RATING RATIONALE
15Apr2026
Kunjir Bioenergy India LLP
Brickwork Ratings reaffirms the long-term ratings for the Bank Loan Facilities of Rs. 87.40 Crs. of Kunjir Bioenergy India LLP based on best available information, as the issuer did not cooperate.
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (23 Apr 2025) |
Present | ||
| Fund Based | 87.40 | 87.40 | Long Term |
BWR B /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
BWR B
/Stable Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
| Grand Total | 87.40 | 87.40 | (Rupees Eighty Seven Crores and Forty lakhs Only) | ||
**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 long-term rating at "BWR B/Stable" for the bank loan facilities of " Kunjir Bioenergy India LLP " and continues under the 'Issuer Not Cooperating' category as the issuer did not cooperate.
Going forward, BWR has consistently reached out to the issuer to provide the required information over email, 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.
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 |
|---|---|---|---|
| Fast Moving Consumer Goods | Fast Moving Consumer Goods | Agricultural Food & other Products | Other Agricultural Products |
Kunjir Bioenergy India LLP was incorporated as a limited liability partnership firm in the year 2016 with a registered office located in Pune, Maharashtra by the Pune-based Kunjir family. The firm has set up an Ethanol plant at Daund, Pune Maharashtra with an installed capacity of 60 Kilo Liters per day (KLPD) which commenced its operations in March 2021. The firm has also set up a captive cogeneration power plant of 2.00 MW by utilizing the steam generated.
The firm mainly sells specially denatured spirit (SDS) which contributed around 41 percent, ethanol which contributed around 52.23 percent, rectified spirit contributed around 1.44 percent, and fly ash contributed around 0.01 percent to the revenue for FY2022(6M). The average capacity utilization stood at around 56 percent for FY 2022(6M). The key raw material required by the firm is molasses which constitutes around 76 percent of the total cost of material and coal which constitutes around 24 percent. The main raw material i.e. molasses is procured from the nearby 43 sugar factories within a distance of 200-250 km from the plant and the firm has entered into a tie-up arrangement with three sugar companies i.e. Ashti Sugar Limited, Shree Kranti Sugar and Power Limited, and Loknete Marutrao Ghule Patil Dnyaneshwar SSK Ltd for the purchase of molasses to the tune of 36630 tonnes during the period from December 2021 to May 2022. The molasses is procured against advance payment and the firm receives a credit period of around 10 to 15 days from suppliers of coal and other materials.
The firm is mainly selling to customers from the private sector however the firm has received orders to the tune of Rs. 58.79 crores from public sector Oil Marketing Companies (OMC) for the period from December 2021 to May 2022. The firm receives payment against delivery from its customers and the OMCs make payment within 20 days of the delivery.
The firm has a sister concern under the name “L. B. Kunjir” (LBK) as described in the group profile section. The firm does not have any purchase or sale transactions with LBK. L. B. Kunjir has withdrawn the ratings with BWR on 13Nov2020
(As per the info available with BWR till Jan 2022)
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 INFORMATIONNot 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 | 87.40 |
BWR B/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
23Apr2025 |
BWR B Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
12Apr2024 |
BWR B+ Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
16Jan2023 |
BWR BBStable
(ISSUER NOT COOPERATING* /Downgrade) |
| Grand Total | 87.40 | (Rupees Eighty Seven Crores and Forty lakhs Only) | |||||||
- General Criteria
- Approach to Financial Ratios
- Policy On Issuer Non -Cooperation
- Manufacturing Company
| Analytical Contacts | |
|---|---|
|
Akash E Ratings Analyst akash.e@brickworkratings.com |
Siva Kumar V S Senior Manager - Ratings sivakumar.vs@brickworkratings.com |
| Media Contact | media@brickworkratings.com | Client Support | clientsupport@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 | Punjab National Bank | Term LoanOut-standing | 20.95 | _ | 20.95 | Simple## |
| 2 | Punjab National Bank | Cash CreditSanctioned | 4.00 | _ | 4.00 | Simple## |
| 3 | Punjab National Bank | GECLOut-standing | 1.79 | _ | 1.79 | Simple## |
| 4 | Punjab National Bank | GECLSanctioned | 4.58 | _ | 4.58 | Simple## |
| 5 | Union Bank of India | Term LoanOut-standing | 38.26 | _ | 38.26 | Simple## |
| 6 | Union Bank of India | GECLOut-standing | 3.34 | _ | 3.34 | Simple## |
| 7 | Union Bank of India | GECLSanctioned | 8.48 | _ | 8.48 | Simple## |
| 8 | Union Bank of India | Cash CreditSanctioned | 6.00 | _ | 6.00 | Simple## |
| Total | 87.40 | 0.00 | 87.40 | |||
| TOTAL (Rupees Eighty Seven Crores and Forty 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 |
| Instrument / Activity | Regulator |
|---|---|
| Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| SEBI | |
Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| SEBI | |
Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| RBI | |
| Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs 2| RBI | |
| External Commercial Borrowings and other similar borrowings | RBI |
| Certificates of Deposit | RBI |
| Fixed Deposits raised by NBFC's, Banks, HFCs, Fis | RBI |
| Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, Fis | MCA |
| Inter Corporate Deposits/Loans extended by Corporates | MCA |
Borrowing programme 3| - | |
Issuer Ratings 4| - | |
| Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) | SEBI |
| Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| Listed Security Receipts | SEBI |
| Unlisted Security Receipts | RBI |
| Independent Credit Evaluation (ICE) | RBI |
| Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis) | RBI |
| Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| Investor-side Regulator | such as IRDAI, PFRDA 5 |
| Monitoring Agency | SEBI |
| Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 | NA |
- Includes securitisation transactions involving assignee payout, acquirer's payout.
- Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
- The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), BWR shall separately capture the rated quantum details along with names of respective regulators.
- There is no instrument being rated and hence, Regulator of the Instrument is not applicable.
- These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026, and accordingly, investor side regulators have been included.
- Permitted by SEBI vide SEBI Master Circular for CRAs
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