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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 15.00 | - | ACUITE A4+ | Downgraded | Issuer not co-operating* |
| Bank Loan Ratings | 15.00 | ACUITE BB+ | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 30.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
| Acuité has downgraded the long term rating to ‘ACUITE BB+’ (read as ACUITE double B+) from‘ACUITE BBB-’ (read as ACUITE triple B minus) and short term rating to 'ACUITE A4+' (read as ACUITE A four plus) from 'ACUITE A3' (read as ACUITE A three) on the Rs. 30.00crore bank facilities of Gangadhar Jena. The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk. |
| About the Company |
| Established in 2002, Gangadhar Jena (GJ) is an Odisha based proprietorship firm named after its proprietor. The firm is primarily engaged in construction work of residential schools, hostels, office buildings, bridges, road infrastructure for State Government departments of Odisha, Paradeep port trust and various public sector units. GJ is classified as Super Class Contractor under the department of Public Works Department (PWD), Government of Odisha. |
| 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 noncooperation 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 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 statement for Acuite to comment |
| Rating Sensitivity |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Material Covenants |
| None |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
| Not Applicable |
| Status of non-cooperation with previous CRA |
| None |
| Any other information |
| None |
| Applicable Criteria |
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• Rating Process and Timeline: https://www.acuite.in/view-rating-criteria-67.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on Complexity Levels of the Rated Instrument |
| https://www.acuite.in/view-rating-criteria-55.htm |
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