RATING RATIONALE
16Mar2026

Shivalik Crop Sciences Pvt Ltd (erstwhile Shivalik Agro Chemicals)

Brickwork Ratings downgrades the long-term ratings for the Bank Loan Facilities of Rs. 3.60 Crs. of Shivalik Crop Sciences Pvt Ltd (erstwhile Shivalik Agro Chemicals) based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(11 Mar 2025)
Present
Fund Based 3.60 3.60 Long Term BWR BB /Stable
ISSUER NOT COOPERATING* /Downgrade
BWR BB - /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
Grand Total 3.60 3.60 (Rupees Three 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
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

BWR has downgraded the long-term rating to "BWR BB-/Stable" for the bank loan facilities of "Shivalik Crop Sciences Pvt Ltd (erstwhile Shivalik Agro Chemicals)" and continued under the 'Issuer Not Cooperating' category as the issuer did not cooperate.

Going forward, BWR took up with the issuer consistently to provide the required information over emails apart from telephonic communication, but no response has been received from the client. Further, BWR is unable to reach the banker; the banker's 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 entity, BWR is unable to assess the entity’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 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 ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Commodities Chemicals Fertilizers & Agrochemicals Pesticides & Agrochemicals

Shivalik Crop Sciences Pvt Ltd (‘The company’ or ‘SCSPL’) formerly known as Shivalik Agro Chemicals was incorporated as a partnership firm established in 1974 and changed its constitution as a Private Limited Company on May 14, 2016. The company is engaged in manufacturing of agrochemicals at their two plants located at Mohali, Punjab and Samba, Jammu & Kashmir. The company has 4 directors, Mr. Uday Partap Singh Kairon, Mr. Navkiran Kairon, Mr. Beant Singh and Mr. Komaldeep Singh. The organisation was engaged in formulation of pesticides and was mainly supplying Government agencies under annual rate contract. Gradually, it has added more molecules of Insecticides, Herbicides, Fungicides and Weedicides. The company also entered into Private market in 1988, besides supplying to government. The company supplies its products only through distributors and dealers and not directly to farmers. SCSPL has 15 warehouses across India. They are not in trading business.

The capacity was increased from 8300MT to 17425 MT in FY19-20. The capacity utilization increased from 66.17% in FY21(A) to 74.85% in FY22(A).

They are having 7000 distributers throughout the country. The company only purchases its raw material across India. It is informed by the company that there is no impact on supply chain on account of Ukraine war, but the prices have hardened to some extent.

(Note: As per information available with BWR as of March 2023)

 

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

Creadit Rating AgencyStatus and Reason for Non-CooparationDate of Press Release
CRISILCRISIL BBB+/Stable for Rs. 3.60 crs. Dated 02-06-202502Jun2025

ANY OTHER INFORMATION

Not Applicable.

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2026) 2025 2024 2023
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 3.60
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
11Mar2025
BWR BB Stable
(ISSUER NOT COOPERATING* /Downgrade)
08Mar2024
BWR BB+ Stable
(ISSUER NOT COOPERATING* /Downgrade)
15Mar2023
BWR BBBStable
(removal from ISSUER NOT COOPERATING* category/Upgraded)
Grand Total 3.60 (Rupees Three Crores and Sixty lakhs Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

Harsha Vardhan DC

Ratings Analyst harsha.v@brickworkratings.com

Raghavendra

Senior Manager - Ratings raghavendra.n@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Shivalik Crop Sciences Pvt Ltd (erstwhile Shivalik Agro Chemicals)
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 State Bank Of India (SBI) Over DraftSanctioned 3.60 _ 3.60 Simple##
Total 3.60 0.00 3.60
TOTAL (Rupees Three 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.

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

Print and Digital Media

The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media.

About Brickwork Ratings

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.

Disclaimer

Brickwork Ratings India Pvt. Ltd. (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by the Reserve Bank of India [RBI], offers credit ratings of Bank Loan facilities, 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. [ hereafter referred to as "Instruments"]. BWR also rates NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations.

BWR wishes to inform all persons who may come across Rating Rationales and Rating Reports provided by BWR that the ratings assigned by BWR are based on information obtained from the issuer of the instrument and other reliable sources, which in BWR's best judgment are considered reliable. The Rating Rationale / Rating Report & other rating communications are intended for the jurisdiction of India only. The reports should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in Europe and also the USA).

BWR also wishes to inform that access or use of the said documents does not create a client relationship between the user and BWR.

The ratings assigned by BWR are only an expression of BWR's opinion on the entity / instrument and should not in any manner be construed as being a recommendation to either, purchase, hold or sell the instrument.

BWR also wishes to abundantly clarify that these ratings are not to be considered as an investment advice in any jurisdiction nor are they to be used as a basis for or as an alternative to independent financial advice and judgment obtained from the user's financial advisors. BWR shall not be liable to any losses incurred by the users of these Rating Rationales, Rating Reports or its contents. BWR reserves the right to vary, modify, suspend or withdraw the ratings at any time without assigning reasons for the same.

BWR's ratings reflect BWR's opinion on the day the ratings are published and are not reflective of factual circumstances that may have arisen on a later date. BWR is not obliged to update its opinion based on any public notification, in any form or format although BWR may disseminate its opinion and analysis when deemed fit.

Neither BWR nor its affiliates, third party providers, as well as the directors, officers, shareholders, employees or agents (collectively, "BWR Party") guarantee the accuracy, completeness or adequacy of the Ratings, and no BWR Party shall have any liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the Rating Rationales or Rating Reports. Each BWR Party disclaims all express or implied warranties, including, but not limited to, any warranties of merchantability, suitability or fitness for a particular purpose or use. In no event shall any BWR Party be liable to any one for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the Rating Rationales and/or Rating Reports even if advised of the possibility of such damages. However, BWR or its associates may have other commercial transactions with the company/entity. BWR and its affiliates do not act as a fiduciary.

BWR keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of the respective activity. As a result, certain business units of BWR may have information that is not available to other BWR business units. BWR has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

BWR clarifies that it may have been paid a fee by the issuers or underwriters of the instruments, facilities, securities etc., or from obligors. BWR's public ratings and analysis are made available on its web site, www.brickworkratings.com. More detailed information may be provided for a fee. BWR's rating criteria are also generally made available without charge on BWR's website.

This disclaimer forms an integral part of the Ratings Rationales / Rating Reports or other press releases, advisories, communications issued by BWR and circulation of the ratings without this disclaimer is prohibited.

BWR is bound by the Code of Conduct for Credit Rating Agencies issued by the Securities and Exchange Board of India and is governed by the applicable regulations issued by the Securities and Exchange Board of India as amended from time to time.