D for the bank loan facilities of Golden Agrarian Pvt Ltd and continued to be placed under the "Issuer Not Cooperating" category based on the available information as the issuer did not cooperate.

BWR had initially assigned the rating of BWR B+/Stable for the bank loan facilities as on 05 Sep 2014.  The ratings were upgraded to BWR BB-/Stable for the bank loan facilities as on 15 Sep 2017. The ratings were due for renew in Sep 2018. The long term ratings were downgraded to BWR B+/Stable for the bank loan facilities as on 24 Jan 2019 and the ratings were migated to "Issuer not cooperating" category. On 05 Oct 2020, the rating was downgraded to BWR B / Stable and the rating was continued in the " Issuer not cooperating" category. On 16 Nov 2021 , the rating was downgraedd to BWR B- / Stable and the rating was continued in the " Issuer not cooperating" category. On 03 Jan 2023,  the rating was downgraded to BWR C and the rating was continued in the " Issuer not cooperating" category.   On 02 Jun 2023,  the rating was downgraded to BWR D  and the rating was continued in the " Issuer not cooperating" category.  

Going forward, BWR tried to consistently contact the issuer to provide the required information over emails but no response has been received from the client. We were unable to reach the banker through mails, the banker feedback regarding the conduct of the account is not available. Despite the best efforts of BWR to get at least the minimum required information for the review, the entity has not provided the same. In the  absence of adequate information from the firm, BWR is unable to assess the firm's financial performance and its ability to service its debt and maintain a valid rating.

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 ratedentities to provide 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 ratedentity arising from its non- transparency and withholding of the information required for a review of the rating..

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Fast Moving Consumer Goods Fast Moving Consumer Goods Food Products Other Food Products

Golden Agrarian Pvt Ltd (GAPL), was established as a partnership company in 1997 as Samra Industries. Later it was reconstituted to Private limited and the company name was changed to Golden Agrarian Pvt Ltd incorporated on 16 October 2012, promoted by Mr. Sukhveer Singh. The company’s office and manufacturing unit is located at Faridkot, Punjab. GAPL is engaged in processing of basmati and Non-basmati Rice.

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

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY

Rated CRIISL D under "Issuer not cooperating" category vide PR dated 09 June, 2023.

ANY OTHER INFORMATION

Nil

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 46.47
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
03Jan2023
BWR C
(Downgrade/ISSUER NOT COOPERATING*)
NA
NA
16Nov2021
BWR B-Stable
(ISSUER NOT COOPERATING* /Downgrade)
0.00
NA
02Jun2023
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
NA
NA
NA
NA
Grand Total 46.47 (Rupees Forty Six Crores and Forty Seven lakhs Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

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 Criteria
Analytical Contacts

Vaishali Khandelwal

Rating Analyst vaishali.k@brickworkratings.com

V.K.Kukreja

Associate Director - Ratings Board : +91 11 2341 2232 kukreja.vk@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Golden Agrarian Pvt. Ltd.
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.)
1 Punjab National Bank Term LoanOut-standing 1.47 _ 1.47
2 Punjab National Bank Cash CreditSanctioned 40.00 _ 40.00
3 Punjab National Bank Warehouse Receipts (WHR)Sanctioned 5.00 _ 5.00
Total 46.47 0.00 46.47
TOTAL (Rupees Forty Six Crores and Forty Seven lakhs Only)
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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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