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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 4.00 | ACUITE C | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 8.00 | - | ACUITE A4 | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 12.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
| Acuité has reaffirmed the long term rating to ‘ACUITE C ’ (read as ACUITE C ) and the short term rating of ‘ACUITE A4’ (read as ACUITE A four) to the Rs.12.00 crore bank facilities of Asha Construction (AC). The rating is now flagged as ‘Issuer Not-Cooperating’, based on the information risk. |
| About the Company |
| M/s ASHA CONSTRUCTION, established in 2008, is a Raipur based firm promoted by Mr. Ajay Jain and Mr. Abhay Jain. The firm is engaged in mining and civil construction works. It mainly undertakes work in Jharkhand and Chhattisgarh for government as well as private entities. Further the organisation has also worked earlier with private reputed clients like M/s Narsingh Infrastructure, BGR Energy System Limited, NSPCL, NTPC etc for Civil contract work. |
| Non-cooperation by the issuer/borrower |
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Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer / borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with an unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies. |
| Limitation regarding information availability |
| The rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower). Acuité has endeavoured to gather information about the entity / industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based. |
| Rating Sensitivities |
| No information provided by the issuer / available for Acuité to comment upon. |
| Material Covenants |
| None |
| Liquidity Position |
| No information provided by the issuer / available for Acuité to comment upon. |
| Outlook |
| Not Applicable. |
| Other Factors affecting Rating |
| Not Applicable. |
| Key Financials: |
| The rated entity has not shared the latest financial statements despite repeated requests. |
| Status of non-cooperation with previous CRA |
| None. |
| Any other information |
| Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups. |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Trading Entitie: https://www.acuite.in/view-rating-criteria-61.htm |
| Note on Complexity Levels of the Rated Instrument |
| https://www.acuite.in/view-rating-criteria-55.htm |
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