NDM Seafood Processors and Exporters Pvt. Ltd.

Brickwork Ratings assigns the ratings for the Bank Loan Facilities of Rs. 59.43 Crs. of NDM Seafood Processors and Exporters Pvt. Ltd.

Particulars

Facilities**	Amount(Rs.Crs.)	Tenure	Rating#
Fund Based	14.33	Long Term	BWR BBB - /Stable Assignment
	44.10	Short Term	BWR A3 Assignment
	(26.00)
Non Fund Based	1.00	Short Term	BWR A3 Assignment
Grand Total	59.43	(Rupees Fifty Nine Crores and Forty Three 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 RATING ACTION / OUTLOOK

Brickwork Rating has assigned the long-term ratings for bank loan facilities of NDM Seafood Processors and Exporters Pvt. Ltd. at BWR BBB- /Stable and the short term rating of BWR A3 for the bank loan facilities of Rs 59.43 Crs.

The rating draws strength from the established market position and extensive experience of the promoters, Healthy financial risk profile, Strategic location. However, the ratings are constrained by Exposure to volatility in raw material prices, fluctuations in forex rates, and change in government policies, Exposure to risks inherent in the seafood industry, Exposure to revenue and customer concentration risks.

The rating outlook has been retained as "Stable" as BWR believes that the company business risk profile 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 the scale of operations and profitability, net margins, and current ratio show sustained improvement. The rating outlook may be revised to 'Negative' if the financial risk profile goes down.

For assigning the rating, BWR has relied upon the last three years of Standalone financial statements up to FY25, the projected financials for FY26, FY27 and FY28, and information and clarifications provided by the management, along with publicly available information. 

KEY RATING DRIVERS

Credit Strengths:

• Established market position and extensive experience of the promoters :

  The promoters have experience of over a decade in the marine products industry, leading to a strong understanding of market dynamics and healthy relationships with customers and suppliers. This has resulted in the company's established market position with a moderate scale of operations, as reflected in revenue of Rs 101.61 crore in FY2025 and Rs 111.40 crore till March 2026. The promoters are focusing on increasing the volume of the Vannamei variety shrimp, given its healthy demand. Though receivables and inventory are estimated to remain stable in FY2026, aided by efficient working capital management and the enhancement of the working capital limit. Increased focus on in-house processing of individually quick-frozen shrimps should also aid the business risk profile.

• Healthy financial risk profile :

  The total outside liabilities to adjusted net worth (TOLANW) ratio is be below 0.94 times, and the net worth is 43.20 crore in FY25 and estimated at Rs 50.07 crore as on March 31, 2026. Furthermore, the debt protection metrics are also comfortable, as indicated by a healthy interest coverage ratio, estimated at 2.47 times, and a net cash accrual to adjusted debt ratio of 0.17 times in FY2025. The company’s financial risk profile is expected to remain moderate over the medium term, in the absence of any major debt-funded capital expenditure (capex).

• Strategic location  :

  The company's processing plant is located in the prime aquaculture zone of Mogra, Hooghly, Kolkata, which enables the company to procure raw materials and process them immediately after harvest from nearby farming units. This results in a better quality product as well as lower transportation costs. The company procures raw materials from local farmers and through contract farming arrangements, often providing feed, medicine, technology and quality checking.

Credit Risks:

• Exposure to volatility in raw material prices, fluctuations in forex rates, and change in government policies :

  The seasonal availability of marine products makes their prices volatile, leading to fluctuations in the operating performance of the company. Furthermore, the operating profitability of seafood players is supported by the government in the form of incentive schemes, and the withdrawal of such schemes may adversely affect the viability of their operations. The company earns 45-55% of its revenue from exports to regions such as South Korea, Europe, Japan, USA, and Puerto Rico, and hence, it is exposed to forex rate fluctuations. 

• Exposure to risks inherent in the seafood industry :

  The seafood processing and export industry has several small players operating in India's coastal areas. Competition from Thailand, Malaysia, and Indonesia has increased over the years as these countries exploit their marine resources. The industry is susceptible to adverse seasonal conditions, diseases, and stringent hygiene standards. These inherent industry risks constrain NDM Seafood Processors and Exporters Pvt. Ltd.'s business risk profile. 

• Exposure to revenue and customer concentration risks :

  As the company majorly exports to South Korea (approximately 70% of total exports), the business remains exposed to any unfavourable changes in the regulations of that region. Furthermore, customer concentration risk is high, as over 67% of the revenue came from the top 5 customers in FY2025.

ANALYTICAL APPROACH - Standalone

For arriving at its ratings, Brickwork Ratings has adopted a standalone approach and applied its rating methodology as detailed in the Rating criteria. 

RATING SENSITIVITIES

Positive:

• The company's Improvement in the scale of operations and profitability on a sustained basis, with the operating margin (OPM) rising above 12.20% and net margin (NPM) above 5.10%.
• Sustenance of working capital cycle, financial risk profile and liquidity 

Negative:

• Deterioration in the scale of operations and if profitability weakens, with operating margin (OPM) falling below 9.20% and net margin (NPM) dropping under 3.50%.
• Stretch in the working capital cycle or large, debt-funded capex weakening the financial risk profile 

LIQUIDITY INDICATORS - Adequate

The company's liquidity profile is adequate, marked by net cash accruals of Rs 7.07 crore and Rs 8.38 crore, which are sufficient to cover term loan repayment obligations of Rs 1.76 crore and Rs 3.91 crore in FY2025 and FY2026, respectively and surplus will act as a cushion for liquidity. The cash and bank balance stood at Rs 0.19 crore as on March 31, 2025. The company currently has no major capital expenditure (capex) requirements, providing sufficient financial headroom. Its bank limits are utilized to the extent of 77.86%, and it has sought enhancement in bank lines, supported by an above-unity current ratio. 

ABOUT THE ENTITY

NDM Seafood Processors and Exporters Pvt. Ltd. was incorporated in 2017, located at Tanuku, West Bengal. Mr. Ronit Guha and Mrs. Oindrila Majumder are the directors of the company. The company is engaged in the seafood processing of Vannamei Shrimp and related storage facilities, the operation is based on the IQF, blast and block freezing of fish and shrimps for the export market. The company has implemented value addition in the form of IQF with cooking and blanching. with exports primarily to South Korea (~70%), Europe, Japan, USA, Puerto Rico, etc (~30%). The company has a processing facility and plant at Mogra, Hooghly, Kolkata. Commercial operation of the plant began in July 2021. Installed capacity of the plant: 13200 MTPA and current operating capacity: ~50%. The company is also engaged in the manufacturing/trading of fish feed.   

ESG Profile

The company demonstrates a Adequate ESG profile based on its environmental, social, and governance practices. 

Environmental: The company actively manages its supply chain risk through procurement via contract farming and local farmers to mitigate disease and quality issues inherent in the seafood industry. Notably, its contract farming arrangements include providing feed, medicine, and training to farmers to ensure sustainable practices and compliance with environmental regulations.

Social: Explicitly highlight the high percentage of local female employment (75%) as a strong positive measure of social equity and local community engagement and employee safety and training programs, adherence to labour laws, and initiatives supporting social equity and employee growth. 

​​​​​​​Governance: Governance assessment focuses on board independence, committee effectiveness, and the robustness of compliance systems, supported by readily available disclosures on board structure, audit mechanisms, and risk-management practices

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 23 - 24 (Audited)	FY 24 - 25 (Audited)	FY 25 - 26 (Unaudited)
Operating Revenue	Rs.Crs.	90.09	101.61	111.40
EBITDA	Rs.Crs.	3.71	8.75	Not Available
PAT	Rs.Crs.	1.56	4.42	Not Available
Tangible Net Worth	Rs.Crs.	39.33	43.19	50.07
Total Debt / Tangible Net Worth	Times	0.80	0.94	Not Available
Current Ratio	Times	0.74	1.02	Not Available

KEY COVENANTS OF THE FACILITY RATED

The terms of sanction include standard covenants normaly stipulated for Bank loan facilities.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

Not Applicable 

RATING HISTORY FOR LAST 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	14.33	BWR BBB-/Stable (Assignment)	NA	NA	NA	NA	NA	NA
Fund Based	ST	44.10	BWR A3 (Assignment)	NA	NA	NA	NA	NA	NA
FB SubLimit	ST	(26.00)	BWR A3 (Assignment)	NA	NA	NA	NA	NA	NA
Non Fund Based	ST	1.00	BWR A3 (Assignment)	NA	NA	NA	NA	NA	NA
Grand Total		59.43	(Rupees Fifty Nine Crores and Forty Three lakhs Only)

Hyperlink/Reference to applicable Criteria

• General Criteria
• Approach to Financial Ratios
• Trading Entities
• Short Term Debt

Analytical Contacts
Md Saif Ali Khan Rating Analyst saifali.k@brickworkratings.com	Ravi Rashmi Dhar Director - Ratings ravi.d@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	Axis Bank Ltd.	Term Loan - Out-standing	3.40	_	3.40	Simple##
2	Axis Bank Ltd.	Working Capital Term Loan - Out-standing	1.43	_	1.43	Simple##
3	Axis Bank Ltd.	Export Packing Credit (EPC) - Sanctioned	_	26.00	26.00	Simple##
	Sub-Limit (Sublimit of PSCFC ) - Sanctioned		(26.00)
4	Axis Bank Ltd.	Overdraft - Sanctioned	3.00	_	3.00	Simple##
5	Bank of India	Export Packing Credit (EPC) - Proposed	_	4.30	4.30	Simple##
6	Bank of India	Bank Guarantee - Proposed	_	1.00	1.00	Simple##
7	State Bank Of India (SBI)	FBD/FBP - Sanctioned	_	5.80	5.80	Simple##
8	State Bank Of India (SBI)	Export Packing Credit (EPC) - Sanctioned	_	8.00	8.00	Simple##
9	State Bank Of India (SBI)	Term Loan - Sanctioned	1.36	_	1.36	Simple##
10	State Bank Of India (SBI)	Term Loan - Sanctioned	5.14	_	5.14	Simple##
Total			14.33	45.10	59.43
TOTAL (Rupees Fifty Nine Crores and Forty Three 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.