* 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 reaffirmed the long-term rating of ‘ACUITE B-’ (read as ACUITE B minus) and short-term rating of 'ACUITE A4' (read as Acuite A four) on the Rs. 50.00 Cr bank facilities of Saumya Construction (SC). The rating is now flagged as “Issuer Not-Cooperating” and based on the best available information.
About the Company
Incorporated in 2001, Saumya Construction (SC) is an EPC contractor and takes up various government contracts related to construction work such as commercial structures, industrial buildings, affordable housing and lake and river development projects. The firm is promoted by Mr. Vasant Patel who is a Civil Engineer and has over two decades of experience in the civil constructions industry. Currently the firm is working on executing lake development and river rejuvenation projects under the Smart City Mission in Bihar.
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 B-
(Downgraded & Issuer not co-operating* from ACUITE B)
07 Dec 2023
Bank Guarantee (BLR)
Short Term
42.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
8.00
ACUITE B
(Reaffirmed & Issuer not co-operating*)
01 Mar 2023
Bank Guarantee (BLR)
Short Term
42.00
ACUITE A4
(Assigned)
Cash Credit
Long Term
8.00
ACUITE B | Stable
(Assigned)
* 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
The Mehsana Urban Cooperative Bank Ltd
Not avl. / Not appl.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
42.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
The Mehsana Urban Cooperative Bank Ltd
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
8.00
Simple
ACUITE B- | Reaffirmed | Issuer not co-operating*
* 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.
