Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 18.80 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 6.00 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 24.80 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and short term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 24.80 crore bank facilities of G. S. Atwal & Co. (Engineers) Private Limited (GSAC). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company
­GSAC was incorporated as a private limited company in 1967 under the directorship of Mr. Harminder Singh Atwal. The company executes mining, construction and solar power projects in Bihar, Jharkhand, Orissa and other states. The day-to-day operations are led by Mr. Harminder Singh Atwal and Mr. Govind Singh Atwal.
 
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 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."
 
Material Covenants
­None
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­None
 
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
• 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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
28 Jun 2021 Term Loan Long Term 10.27 ACUITE D ( Issuer not co-operating*)
Bank Guarantee Short Term 5.00 ACUITE D ( Issuer not co-operating*)
Letter of Credit Short Term 1.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 5.50 ACUITE D ( Issuer not co-operating*)
Term Loan Long Term 3.03 ACUITE D ( Issuer not co-operating*)
01 Apr 2020 Bank Guarantee Short Term 5.00 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 3.03 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 10.27 ACUITE D (Issuer not co-operating*)
Cash Credit Long Term 5.50 ACUITE D (Issuer not co-operating*)
Letter of Credit Short Term 1.00 ACUITE D (Issuer not co-operating*)
14 Jan 2019 Term Loan Long Term 3.03 ACUITE D (Downgraded from ACUITE B-)
Bank Guarantee Short Term 5.00 ACUITE D (Downgraded from ACUITE A4)
Term Loan Long Term 10.27 ACUITE D (Downgraded from ACUITE B-)
Cash Credit Long Term 5.50 ACUITE D (Downgraded from ACUITE B-)
Letter of Credit Short Term 1.00 ACUITE D (Downgraded from ACUITE A4)
02 Jan 2019 Bank Guarantee Short Term 5.00 ACUITE A4 (Issuer not co-operating*)
Term Loan Long Term 3.03 ACUITE B- (Issuer not co-operating*)
Letter of Credit Short Term 1.00 ACUITE A4 (Issuer not co-operating*)
Term Loan Long Term 10.27 ACUITE B- (Issuer not co-operating*)
Cash Credit Long Term 5.50 ACUITE B- (Issuer not co-operating*)
29 Dec 2017 Cash Credit Long Term 5.50 ACUITE B- | Stable (Upgraded from ACUITE C)
Term Loan Long Term 10.27 ACUITE B- | Stable (Upgraded from ACUITE C)
Letter of Credit Short Term 1.00 ACUITE A4 (Reaffirmed)
Bank Guarantee Short Term 5.00 ACUITE A4 (Reaffirmed)
Term Loan Long Term 3.03 ACUITE B- | Stable (Upgraded from ACUITE C)
03 Aug 2016 Cash Credit Long Term 5.50 ACUITE C (Assigned)
Term Loan Long Term 11.30 ACUITE C (Assigned)
Bank Guarantee Short Term 3.00 ACUITE A4 (Assigned)
Bank Guarantee Short Term 5.00 ACUITE A4 (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
UCO Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 5.00 ACUITE D | Reaffirmed | Issuer not co-operating*
UCO Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 5.50 ACUITE D | Reaffirmed | Issuer not co-operating*
UCO Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 1.00 ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of India Not Applicable Term Loan Not available Not available Not available 10.27 ACUITE D | Reaffirmed | Issuer not co-operating*
UCO Bank Not Applicable Term Loan Not available Not available Not available 3.03 ACUITE D | Reaffirmed | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research
Acuité Ratings & Research Limitedwww.acuite.in