* 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 its long-term rating to 'ACUITE B' (read as ACUITE B) from 'ACUITE BB-' (read as ACUITE double B minus) on Rs. 36 Cr. bank facilities of Sheeras Crystal House.
The rating is now flagged as “Issuer Not-Cooperating” on account of information risk and is based on the best available information. The rating has been downgraded on account of information risk and the firm has not provided latest no default statement (NDS) for last 3 months consecutively ended September 2026.
About the Company
Incorporated on March 01, 2020, Sheeras Crystal House is a proprietorship concern of Mr. Avtar Singh, based in Amritsar, Punjab. The firm commenced business operations in September 2020 and was initially engaged solely in the trading of rice and paddy.
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower
Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. 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 B | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.12
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Union Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
30 Nov 2030
1.25
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Union Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
30 Nov 2030
0.78
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
Union Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
30 Sep 2028
3.85
Simple
ACUITE B | 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.
