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    Lakshmi Balaji Oils Private Limited

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    prashanth

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    Lakshmi Balaji Oils Private Limited

    Uploaded by

    prashanth
    27 views5 pages

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    Lakshmi Balaji Oils Private Limited

    Uploaded by

    prashanth

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    © All Rights Reserved
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    of 5

    October 30, 2023

    Lakshmi Balaji Oils Private Limited: Continues to remain under issuer Non-Cooperating
    category
    Summary of rating action

    Previous Rated Current Rated


    Instrument^ Amount Amount Rating Action
    (Rs. crore) (Rs. crore)
    Long Term-Fund [ICRA]B+(Stable); ISSUER NOT COOPERATING*; Rating
    9.50 9.50
    Based- Term Loan Continues to remain under issuer not cooperating category
    Total 9.50 9.50
    *Issuer did not cooperate; based on best available information.
    ^Instrument details are provided in Annexure-1

    Rationale
    ICRA has kept the long-term ratings for the bank facilities of Lakshmi Balaji Oils Private Limited in the ‘Issuer Not Cooperating’
    category. The ratings are denoted as “[ICRA] B+(Stable); ISSUER NOT COOPERATING”.

    As part of its process and in accordance with its rating agreement with Lakshmi Balaji Oils Private Limited, ICRA has been trying
    to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to
    the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity’s management has
    remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has
    been continued to the “Issuer Not Cooperating” category. The rating is based on the best available information.

    Please refer to the following link for the previous detailed rationale that captures the Key rating drivers and their description,
    Liquidity position, Rating sensitivities: Click here. ICRA is unable to provide the latest information because of non-cooperation
    by the entity.

    Analytical approach

    Analytical Approach Comments


    Policy in respect of non-cooperation by the rated entity
    Applicable Rating Methodologies Corporate Credit Rating Methodology
    Rating Methodology Edible Oil
    Parent/Group Support Not Applicable
    Consolidation/Standalone Standalone

    About the company


    Lakshmi Balaji Oils Private Limited (LBOPL) was incorporated in the year 2003 and is engaged in the manufacturing of crude
    palm oil and it’s by products with an installed capacity of 15 TPH at Orissa and Andhra Pradesh and is promoted by Mr. Satish
    Roy, Dr. M. Ravi Sankar and Mr.G.V. Subramanyam. Until 2014 the company had only one processing plant at Rayagada district
    of Orissa with 5 TPH capacity, but with the growing demand for palm oil, the company has started a new unit at Kurupam
    mandal of Vizianagaram district of Andhra Pradesh with 10 TPH capacity. Along with manufacturing, the company is also
    involved in palm oil nurseries and has 2 nurseries with an oil palm seedling growing capacity of 2 lakh per annum.

    www.icra .in
    Page | 1
    Key financial indicators

    FY2020 (in crore) FY2021 (in crore)


    Operating income 33.8 59.7
    PAT - 1.0 0.4
    OPBDIT/OI 5.6% 4.2%
    PAT/OI -3.0% 0.6%
    Total outside liabilities/Tangible net worth (times) 6.0 5.2
    Total debt/OPBDIT (times) 9.8 6.2
    Interest coverage (times) 1.6 2.5
    Source-MCA
    PAT: Profit after Tax; OPBDIT: Operating Profit before Depreciation, Interest, Taxes and Amortisation

    Status of non-cooperation with previous CRA: Not Applicable

    Any other information: Not Applicable

    Rating history for past three years

    Chronology of Rating History


    Current Rating (FY2024)
    for the past 3 years
    Amount
    Instrument Amount Date & Rating in Date & Rating in Date & Rating in
    Rated Date & Rating in
    Type Outstanding FY2023 FY2022 FY2021
    (Rs.
    (Rs. Crore)
    crore) 30-Oct-2023 30-Aug-2022 16-Jul-2021 26-May-2020
    [ICRA] B+ (Stable); [ICRA] B+ (Stable); [ICRA] B+ (Stable); [ICRA] B+ (Stable);
    Long
    1 Term Loan 9.50 - ISSUER NOT ISSUER NOT ISSUER NOT ISSUER NOT
    Term
    COOPERATING COOPERATING COOPERATING COOPERATING

    Complexity level of the rated instrument

    Instrument Complexity Indicator


    Term Loan Simple

    The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated.
    It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's
    credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or
    complexity related to the structural, transactional, or legal aspects. Details on the complexity levels of the instruments, is
    available on ICRA’s website: Click Here

    www.icra .in
    Page | 2
    Annexure-1: Instrument details
    Date of Amount
    Coupon
    ISIN No Instrument Name Issuance / Maturity Date Rated Current Rating and Outlook
    Rate
    Sanction (RS Crore)
    [ICRA] B+ (Stable); ISSUER
    NA Term Loan - - - 9.50
    NOT COOPERATING
    Source: Lakshmi Balaji Oils Private Limited

    Annexure-2: List of entities considered for consolidated analysis: Not Applicable

    www.icra .in
    Page | 3
    ANALYST CONTACTS
    Jayanta Roy Subhechha Banerjee
    +91 33 7150 1100 +91 33 7150 1130
    [email protected] [email protected]

    Sweety Shaw
    +91 33 7150 1180
    [email protected]

    RELATIONSHIP CONTACT
    L. Shivakumar
    +91 22 6169 3300
    [email protected]

    MEDIA AND PUBLIC RELATIONS CONTACT


    Ms. Naznin Prodhani
    Tel: +91 124 4545 860
    [email protected]

    Helpline for business queries


    +91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)

    [email protected]

    About ICRA Limited:


    ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services
    companies as an independent and professional investment Information and Credit Rating Agency.

    Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company,
    with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit Rating Agency
    Moody’s Investors Service is ICRA’s largest shareholder.

    For more information, visit www.icra.in

    www.icra .in
    Page | 4
    ICRA Limited

    Registered Office
    B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001
    Tel: +91 11 23357940-45

    Branches

    © Copyright, 2023 ICRA Limited. All Rights Reserved.


    Contents may be used freely with due acknowledgement to ICRA.
    ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance,
    which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer concerned to
    timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest
    information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable,
    including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been
    taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no
    representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group
    companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of
    opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.

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