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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 37.50 | ACUITE C | Reaffirmed | 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 Quantum (Rs. Cr) | 103.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long term rating of ‘ACUITE C’ (read as ACUITE C) & 'ACUITE D' (read as ACUITE D) and the short term rating of 'ACUITE A4' (read as ACUITE A Four) on the Rs.103.00 crore bank facilities of JRA Infrastructure Limited (JRAIL).
This rating is now an indicative rating and is based on best available information. The rating outcome is because of information risk. |
| 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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| Non-cooperation by the issuer/borrower |
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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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| Rating Sensitivities |
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No information provided by the issuer / available for Acuite to comment upon.
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| All Covenants |
| Not Available |
| Liquidity Position |
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No information provided by the issuer / available for Acuite to comment upon.
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| Outlook |
| Not Applicable |
| Key Financials: |
| The rated entity has not shared the latest financial statement for Acuite to comment. |
| Status of non-cooperation with previous CRA |
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CARE Ratings, vide its press release dated September 06, 2023 had denoted the rating to JRA Infrastructure Limited (JRAIL) as 'CARE D' (Issuer Not Cooperating)' on account of not paying the surveillance fees and lack of adequate information required for monitoring of ratings
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| Any other information |
| Acuite is yet to receive the latest No Default Statement from the rated entity despite repeated requests and followups. |
| Applicable Criteria |
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• 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 |
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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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