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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 19.73 | ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 115.27 | - | ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 135.00 | - | - |
| Rating Rationale |
| Acuité has Reaffirmed and Withdrawn the long term rating of ‘ACUITE BB+’ (Read as ACUITE double B plus) and short term rating of ‘ACUITE A4+’ (Read As ACUITE A four plus) on the Rs 135.00 crore bank facilities of Jampana Construction Private Limited. The rating is being withdrawn on account of request received from the company and NOC received from the banker on Acuite's policy of withdrawal of ratings. The rating continues to be an indicative rating and based on the best available information. |
| About the Company |
| Incorporated in 2003, Jampana Construction Private Limited (JCPL) is a Bengaluru based civil contactor engaged in the construction of commercial and residential buildings, bridges, hospitals, layout development etc. JCPL undertakes direct as well as subcontracted orders. The clientele of the Company includes National Building Construction Corporation (NBCC), Karnataka Housing Board (KHB), Karnataka Road Development Corporation Limited (KRDCL), Karnataka. The company has its registered office located in Karnataka and is currently handled by Mrs. Sridevi Jampana, Mr. Srinivasa Raju Jampana and Mrs. Suvarchala Jampana Bhanu as its directors. |
| 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 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 |
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| Other Factors affecting Rating |
| None |
| Status of non-cooperation with previous CRA |
| ICRA vide its press release dated 19.05.2022 had rated the entity to ICRA B+/A4; Issuer Not Cooperating. |
| 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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• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 |
| 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 www.acuite.in. |
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