Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 7.10 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 7.10 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs.7.10 crore bank facilities of Sasi Road Finishers and Engineering Contractors (SRFEC). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company
­SRFEC is a partnership firm established in 2006 by Mr. Sangeeth Kumar and Ms. Sasikala. The firm is registered as a Class I contractor with PWD, Tamil Nadu and is engaged in the construction of roads and buildings.
 
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
19 Jul 2021 Working Capital Demand Loan Long Term 2.00 ACUITE B+ ( Issuer not co-operating*)
Term Loan Long Term 0.26 ACUITE B+ ( Issuer not co-operating*)
Bills Discounting Long Term 0.50 ACUITE B+ ( Issuer not co-operating*)
Secured Overdraft Long Term 4.00 ACUITE B+ ( Issuer not co-operating*)
Proposed Bank Facility Long Term 0.34 ACUITE B+ ( Issuer not co-operating*)
22 Apr 2020 Proposed Bank Facility Long Term 0.34 ACUITE B+ (Issuer not co-operating*)
Term Loan Long Term 0.26 ACUITE B+ (Issuer not co-operating*)
Secured Overdraft Long Term 4.00 ACUITE B+ (Issuer not co-operating*)
Working Capital Demand Loan Long Term 2.00 ACUITE B+ (Issuer not co-operating*)
Bills Discounting Long Term 0.50 ACUITE B+ (Issuer not co-operating*)
14 Feb 2019 Working Capital Demand Loan Long Term 2.00 ACUITE B+ (Issuer not co-operating*)
Term Loan Long Term 0.26 ACUITE B+ (Issuer not co-operating*)
Bills Discounting Long Term 0.50 ACUITE B+ (Issuer not co-operating*)
Proposed Bank Facility Long Term 0.34 ACUITE B+ (Issuer not co-operating*)
Secured Overdraft Long Term 4.00 ACUITE B+ (Issuer not co-operating*)
27 Dec 2017 Term Loan Long Term 0.26 ACUITE B+ | Stable (Upgraded from ACUITE B | Stable)
Secured Overdraft Long Term 4.00 ACUITE B+ | Stable (Upgraded from ACUITE B | Stable)
Bills Discounting Long Term 0.50 ACUITE B+ | Stable (Upgraded from ACUITE B | Stable)
Working Capital Demand Loan Long Term 2.00 ACUITE B+ | Stable (Upgraded from ACUITE B | Stable)
Bank Guarantee Short Term 0.25 ACUITE A4 (Withdrawn)
Proposed Bank Facility Long Term 0.34 ACUITE B+ | Stable (Assigned)
27 Dec 2016 Term Loan Long Term 0.35 ACUITE B | Stable (Reaffirmed)
Secured Overdraft Long Term 4.00 ACUITE B | Stable (Reaffirmed)
Bills Discounting Long Term 0.50 ACUITE B | Stable (Reaffirmed)
Working Capital Demand Loan Long Term 2.00 ACUITE B | Stable (Reaffirmed)
Bank Guarantee Short Term 0.25 ACUITE A4 (Reaffirmed)
17 Jul 2015 Term Loan Long Term 0.35 ACUITE B | Stable (Assigned)
Secured Overdraft Long Term 4.00 ACUITE B | Stable (Assigned)
Bills Discounting Long Term 0.50 ACUITE B | Stable (Assigned)
Working Capital Demand Loan Long Term 2.00 ACUITE B | Stable (Assigned)
Bank Guarantee Short Term 0.25 ACUITE A4 (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Tamil Nadu Mercantile Bank Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 0.50 ACUITE B+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 0.34 ACUITE B+ | Reaffirmed | Issuer not co-operating*
Tamilnad Mercantile Bank Limited Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 4.00 ACUITE B+ | Reaffirmed | Issuer not co-operating*
Tamilnad Mercantile Bank Limited Not Applicable Term Loan Not available Not available Not available 0.26 ACUITE B+ | Reaffirmed | Issuer not co-operating*
Tamilnad Mercantile Bank Limited Not Applicable Working Capital Demand Loan (WCDL) Not available Not available Not available 2.00 ACUITE B+ | Reaffirmed | Issuer not co-operating*

Contacts
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