RATING RATIONALE
05Jun2026
Adithya Exports
Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 17.10 Crs. of Adithya Exports based on best available information, as the issuer did not cooperate.
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (29 Apr 2025) |
Present | ||
| Fund Based | 17.10 | 17.10 | 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 | 17.10 | 17.10 | (Rupees Seventeen Crores and Ten 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
...
LIMITATIONS OF THE RATINGInformation 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 | Food Products | Other Food Products |
Adithya Exports is a partnership firm established on 18 January 2010 with registered office at Haluvalli, Brahmavara Taluk in Udupi District of Karnataka. Mr. Adithya R. Pai and and Bhagyashree R. Pai are the partners of the firm. The firm will engage in processing and selling of cashew nut kernels. The firm is constructing a cashew nut kernel processing unit with a production capacity of 37500 Quintal per year at Haluvali in Udupi, Karnataka. Nearly 75% construction of the manufacturing has been completed till now and the firm is expecting to commence its business operations from March, 2021.
(As per the information received during CY2021 review)
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 INFORMATIONNIL.
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 | 17.10 |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
29Apr2025 |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
22Apr2024 |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
21Apr2023 |
BWR B- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
| Grand Total | 17.10 | (Rupees Seventeen Crores and Ten lakhs Only) | |||||||
- General Criteria
- Approach to Financial Ratios
- Policy On Issuer Non -Cooperation
- Manufacturing Company
| Analytical Contacts | |
|---|---|
|
Ridhik K P Ratings Analyst ridhik.k@brickworkratings.com |
Siva Kumar V S Senior Manager - Ratings sivakumar.vs@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 LoanSanctioned | 6.60 | _ | 6.60 | Simple## |
| 2 | Canara Bank | Cash CreditSanctioned | 10.50 | _ | 10.50 | Simple## |
| Total | 17.10 | 0.00 | 17.10 | |||
| TOTAL (Rupees Seventeen Crores and Ten 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
For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.
About Brickwork Ratings
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