Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 52.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 52.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 52.00 crore bank facilities of Shri Raghunath Rai Memorial Education & Charitable Trust (SRCT). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­The Punjab-based, SRCT was established in 2003 by Mr. Ashwani Garg with the aim of imparting education in the field of engineering, management and information technology through its educational institutes at Rajpura (Punjab).

 
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

 
Other Factors affecting Rating

­­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
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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
20 Jul 2021 Term Loan Long Term 50.33 ACUITE D ( Issuer not co-operating*)
Proposed Secured Overdraft Long Term 1.67 ACUITE D ( Issuer not co-operating*)
23 Apr 2020 Term Loan Long Term 50.33 ACUITE D (Issuer not co-operating*)
Proposed Secured Overdraft Long Term 1.67 ACUITE D (Issuer not co-operating*)
07 Feb 2019 Term Loan Long Term 50.33 ACUITE D (Issuer not co-operating*)
Proposed Secured Overdraft Long Term 1.67 ACUITE D (Issuer not co-operating*)
15 Jan 2018 Term Loan Long Term 50.33 ACUITE D (Issuer not co-operating*)
Proposed Secured Overdraft Long Term 1.67 ACUITE D (Issuer not co-operating*)
26 Aug 2016 Term Loan Long Term 50.33 ACUITE D (Reaffirmed)
Proposed Secured Overdraft Long Term 1.67 ACUITE D (Reaffirmed)
29 May 2015 Term Loan Long Term 50.77 ACUITE D (Assigned)
Proposed Secured Overdraft Long Term 1.23 ACUITE D (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Not Applicable Not Applicable Proposed Secured Overdraft Not Applicable Not Applicable Not Applicable 1.67 ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available Not available 50.33 ACUITE D | Reaffirmed | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research

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