Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 15.00 ACUITE C | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 15.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs. 15.00 crore bank facilities of Milroc Good Earth Property and Developers LLP. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­Milroc Good Earth Property and Developers LLP (MGEPDL) is a Goa-based partnership firm established in 2011 by Mr. Durgaprasad Allaparthi and Mr. Kulasekhar Kantipudi. The firm is engaged in the development of residential and commercial projects in and around Goa and have recently constructed 'Kadamba', a residential project.

 
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 statements despite repeated requests.

 
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

 
Status of non-cooperation with previous CRA

­None

 
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
• 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
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
09 Jul 2021 Secured Overdraft Long Term 15.00 ACUITE C ( Issuer not co-operating*)
09 Apr 2020 Secured Overdraft Long Term 15.00 ACUITE C (Issuer not co-operating*)
23 Jan 2019 Secured Overdraft Long Term 15.00 ACUITE C (Issuer not co-operating*)
16 Nov 2017 Secured Overdraft Long Term 15.00 ACUITE C (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Union Bank of India Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 15.00 ACUITE C | Reaffirmed | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research

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