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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 8.50 | ACUITE B- | Downgraded | Issuer not co-operating* | - |
| Total Outstanding | 8.50 | - | - |
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Rating Rationale |
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Acuité has downgraded the long-term rating to 'ACUITE B-' (read as ACUITE B minus) from ‘ACUITE B’ (read as ACUITE B) on the Rs. 8.50 crore bank facilities of Jagat Hotels. The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk. |
| About the Company |
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Jagat Hotels was established in 2017, as a proprietorship concern by Mr. B. S. Shaktawat in Udaipur, Rajasthan. The firm is setting up a hotel consisting of 45 rooms which include three suites, three service apartments, restaurant and other facilities. The total cost of the project is Rs.13.22 crore and commercial operations are expected to start from September, 2019. |
| Unsupported Rating |
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Not Applicable |
| 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. |
| Limitation regarding information availability: |
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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 |
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The rated entity has not shared the latest Financial Statements despite repeated attempts. |
| Rating Sensitivity |
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"No information provided by the issuer / available for Acuite to comment upon." |
| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
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Not Applicable |
| Other Factors affecting Rating |
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None |
| Status of non-cooperation with previous CRA |
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Not Applicable |
| Any other information |
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None |
| Applicable Criteria |
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• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm |
| Note on Complexity Levels of the Rated Instrument |
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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 |
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