Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 27.50 ACUITE C | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 18.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 57.50 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 103.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

Acuité has reaffirmed its long-term rating of ‘ACUITE C’ (read as ACUITE C)  on the Rs. 27.50 crore bank facilities and short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 57.50 crore bank facilities of JRA Infrastructure Limited (Erstwhile JRA Infrastructure Private Limited)(JRAIL).
Acuité has also reaffirmed its long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 18.00 crore bank facilities of JRA Infrastructure Limited (Erstwhile JRA Infrastructure Private Limited)(JRAIL).
The rating is now flagged as “Issuer Not Cooperating” and is based on the best available information. The rating has been reaffirmed on account of information risk and based on the credit bureau information report, which indicates recent delays in debt servicing by the company.


About the Company

­Ahmedabad based, JRA Infrastructure Limited (JRAIL) was established as a partnership firm in 1986, which got converted into a private limited company in 2007. Later in June 2019, the company changed its constitution into a public limited company. The company undertakes civil construction projects related to roads, bridges and railways. The directors of the company are Mr. Jugalkishor R. Agrawal, Mr. Anilkumar R. Agrawal, Mr. Sanjaykumar J. Agrawal, Mr. Rajiv J. Agrawal, Mr. Arpit A. Agrawal and Mr. Yash Agrawal.

 
Unsupported Rating

­Not Applicable

 
Non-cooperation by the issuer/borrower

­The team had sent repeated reminders to the Company for latest information; however, despite multiple requests; the Company’s management has not sent the required documents and NDS for assigning the rating. 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
Rating Sensitivities

­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

 
Outlook: Not Applicable
­
 
Other Factors affecting Rating

­None

 

Particulars Unit FY 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 170.71 209.71
PAT Rs. Cr. 3.66 10.03
PAT Margin (%) 2.14 4.78
Total Debt/Tangible Net Worth Times 0.86 1.14
PBDIT/Interest Times 3.00 3.98
Status of non-cooperation with previous CRA

­­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm

Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
30 Mar 2024 Bank Guarantee (BLR) Short Term 37.50 ACUITE A4 (Reaffirmed)
Bank Guarantee (BLR) Short Term 20.00 ACUITE A4 (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE C (Reaffirmed)
Cash Credit Long Term 17.50 ACUITE C (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE D (Reaffirmed)
Dropline Overdraft Long Term 8.00 ACUITE D (Reaffirmed)
21 Dec 2023 Bank Guarantee (BLR) Short Term 37.50 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 20.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE C (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 17.50 ACUITE C (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C)
Dropline Overdraft Long Term 8.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
09 Oct 2023 Bank Guarantee (BLR) Short Term 37.50 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 20.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 17.50 ACUITE C (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE C (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE C (Reaffirmed & Issuer not co-operating*)
Dropline Overdraft Long Term 8.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
25 Jul 2022 Bank Guarantee/Letter of Guarantee Short Term 20.00 ACUITE A4 (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 12.50 ACUITE A4 (Assigned)
Bank Guarantee/Letter of Guarantee Short Term 25.00 ACUITE A4 (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE C (Reaffirmed)
Cash Credit Long Term 15.00 ACUITE C (Reaffirmed)
Cash Credit Long Term 2.50 ACUITE C (Assigned)
Cash Credit Long Term 10.00 ACUITE C (Assigned)
Dropline Overdraft Long Term 8.00 ACUITE D (Assigned)
30 Apr 2022 Bank Guarantee/Letter of Guarantee Short Term 20.00 ACUITE A4 (Downgraded from ACUITE A3)
Bank Guarantee/Letter of Guarantee Short Term 25.00 ACUITE A4 (Downgraded from ACUITE A3)
Cash Credit Long Term 15.00 ACUITE C (Downgraded from ACUITE BBB- | Stable)
Cash Credit Long Term 10.00 ACUITE C (Downgraded from ACUITE BBB- | Stable)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Bank of Baroda Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 37.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Axis Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Axis Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 17.50 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Kotak Mahindra Bank Not avl. / Not appl. Dropline Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 8.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
­

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