* 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
Acuite has downgraded the long-term rating to “ACUITE BB” (read as ACUITE Double B) from “ACUITE BB+” (read as ACUITE Double B Plus) on Rs.65.00 crore bank facilities of Sandeep Enterprises.
The rating downgrade is on account of information risk. The rating is now flagged as “Issuer Not- Cooperating” on account of information risk and is based on the best available information.
About the Company
Gujarat – Based, Sandeep Enterprises was formed in 2006. The firm is engaged in integrated infrastructure service provider working into material handling, along with operation and maintenance (O&M) services for Government power plants, bulk cargo handling and mining activity. The partners of the firm are Mr. Sandeep Agrawal, Mr. Saurabh Agrawal, Mr. Mahadev Prasad Agrawal, Ms. Premlata Agrawal and Ms. Reena Agrawal.
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 Sensitivities
Potential triggers (individual or collective) for an upward rating action:
"No information provided by the issuer / available for Acuite to comment upon."
Potential triggers (individual or collective) for a downward rating action:
"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."
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ )
Bank Of Baroda
Not avl. / Not appl.
Term Loan
Unlisted
RBI
24 Nov 2023
Not avl. / Not appl.
29 Aug 2028
15.00
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ )
Bank Of Baroda
Not avl. / Not appl.
Term Loan
Unlisted
RBI
31 Jan 2024
Not avl. / Not appl.
30 Sep 2028
5.00
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.
