Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 99.00 ACUITE BB- | Reaffirmed | Issuer not co-operating* -
Total Outstanding 99.00 - -
Rating Rationale

­Acuité has reaffirmed its long-term rating of ‘ACUITE BB-’ (read as ACUITE Double B Minus) on the Rs.99.00 crore bank facilities of B Square Developers (BSD). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.     

About the Company

­B Square Developers, established on 7th January 2019, is a partnership firm to develop Karnavati Agriculture Market Yard in Ahmedabad with the objective of developing, operating, and maintaining APMC. They are developing this market to facilitate, coordinate and promote the marketing and trading activities of the farmers in agricultural and other commodities, articles, and goods. Partners of B Square Developers are Mr. Bipinbhai Naranbhai Patel, Mr. Dhruv Bipinbhai Patel, Mr. Lalitkumar Babubhai Patel and Mr. Vaibhav Babubhai Patel. 

Unsupported Rating
­Not Applicable
Non-cooperation by the issuer/borrower:

­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 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 endeavored 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.

About the Rated Entity - Key Financials

­The rated entity has not shared the latest financial statements despite repeated requests.

Rating Sensitivity

­­"No information provided by the issuer / available for Acuite to comment upon."

Liquidity Position

­­"No information provided by the issuer / available for Acuite to comment upon."


­Not Applicable

Other Factors affecting Rating
Status of non-cooperation with previous CRA

­Not Applicable

Any other information
Applicable Criteria
• Service Sector:
• Default Recognition:
• Application Of Financial Ratios And Adjustments:

Note on Complexity Levels of the Rated Instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on


Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
04 Jan 2023 Term Loan Long Term 99.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
14 Oct 2021 Term Loan Long Term 99.00 ACUITE BB | Stable (Assigned)

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
The Jammu and Kashmir Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 99.00 Simple ACUITE BB- | Reaffirmed | Issuer not co-operating*


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