Sarveshwar Commodities India BL 3May2019 (1)

Transcript

1 Rating Rationale ​ Sarveshwar Commodities India Ltd. 03May2019 Ratings the Rating for the Bank Loan facilities of ₹ 37.50 Crore of reviewed Brickwork has Sarveshwar Ltd. based on best available information, as the issuer did not Commodities India cooperate. Accordingly the rating for the said instrument is as under Particulars Rating* Amount ( ₹ Cr) Facility Tenure Previou Previous Present Present s (Jan. 2018) Issuer did not Cooperate; BWR BB (Pronounced as BWR B+ (Pronounced as BWR BWR Double B) Single B Plus) 2.50 2.50 Long Term Cash Credit (Outlook: Stable Outlook: Stable (Downgraded) 35.00 35.00 Letter of Credit BWR A4 Issuer did not Cooperate; Buyer’s Credit (Within (Pronounced as BWR A4 (Pronounced as BWR (35.00) (35.00) Short Term LC Limits) BWR A Four) A Four) (Reaffirmed) B G (Within LC Limit) (1.00) (1.00) Total 37.50 37.50 ₹ Thirty Seven crores and Fifty Lakhs Only *Please refer to BWR website ​ ​ for definition of the ratings www.brickworkratings.com/ Issuer did not cooperate; based on best available information Ratings: Downgraded Nature of Non-co-operation: rating was due for a review in Jan 2019. BWR took up with the The to provide required issuer information over emails dated 29.01.2019 and through telephone calls. Despite the best efforts of BWR to get least the minimum required information for a review, the entity has not provided the same. In the at absence adequate information from the issuer/Company, BWR is unable to assess the of issuer’s/Company’s financial performance and its ability to service its debt and maintain a valid rating. 1 03May2019

2 Limitations the rating: ​ Information availability risk is a key factor in the assessment of credit risk as of noncooperation rated entities to provide required information for a review of the the generally, by assigned rating may also be accompanied by financial stress. About the Company Commodities (India) Ltd., incorporated on 12July2005 as Private Limited Company and later Sarveshvar the to Limited in June, 2016. The Company is exporter of Basmati Rice, ChickPeas, changed constitution Oil to countries like Srilanka, Pakistan, Mauritius, South Africa, China, Egypt, Turkey & Spices, seeds European Other Eastern countries & Importer of Desi Chana, Chick Peas & Other Pulses from & Middle Australia, China, Burma, U.S.A, Canada & Other African Countries. The registered office of the company is Bazar, Delhi, 110006 and company has three branch offices in Delhi, Mumbai and Naya at 4088-4093, Kolkata. Vikas Singhal, Rachna Singhal and Veena Singhal are the directors in the company. Rating History for the last three years (including withdrawn/suspended ratings) Instrument S.No Current Rating (2019) /Facility Rating History Type Amount Jan. 2018 Sept., 2015 Nov., 2016 Rating^ ₹ ( Cr) Issuer did not BWR BB BWR BB BWR BB Cooperate; (Pronounce (Pronounced (Pronounced BWR B+ as BWR d as BWR as BWR Long (Pronounced as 1 2.50 Cash Credit Double B) Double B) Double B) Term BWR Single B Plus) Outlook: Outlook: Outlook: (Outlook: Stable Stable Stable Stable (Downgraded) Letter of 2 35.00 Credit Issuer did not Buyer’s BWR A4 BWR A4 Cooperate; BWR A4 Credit 3 (35.00) (Pronounced (Pronounce (Pronounced BWR A4 Short (Within Term as BWR A as BWR A (Pronounced as d as BWR A LC Limit) Four) BWR A Four) Four) Four) (Reaffirmed B.G 4 (Within (1.00) LC Limit) Total 37.50 ₹ Thirty Seven crores and Fifty Lakhs Only ^ Issuer did not cooperate; based on best available information ​ Status of non-cooperation with previous CRA (if applicable)-Reason and comments: NIL 2 03May2019

3 Any other information: NIL Hyperlink/Reference to applicable Criteria ● General Criteria Approach to Financial Ratios ● ● What Constitutes Non-Cooperation For any other criteria obtain from website ​ hyperlinks ​ Analytical Contacts Media [email protected] Ashwini Mital Director-Ratings Relationship Contact [email protected] [email protected] Phone: 1-860-425-2742 For print and digital media Rationale is sent The you for the sole purpose of dissemination through your print, digital or electronic media. While it Rating to be used may you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a by meaning from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its different rationales for consideration or otherwise through any print or electronic or digital media. Note on complexity levels of the rated instrument: 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 ​ [email protected] ​ . About Brickwork Ratings Ratings (BWR), a SEBI registered Credit Rating Agency, accredited by RBI and empaneled by NSIC, offers Brickwork Bank Loan, NCD, Commercial Paper, MSME ratings and grading services. NABARD has empaneled Brickwork for MFI and NGO grading. accredited by IREDA & the Ministry of New and Renewable Energy (MNRE), Government of India. is BWR Brickwork Ratings has Canara Bank, a leading public sector bank, as its promoter and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations. 3 03May2019

4 DISCLAIMER Ratings assigned the rating based on the information obtained from the issuer and other reliable sources, has Brickwork (BWR) are deemed to be accurate. BWR has taken considerable steps to avoid any data distortion; however, it does not examine which the or completeness of the information obtained. And hence, the information in this report is presented “as is” without precision any express or implied warranty of any kind. BWR does not make any representation in respect to the truth or accuracy of any such rating assigned by BWR should be treated as an opinion rather than a recommendation to buy, sell or The information. hold the rated instrument and BWR shall not be liable for any losses incurred by users from any use of this report or its contents. BWR has the right to change, suspend or withdraw the ratings at any time for any reasons. 4 03May2019

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