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    Shri Mahalaxmi Industriesu

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    SAISHYAM V

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    Shri Mahalaxmi Industriesu

    Uploaded by

    SAISHYAM V
    2 views3 pages

    Original Title

    202312121237_Shri_Mahalaxmi_Industriesu

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    Shri Mahalaxmi Industriesu

    Uploaded by

    SAISHYAM V

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    © All Rights Reserved
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    of 3

    Press Release

    Shri Mahalaxmi Industries


    December 29, 2023

    Facilities/Instruments Amount (₹ crore) Rating1 Rating Action


    Rating continues to remain
    CARE A4; ISSUER NOT
    Short Term Bank Facilities 14.00 under ISSUER NOT
    COOPERATING*
    COOPERATING category
    Details of instruments/facilities in Annexure-1
    *Issuer did not cooperate; based on best available information

    Rationale and Key Rating Drivers


    CARE Ratings Ltd. had, vide its press release dated November 29, 2022, placed the rating(s) of Shri Mahalaxmi Industries (SMI)
    under the ‘issuer non-cooperating’ category as SMI had failed to provide information for monitoring of the rating and had not
    paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SMI continues to be non-cooperative
    despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 15,
    2023, October 25, 2023, November 04, 2023.
    In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information
    which however, in CARE Ratings Ltd.’s opinion is not sufficient to arrive at a fair rating.

    Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution
    while using the above rating(s).

    Analytical approach: Standalone

    Outlook: Not Applicable

    Detailed description of the key rating drivers


    Please refer to PR dated November 29, 2022

    Applicable criteria
    CARE Rating’s criteria on information adequacy risk and issuer non-cooperation
    Policy on default recognition

    About the firm


    Hanumangarh-based (Rajasthan) SMI was formed in 1979 as a proprietorship concern by Mr Subhash Chand Gupta. SMI is
    engaged in the business of de-linting (extraction of short fibres from cotton seeds after ginning process) of cotton seeds at its
    manufacturing facility located at Hanumangarh, Rajasthan and Abohar, Punjab. SMI was recognized as star export house by
    Government of India in 2012.

    Brief Financials (Rs. crore) March 31, 2014 (A) March 31, 2015 (A)

    Total operating income 54.87 39.94

    PBILDT 5.45 3.16

    PAT 2.29 1.25

    Overall gearing (times) 0.98 1.09

    Interest coverage (times) 3.54 3.63


    A: Audited, Note: The above results are latest financial results available

    Status of non-cooperation with previous CRA: Not Applicable

    Any other information: Not Applicable

    1
    Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications.

    1 CARE Ratings Limited


    Press Release

    Rating History for last three years: Please refer Annexure-2

    Covenants of rated instrument/facility: Detailed explanation of the covenants of the rated instruments/facilities is given in
    Annexure-3

    Complexity level of various instruments rated for this Council: Please refer Annexure 4

    Lender details: Annexure 5

    Annexure-1: Details of Instruments/Facilities


    Coupon Maturity Size of
    Name of the Date of Issuance Rating Assigned along
    ISIN Rate Date (DD- the Issue
    Instrument (DD-MM-YYYY) with Rating Outlook
    (%) MM-YYYY) (₹ crore)

    Fund-based - ST- CARE A4; ISSUER NOT


    - - - 14.00
    PC/Bill Discounting COOPERATING*
    *Issuer did not cooperate; Based on best available information

    Annexure-2: Rating History of last three years


    Current Ratings Rating History
    Date(s) Date(s) Date(s) Date(s)
    Name of the
    Sr. and and and and
    Instrument/ Amount
    No. Rating(s) Rating(s) Rating(s) Rating(s)
    Bank Facilities Type Outstandin Rating
    assigned assigned assigned assigned
    g (₹ crore)
    in 2023- in 2022- in 2021- in 2020-
    2024 2023 2022 2021
    1)CARE A4; 1)CARE A4; 1)CARE A4;
    CARE A4; ISSUER ISSUER ISSUER
    Fund-based -
    ISSUER NOT NOT NOT NOT
    1 ST-PC/Bill ST 14.00 -
    COOPERATING COOPERATI COOPERATI COOPERATI
    Discounting
    * NG* NG* NG*
    (29-Nov-22) (03-Sep-21) (30-Jul-20)
    *Issuer did not cooperate; Based on best available information

    Annexure-3: Detailed explanation of the covenants of the rated instruments/facilities : Not Applicable

    Annexure-4: Complexity level of the various instruments rated


    Sr. No. Name of the Instrument Complexity Level

    1 Fund-based - ST-PC/Bill Discounting Simple

    Annexure-5: Lender details


    To view the lender wise details of bank facilities please click here

    Note on complexity levels of the rated instrument: CARE Ratings has classified instruments rated by it on the basis of
    complexity. Investors/market intermediaries/regulators or others are welcome to write to [email protected] for any
    clarifications.

    2 CARE Ratings Limited


    Press Release

    Contact us
    Media Contact Analytical Contacts

    Mradul Mishra Shachee Vyas


    Director Assistant Director
    CARE Ratings Limited CARE Ratings Limited
    Phone: +91-22-6754 3596 Phone: 079-40265665
    E-mail: [email protected] E-mail: [email protected]

    Relationship Contact Aniket Shringarpure


    Analyst
    Ankur Sachdeva CARE Ratings Limited
    Senior Director Phone: +91-079-40265659
    CARE Ratings Limited E-mail: [email protected]
    Phone: 91 22 6754 3444
    E-mail: [email protected] Deep Tripathi
    Associate Analyst
    CARE Ratings Limited
    E-mail: [email protected]

    About us:
    Established in 1993, CARE Ratings is one of the leading credit rating agencies in India. Registered under the Securities and
    Exchange Board of India (SEBI), it has also been acknowledged as an External Credit Assessment Institution by the RBI. With
    an equitable position in the Indian capital market, CARE Ratings provides a wide array of credit rating services that help
    corporates to raise capital and enable investors to make informed decisions. With an established track record of rating
    companies over almost three decades, CARE Ratings follows a robust and transparent rating process that leverages our domain
    and analytical expertise, backed by the methodologies congruent with the international best practices. CARE Ratings has played
    a pivotal role in developing bank debt and capital market instruments including commercial papers, corporate bonds and
    debentures, and structured credit.

    Disclaimer:
    The ratings issued by CARE Ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to
    sanction, renew, disburse, or recall the concerned bank facilities or to buy, sell, or hold any security. These ratings do not convey suitability or price for the investor.
    The agency does not constitute an audit on the rated entity. CARE Ratings has based its ratings/outlook based on information obtained from reliable and credible
    sources. CARE Ratings does not, however, guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions
    and the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE Ratings have paid a credit rating fee,
    based on the amount and type of bank facilities/instruments. CARE Ratings or its subsidiaries/associates may also be involved with other commercial transactions
    with the entity. In case of partnership/proprietary concerns, the rating/outlook assigned by CARE Ratings is, inter-alia, based on the capital deployed by the
    partners/proprietors and the current financial strength of the firm. The ratings/outlook may change in case of withdrawal of capital, or the unsecured loans brought
    in by the partners/proprietors in addition to the financial performance and other relevant factors. CARE Ratings is not responsible for any errors and states that it
    has no financial liability whatsoever to the users of the ratings of CARE Ratings. The ratings of CARE Ratings do not factor in any rating-related trigger clauses as
    per the terms of the facilities/instruments, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced
    and triggered, the ratings may see volatility and sharp downgrades.

    For the detailed Rationale Report and subscription information,


    please visit www.careedge.in

    3 CARE Ratings Limited

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