Product Quantum (Rs. Cr) (SEBI) Quantum (Rs. Cr) (Other FSR) Long Term Rating Short Term Rating Regulated By
Bank Loan Ratings 0.00 6.00 ACUITE BB | Stable | Reaffirmed - RBI
Bank Loan Ratings 0.00 2.00 - ACUITE A4+ | Assigned RBI
Bank Loan Ratings 0.00 14.00 - ACUITE A4+ | Reaffirmed RBI
Total Outstanding 0.00 22.00 - - -
Total Withdrawn 0.00 0.00 - - -
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
 
Rating Rationale

­Acuite has reaffirmed the long term rating of 'ACUITE BB' (read as ACUITE double B) and short term rating of 'ACUITE A4+' (read as ACUITE A four plus) on Rs.20.00 Cr. bank facilities of Suryadipta Projects Private Limited (SPPL). The outlook is 'Stable'.
Acuite has also assigned  short term rating of 'ACUITE A4+' (read as ACUITE A four plus) on Rs.2.00 Cr. bank facilities of Suryadipta Projects Private Limited (SPPL). 

Rationale for Rating
The rating factors in the company’s modest scale of operations, marked by an operating income of Rs. 40.02 Cr. in FY2025 as against Rs. 34.72 Cr. in FY2024. Moreover, the revenue of the company is estimated at Rs.31.25 Cr. in FY2026 with unexecuted orders in hand of Rs.111.47 Cr. as on 31st March 2026 from clientele such as the Indian Navy, Bharat Heavy Electricals Limited, Mazgaon Dock Ship Builder Limited, among others. The rating further takes into account the adequate liquidity position backed by sufficient net cash accruals against its debt repayment obligations and adequate cash and bank balance. The rating also draws comfort from the experienced management and the established track record of operations. However, the aforementioned factors are partly offset by the average financial risk profile of the company as reflected by the gearing ratio at 1.55 times as on 31st March 2025 along with the interest coverage ratio and debt service coverage ratio at 3.02 times and 1.81 times, respectively, as on 31st March 2025 and intensive working capital operations, marked by GCA days which stood at 246 days as on 31st March 2025. The rating further remains constrained by the tender-based nature of business, exposure to risks related to customer concentration and cyclicality of the industry.

About the Company

­Suryadipta Projects Private Limited is a Thane based, heavy engineering and shipbuilding company incorporated in 1998. The company specializes in design, engineering and manufacturing of barges & vessels, providing heavy-duty fabricated solutions for maritime and industrial sectors. The current directors of the company are Mr. Shyamashish Subal Ghoshal, Mr. Bandana Ghoshal, and Mr. Suryadipta Shyamashish Ghoshal.
 
Unsupported Rating
­Not Applicable
 
Analytical Approach

­Acuite has considered the standalone business and financial risk profile of Suryadipta Projects Private Limited to arrive at the rating.
 
Key Rating Drivers

Strengths

­Established track record of operations and ? Experienced Management
SPPL is based out of Maharashtra and was incorporated in 1998, reflecting its long track record of operations in the industry. The current directors of the company are Mr. Shyamashish Subal Ghoshal, Mr. Bandana Ghoshal, and Mr. Suryadipta Shyamashish Ghoshal, having more than three decades of experience in the same line of business, which has benefited the company to have established relationships with suppliers and customers, such as the Indian Navy, Bharat Heavy Electricals Limited, among others. Acuite believes that the company will continue to derive benefit from the long track record of operations and experienced management’s strong understanding of market dynamics.

Modest Scale of operations
The company clocked an operating income of Rs. 40.02 Cr. in FY2025 as against Rs. 34.72 Cr. in FY2024, driven by the execution of orders. The EBITDA margin stood at 8.13% in FY2025 against 8.29% in FY2024. The slight moderation in margin is owing to the incremental expenses incurred by the company during the year. Likewise, the PAT margin stood at 4.14% in FY2025 against 4.56% in FY2024. Moreover, revenue of the company is estimated at Rs. 31.25 Cr. in FY2026, largely attributable to the project-based and long-cycle nature of the business, which required significant time for designing and engineering activities for the orders, restricting revenue recognition as compared to the previous year. However, going forward, the stability in revenue is backed by an unexecuted order book of Rs. 111.47 Cr. as on 31st March 2026. The orders are on a direct tendering basis from reputed clientele, including the Indian Navy, Bharat Heavy Electricals Limited, Mazgaon Dock Shipbuilders Limited, among others. Acuité expects the company to sustain its order book position and business risk profile over the medium term on the back of execution of orders in hand coupled with the incremental order book of the company. However, the ability of the company to bag new orders and timely execution of the existing orders will remain a key monitorable factor.


Weaknesses

­Average Financial risk profile
The financial risk profile of the company is average, marked by tangible net worth, which stood at Rs. 7.89 Cr. as on 31st March 2025 as against Rs. 6.23 Cr. as on 31st March 2024 on account of accretion of profits into reserves. The capital structure is marked by a moderate gearing ratio, which stood at 1.55 times as on 31st March 2025 as against 1.09 times as on 31st March 2024. Further, the coverage indicators are reflected by the interest coverage ratio and debt service coverage ratio which stood at 3.02 times and 1.81 times, respectively, as on 31st March 2025. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 2.82 times as on 31st March 2025 and the Debt/EBITDA stood at 3.48 times as on 31st March 2025. Moreover, the company is planning to undergo capex for the development of a shipyard near the Palghar district, Maharashtra. The said project is expected to begin in FY2027, subject to approval from the Government authorities. The cost of the project is estimated to be Rs. 10.00 Cr., and the same is expected to be funded through a mix of promoter/director contributions and external debt. Acuité expects the financial risk profile of the company to remain average on account of upcoming debt-funded capex plans in the near to medium term.

Intensive Working capital operations
The working capital operations of the company are intensive, marked by GCA days which stood at 246 days as on 31st March 2025 against 231 days as on 31st March 2024. The high GCA days are on account of high outstanding balances in the form of debtors and inventory. The debtor days stood at 91 days as on 31st March 2025 as against 21 days as on 31st March 2024 as the receivables take time to realize as per order completion, and the inventory holding stood at 74 days as on 31st March 2025 against 164 days as on 31st March 2024. Further, the creditor days stood at 46 days as on 31st March 2025 against 54 days as on 31st March 2024. Acuite expects the working capital operations of the company to remain at similar levels in the near to medium term owing to the nature of operations.

Exposure to risks related to cyclicality of the industry and customer concentration
The ship repairs and shipbuilding orders depend on demand sentiments in the economy. Further, the operations of the company are tender based in nature and highly dependent on the tenders floated by the government shipping companies. Hence, the operating performance of the company is susceptible to the successful award of tenders and the cyclical nature of industry. Additionaly, SPPL also faces a customer concentration risk, as more than 50 percent of the revenue of the company has been contributed by a single customer profile in FY2025.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:
  • ­Growth in operating income by more than 60%, supported by healthy order accretion.
  • Significant improvement in the operating profitability position.
  • Improvement in capital structure and debt protection metrics.
Potential triggers (individual or collective) for a downward rating action:
  • ­Decline in revenue y-o-y and/or operating profitability margins below 5%.
  • Stretch in the working capital cycle.
  • Deterioration in the financial risk profile owing to larger-than-expected debt-funded capex.
  • Any delay in the execution of orders in hand.
Liquidity Position
Adequate

­The liquidity profile of the company is adequate, marked by net cash accruals of Rs.1.69 Crore as on 31st March 2025 against the debt repayment obligations of Rs.0.41 Crore over the same period. Additionally, the cash and bank balance available with the company stood at Rs.6.11 Crore as on 31st March 2025 against Rs.2.19 Crore as on 31st March 2024. The current ratio of the company stood at 2.15 times as on 31st March 2025. Further, the average fund-based bank limit utilization of the company stood at 66.11% approximately in the last six months ended February 2026. Acuité expects the liquidity profile of the company to remain adequate in the near to medium term, supported by steady accruals to repayment obligations and adequate cash and bank balances.
 
Outlook
­Stable
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 25 (Actual) FY 24 (Actual)
Operating Income Rs. Cr. 40.02 34.72
PAT Rs. Cr. 1.66 1.58
PAT Margin (%) 4.14 4.56
Total Debt/Tangible Net Worth Times 1.55 1.09
PBDIT/Interest Times 3.02 3.79
Status of non-cooperation with previous CRA (if applicable)
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
22 Apr 2026 Bank Guarantee (BLR) Short Term 14.00 ACUITE A4+ (Reaffirmed)
Cash Credit Long Term 3.00 ACUITE BB | Stable (Reaffirmed)
Term Loan Long Term 3.00 ACUITE BB | Stable (Reaffirmed)
22 Jan 2025 Bank Guarantee (BLR) Short Term 14.00 ACUITE A4+ (Upgraded from ACUITE A4)
Term Loan Long Term 3.00 ACUITE BB | Stable (Upgraded from ACUITE BB- | Stable)
Cash Credit Long Term 3.00 ACUITE BB | Stable (Upgraded from ACUITE BB- | Stable)
27 Oct 2023 Bank Guarantee (BLR) Short Term 14.00 ACUITE A4 (Assigned)
Cash Credit Long Term 3.00 ACUITE BB- | Stable (Assigned)
Term Loan Long Term 3.00 ACUITE BB- | Stable (Assigned)
­

Lender’s Name ISIN Facilities Listing Status Regulated By Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
YES BANK LIMITED Not avl. / Not appl. Bank Guarantee (BLR) Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 14.00 Simple ACUITE A4+ | Reaffirmed
YES BANK LIMITED Not avl. / Not appl. Bank Guarantee (BLR) Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE A4+ | Assigned
YES BANK LIMITED Not avl. / Not appl. Cash Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE BB | Stable | Reaffirmed
YES BANK LIMITED Not avl. / Not appl. Term Loan Unlisted RBI 20 Dec 2022 Not avl. / Not appl. 20 Dec 2037 3.00 Simple ACUITE BB | Stable | Reaffirmed
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Contacts

List of instruments and names of regulators of the instruments
© Acuité Ratings & Research Limited. All Rights Reserved.www.acuite.in