Brickwork Ratings reaffirms the long-term ratings for the Bank Loan Facilities of Rs. 8.17 Crs. of Siva Sai Pressing Company based on best available information, as the issuer did not cooperate.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (03 Oct 2023) |
Present | ||
Fund Based | 8.17 | 8.17 | 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 | 8.17 | 8.17 | (Rupees Eight Crores and Seventeen lakhs Only) |
Brickwork Ratings (BWR) has rated the bank loan facilities of 'Siva Sai Pressing Company' in October 2023 by reaffirming the long-term rating at "BWR C-" and continues to be in ISSUER NOT COOPERATING* category. The ratings were due for a review in October,2024. BWR has consistently taken up with the entity 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 entity has not provided the required information for review and not been submitting the monthly “No Default Statement” (NDS) as required by regulatory guidelines. Due to the lack of management cooperation, BWR is unable to assess the entity’s financial performance and its ability to service its debt and maintain a valid rating. Hence, based on the best available information, lack of management cooperation, BWR reaffirms the long-term rating at "BWR C-" and continue the ratings under ISSUER NOT COOPERATING* category, based on best available information.
The lenders/investors may note to exercise due caution while using the rating which 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 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 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 |
---|---|---|---|
Consumer Discretionary | Textiles | Textiles & Apparels | Other Textile Products |
M/s Siva Sai Pressing Company was established in 2006 as a partnership firm and located at Guntur, Andhra Pradesh. Till FY14, Firm was involved in pressing work as job works. During FY15, the firm installed Plant and Machineries for separation of lint and seed through the ginning process. Currently, the firm is engaged in ginning and pressing of cotton. Firm is also involved in the trading of cotton. Firm has installed capacity of 300 bales/per day and utilizing about ~67% of installed capacities. Mr. N Yedukondalu and Mrs. N Venkata Padmavathi are the partners of the firm. Mr. N Yedukondalu is the managing partner and has 3 decades of experience in the business.
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
Not Applicable
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 | 8.17 |
BWR C-
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
03Oct2023 |
BWR C-
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
30Sep2022 |
BWR C-
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
27Sep2021 |
BWR C-
(ISSUER NOT COOPERATING* /Downgrade) |
Grand Total | 8.17 | (Rupees Eight Crores and Seventeen lakhs Only) |
Analytical Contacts | |
---|---|
Srija Das Ratings Analyst srija.das@brickworkratings.com |
Hari Kishan Yadav Associate Director - Ratings hari.ky@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.) | Complexity of the Instrument |
---|---|---|---|---|---|---|
1 | Canara Bank | Term LoanOut-standing | 2.17 | _ | 2.17 | Simple## |
2 | Canara Bank | Cash CreditSanctioned | 6.00 | _ | 6.00 | Simple## |
Total | 8.17 | 0.00 | 8.17 | |||
TOTAL (Rupees Eight Crores and Seventeen 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.
Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
---|---|---|---|---|---|---|
Nil | Nil | Nil | Nil | Nil | Nil | Nil |
Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
---|---|---|---|
Nil | Nil | Nil | Nil |
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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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