RATING RATIONALE
08Oct2026
ALM Industries Ltd.
Brickwork Ratings downgrades the long-term ratings for the Bank Loan Facilities of Rs. 145.73 Crs. of ALM Industries Ltd. based on best available information, as the issuer did not cooperate.
Particulars| Facilities | Amount (Rs.Crs.) | Tenure | Rating | Regulator | ||
|---|---|---|---|---|---|---|
| Previous | Present | Previous (02 Sep 2025) |
Present | |||
| Fund Based | 145.73 | 145.73 | 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/Downgraded |
RBI |
| Grand Total | 145.73 | 145.73 | (Rupees One Hundred Forty Five Crores and Seventy Three lakhs Only) | |||
1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings
2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated
*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 B-/Stable" for the bank loan facilities of "ALM Industries Ltd." and continued under the 'Issuer Not Cooperating' category as the issuer did not cooperate.
The ratings are due for review in Oct 2026. Brickwork Ratings (BWR) has consistently taken up with the Company to provide financial and operational information for the periodic monitoring and surveillance of the ratings. Despite BWR's best efforts to get at least the minimum required information for a review, the company has not provided the same. The company is irregular in the submission of the monthly ‘No Default Statement’(NDS) in deviation from the extant regulatory guidelines. Due to the continued lack of management cooperation and in the absence of adequate information from the company, BWR is unable to assess its 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 | Food Products | Meat Products including Poultry |
ALM Industries Ltd was incorporated on 19-09-1996, an ISO 9001:2008 certified organization engaged in processing , sale and export of buffalo meat. The offered buffalo meat comprises frozen boneless buffalo meat, packed buffalo meat, buffalo kidney meat. Saudi Arabia, Iraq, Iran, UAE ,Vietnam are the major countries where the meat is exported. The processing unit is located in village Harora, Distt. Saharanpur, in western Uttar Pradesh.
Note:- As per information available in January 2021.
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
| Creadit Rating Agency | Status and Reason for Non-Cooparation | Date of Press Release |
|---|---|---|
| IVR | IVR ratings have downgraded the short-term ratings to IVR A4 and continued the ratings in the ISSUER NOT COOPERATING* category, published on September 29, 2025. | 29Sep2025 |
| ICRA | ICRA ratings have reaffirmed the short-term ratings at ICRA A4 and continued the ratings in the ISSUER NOT COOPERATING* category, published on August 26, 2025. | 26Aug2025 |
NIL
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 | 145.73 |
BWR B-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
02Sep2025 |
BWR B Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
11Jun2024 |
BWR B+Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
19Jun2023 |
BWR BB-Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
| Grand Total | 145.73 | (Rupees One Hundred Forty Five Crores and Seventy Three lakhs Only) | |||||||
- General Criteria
- Approach to Financial Ratios
- Policy On Issuer Non -Cooperation
- Manufacturing Companies
| Analytical Contacts | |
|---|---|
|
Sowmya V Ratings Analyst sowmya.v@brickworkratings.com |
Siva Kumar V S Senior Manager - Ratings sivakumar.vs@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 | Central Bank of India | Bill Discounted (BD)Sanctioned | 69.00 | _ | 69.00 | Simple## |
| 2 | Central Bank of India | Covid -19 Emergency Line CreditSanctioned | 7.73 | _ | 7.73 | Simple## |
| 3 | Central Bank of India | PC/PCFC/FDB/BRD/FBESanctioned | 69.00 | _ | 69.00 | Simple## |
| Total | 145.73 | 0.00 | 145.73 | |||
| TOTAL (Rupees One Hundred Forty Five Crores and Seventy Three lakhs Only) | ||||||
##
| 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 |
| Sr.No. | Instrument / Activity | Regulator |
|---|---|---|
| 1 | Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| 2 | Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
| 3 | Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)* $ | RBI |
| 4 | Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)* | SEBI |
| 5 | Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)* | RBI |
| 6 | Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 7 | Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 8 | Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs^ | RBI |
| 9 | External Commercial Borrowings and other similar borrowings | RBI |
| 10 | Certificates of Deposit | RBI |
| 11 | Fixed Deposits raised by NBFCs,HFCs, FIs | RBI |
| 12 | Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs | MCA |
| 13 | Inter Corporate Deposits/Loans extended by Corporates | MCA |
| 14 | Borrowing programme ~ | - |
| 15 | Issuer Ratings # | - |
| 16 | Credit Ratings for Capital Protection Oriented Schemes (by Mutual Funds and AIFs) | SEBI |
| 17 | Credit Quality Ratings (CQR) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| 18 | Listed Security Receipts $ | RBI |
| 19 | Unlisted Security Receipts | RBI |
| 20 | Independent Credit Evaluation (ICE) | RBI |
| 21 | Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| 22 | Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
| 23 | Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) * | Investor-side regulator such as IRDAI, PFRDA @ |
| 24 | Monitoring Agencies | SEBI |
| 25 | Research activities incidental to rating such as research for Economy, Industries and Companies * | NA |
* Includes securitisation transactions involving assignee payout, acquirer's payout.
~ 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), Brickwork Ratings India Private Limited (BWR) shall separately capture the rated quantum
details along with names of respective regulators.
^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
# There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are
being followed as stipulated in SEBI Master Circular for CRAs.
@ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the
investor side regulators have accordingly been included.
$ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute
redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.
BWR Board of Directors have no influence over rating decisions, nor do they sit on the rating committee or review, discuss or evaluate any credit rating during the Board meetings.
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