ACUITE BB- | Downgraded | Issuer not co-operating*
-
RBI
Bank Loan Ratings
0.00
23.40
-
ACUITE A4+ | Reaffirmed | Issuer not co-operating*
RBI
Total Outstanding
0.00
29.40
-
-
-
Total Withdrawn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
Acuité has downgraded the long-term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) from 'ACUITE BB' (read as ACUITE double B) and reaffirmed the short term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 29.40 Cr bank facilities of PSA Construction (PC) on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
PSA Construction is a Raipur, Chhattisgarh based partnership firm established in the year 2000. The partners of the firm are Mr. Sanjay Singhal and Mr. Rahul Bansal. The firm is registered as a Class-A contractor with PWD Chhattisgarh. The firm is engaged in construction and maintenance of roads, rails, bridges, tunnels, etc., for government departments such as Chhattisgarh Rural Road Development Agency and PWD-Chhattisgarh, to name a few, and also for non-government companies.
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 Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
6.00
ACUITE BB
(Downgraded & Issuer not co-operating* from ACUITE BB+)
23 Oct 2023
Bank Guarantee (BLR)
Short Term
23.40
ACUITE A4+
(Downgraded & Issuer not co-operating* from ACUITE A3)
Cash Credit
Long Term
6.00
ACUITE BB+
(Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
State Bank of India
Not avl. / Not appl.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
23.40
Simple
ACUITE A4+ | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Cash Credit
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 BB )
* 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.
