Bindaas Foods Pvt. Ltd.

Brickwork Ratings revises the ratings and removes the ratings from "Issuer not cooperating" category for the Bank Loan Facilities of Rs. 58.60 Crs. of Bindaas Foods Pvt. Ltd.

Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(05 Jun 2023)
Fund Based 45.00 58.60 Long Term BWR BB /Stable
BWR BBB - /Stable
Upgrade and Removed from the INC category
Grand Total 45.00 58.60 (Rupees Fifty Eight Crores and Sixty 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


BWR has revised the ratings to BWR BBB-/Stable and removed them from "Issuer not cooperating" category for the bank loan facilities of Bindaas Foods Pvt. Ltd.

BWR had initially assigned a rating of BWR BBB-/Stable for the long term facilities for the bank loan facilities as on 29 March 2022. The ratings were due for renew in March 2023. On 05 June, 2023, the ratings were downgraded to BWR BB/Stable and migrated to "Issuer not cooperating" category.

The rating draws strength from from the rich experience of the promoters of the company, moderate financial risk profile, improving scale of operations and strong and widespread clientbase. The rating of the company is constrained by competition in the industry and climate risk and fluctuations in raw materials.

BWR believes that the business risk profile of “Bindaas Foods Pvt. Ltd.” will be maintained over the medium term. The Stable outlook indicates a low likelihood of rating change over the medium term. The Rating outlook may be revised to “Positive” in case there is significant improvement in revenues, and profit margins of the company. The rating outlook may be revised to “Negative” if there is any deterioration in the financial risk profile including liquidity of the company.


Credit Strengths:

Credit Risks:


Standalone - For arriving at its ratings, BWR has considered the standalone performance of Bindaas Foods Pvt. Ltd.. BWR has applied its rating methodology as detailed in the Rating Criteria (hyperlinks provided at the end of this rationale).


Going forward, the ability of the company to improve its financial risk profile and maintaining adequate liquidity will remain the key rating sensitivities.

Positive: Rating may be upgraded in case of substantial improvement in revenues and profit margins of the company, or on account of any other favorable factor.

Negative: Rating may be downgraded in case there is deterioration in financial risk profile of the firm including the liquidity of the company or on account of any unforeseen unfavorable events.


The company has no associate companies. The cash and bank balance stood at Rs. 0.06 cr cr as on March 31, 2023 (Aud.). The company also has FDR for Rs. 0.03 cr. The long term borrowings as on March 31, 2023 (Aud.) stood at Rs. 5.12 cr which includes GECL term loans of Rs.4.63 cr, term loan of Rs. 0.42 cr and car loan of Rs. 0.06 cr. The current portion of term debt stood at Rs. 2.36 cr as on March 31, 2023 (Aud.). The company has expected cash accruals of Rs. 4.09 cr during FY24 (Aud.). The CC limits are utilized at approx 58.1% during the 6 month period ending Oct 2023. The current ratio stood at 1.33x as on March 31, 2023 (Aud). ISCR has stood at 1.18x as on March 31, 2023 and the DSCR has stood at 1.00x as on March 31, 2023 (Aud). The conversion cycle stood at 171 days as on as on March 31, 2023 (Aud). 

Macro Economic Indicator Sector Industry Basic Industry
Fast Moving Consumer Goods Fast Moving Consumer Goods Agricultural Food & other Products Other Agricultural Products

M/s Bindaas Foods Private limited was incorporated in the year 2014 by Mr. Bal Kishan Garg and has its registered office at Mudki Road, Baghapurana district Monga, Punjab. The company is engaged in the business of manufacturing and sorting of varieties of Rice and it’s by products. The promoters of the company is in the same line of business of Rice processing and its by products since 1990. Earlier the they were operating under the firm name Shankar Agro Foods which was later discontinued by September 2016. Presently the company is spearheaded by Mr. Jayant Garg and Mr. Bal Krishan Garg in the capacity of directors and his daughter Ms. Radhika Garg as CFO. Mr. Bal Krishan Garg is the president of Rice Miller Association in Punjab for both basmati and non basmati rice. The company is an ISO 22000:2018 certified, fssai, IEC, HACCP and government recognized star export house. Bindaas Foods Pvt. Ltd. is one of the trusted names in Basmati Rice. The company sells its basmati rice in export market under brands like “Bindaas”, “Blue Star”, “Mashoor”, etc and in domestic market “Bindaas”,“Gold Farm”, “Gold India” etc. The company is selling under the brand name " Bindaas" premium rice in Dmart Pan India and other super stores. The Company is already selling Export quality Rice to Overseas buyers in Qatar , Saudi Arabia , Canada , UAE ,Oman and Kuwait. A Variety of Rice being processed and sold are given below : 1. 1121 Steam Basmati Rice 2. 1121 Creamy Sella/Parboiled Basmati Rice 3. 1121 Raw Basmati Rice 4. 1121 Golden Sella/Parboiled 5. 1401 Pusa Steam Basmati Rice 6. 1401 Pusa Raw Basmati Rice 7. 1509 Steam Basmati Rice 8. Traditional Basmati Rice 9. PR11 Steamed Long Grain Rice 10. PR11 Creamy Sella/Parboiled Long Grain Rice

Key Parameters Units FY 21 - 22
FY 22 - 23
FY 23 - 24
(Unaudited - Midterm-H1)
Operating Revenue Rs.Crs. 177.64 225.47 140.91
EBITDA Rs.Crs. 5.34 7.92 Not Available
PAT Rs.Crs. 1.98 1.62 Not Available
Tangible Net Worth Rs.Crs. 21.52 37.00 Not Available
Total Debt / Tangible Net Worth Times 2.65 2.62 Not Available
Current Ratio Times 1.42 1.33 Not Available



Not rated under "Issuer not cooperating" category with other CRA.



RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating (2023) 2023 (History) 2022 2021 2020
Type Tenure Amount
Rating Date Rating Date Rating Date Rating Date Rating
Fund Based LT 58.60
BWR BBB-/Stable
(Upgrade and Removed from the INC category)
BWR BB Stable
BWR BBB- Stable
Grand Total 58.60 (Rupees Fifty Eight Crores and Sixty 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 Criteria
Analytical Contacts

Vaishali Khandelwal

Rating Analyst vaishali.k@brickworkratings.com


Associate Director - Ratings Board : +91 11 2341 2232 kukreja.vk@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Bindaas Foods Pvt. Ltd.
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 Axis Bank Ltd. Cash CreditSanctioned 18.60 _ 18.60
2 Axis Bank Ltd. Export Packing Credit (EPC)Sanctioned 40.00 _ 40.00
3 Axis Bank Ltd. Cash Credit - EPCProposed _ _ 0.00
4 State Bank Of India (SBI) Cash CreditSanctioned _ _ 0.00
5 State Bank Of India (SBI) Export Packing Credit (EPC)Sanctioned _ _ 0.00
Total 58.60 0.00 58.60
TOTAL (Rupees Fifty Eight Crores and Sixty lakhs Only)
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