ACUITE BB+ | Downgraded | Issuer not co-operating*
-
RBI
Bank Loan Ratings
0.00
134.84
-
ACUITE A4+ | Downgraded | Issuer not co-operating*
RBI
Total Outstanding
0.00
172.00
-
-
-
Total Withdrawn
0.00
0.00
-
-
-
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuite has downgraded the long-term rating to 'ACUITE BB+' (read as ACUITE Double B Plus) 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) to the Rs.172.00 crore bank facilities of JMC Constructions Private Limited (JMC).
The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available. The rating is downgraded on account of information risk.
About the Company
Established in 1977 and based in Chittoor (Andhra Pradesh), JMC Constructions Private Limited (JMC) was initially set up as proprietorship firm by Mr. Aranii Srenevasulu. In 1999, the proprietorship firm was reconstituted as partnership firm - ‘M/s A Srenevasulu & Co’ by Mr. A Srenevasulu and other family members. In June 2008, the firm changed its constitution to private limited company and currently is promoted by Mr. A Srenevasulu, Mr. A Jayararamulu, Mr. K Chandrasekhar and other family members. JMC, a family-owned business, undertakes civil construction activities primarily of Roads and Highways. JMC is a ‘Special Class’ contractor registered with Government of Andhra Pradesh, Telanpana, Karnataka, Bihar and undertakes work for Public Works Department, Roads & Buildings Department, State and National Highway development authorities.
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
Rating Sensitivities
Potential triggers (individual or collective) for an upward rating action:
No information provided by the issuer / available for Acuite to comment upon
Potential triggers (individual or collective) for a downward rating action:
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
ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A3 )
Bank Of Baroda
Not avl. / Not appl.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.09
Simple
ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A3 )
BANK OF MAHARASHTRA
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
15.00
Simple
ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB- )
Not Applicable
Not avl. / Not appl.
Proposed Bank Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
43.75
Simple
ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A3 )
Not Applicable
Not avl. / Not appl.
Proposed Secured Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.16
Simple
ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB- )
Union Bank of India
Not avl. / Not appl.
Secured Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
15.00
Simple
ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB- )
Bank Of Baroda
Not avl. / Not appl.
Secured Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
6.00
Simple
ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB- )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
