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| 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 | 10.00 | ACUITE D | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 8.00 | ACUITE D | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 57.50 | - | ACUITE A4 | Reaffirmed | Issuer not co-operating* |
| Total Outstanding | 103.00 | - | - |
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Rating Rationale |
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Acuité has downgraded the long term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE C’ (read as ACUITE C) on the Rs. 10 crore, reaffirmed the long term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 8.00 crore, reaffirmed the long term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs. 27.50 crore and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 57.50 crore bank facilities of JRA Infrastructure Limited (JRAIL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. The rating action is on account of defaults reflected in HDFC bank and Kotak Mahindra bank facilties availed by JRAIL as per CIBIL Suit filed list. |
| About the Company |
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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.
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| 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: |
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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.
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| 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 |
| All Covenants |
| Not Available |
| 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 |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• 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 |
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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
Instruments” on www.acuite.in |
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