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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 60.00 | ACUITE BB+ | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 60.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
| Acuité has reaffirmed the long-term rating to ‘ACUITE BB+’ (read as ACUITE double B plus) on the Rs. 60.00 Cr bank facilities of Shree RSH Projects Private Limited (SRSHPPL). The rating is now to be flagged as “Issuer NotCooperating” and is based on the best available information. |
| About the Company |
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Incorporated in 2010, Shree RSH Projects Private Limited (SRSHPPL) is engaged in carrying out the business of development and construction of residential and commercial projects. Currently, the company is headed by Mr. Hari Prasad Sharma, Mr. Hitesh Dani and Mr. Harshvardhan Sharma. SRSHPPL has recently completed two premium residential real estate projects “BASIL Garden” and “RSH Signature”. Presently, the company has started construction of two commercial real estate projects “CREST Newtown” and “CORNER 47” in two of the prime locations in Kolkata
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| Non-cooperation by the issuer/borrower |
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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. |
| Rating Sensitivities |
| 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 |
| Other Factors affecting Rating |
| None |
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| 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 |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Real Estate Entities: https://www.acuite.in/view-rating-criteria-63.htm |
| Note on Complexity Levels of the Rated Instrument |
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In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.
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