* 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 the long-term rating to ‘ACUITE B’ (read as ACUITE B) from ‘ACUITE BB-’ (read as ACUITE Double B Minus) and the short term rating to ‘ACUITE A4’ (read as ACUITE A Four) from ‘ACUITE A4+’ (read as ACUITE A Four plus) on the Rs. 20.00 Cr. bank facilities of Siddharaj Projects Private Limited (SPPL).
The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available. The rating is downgraded on account of information risk.
About the Company
Gujarat based, Siddharaj Projects Private Limited (SPPL) was incorporated in 2009. The company is engaged in the business of construction and repairing works of canals, roads etc. It is promoted by Mr. Gambhirsinh Balujibhai Barad, Mrs. Shivani Siddhrajsinh Barad, Mrs. Vaishaliba Prashantsinh Barad and Mr. Krishna Anirudhhasinh Barad.
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 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 BB- | Stable
(Upgraded from ACUITE B+ | Stable)
19 Feb 2024
Bank Guarantee (BLR)
Short Term
5.00
ACUITE A4
(Assigned)
Cash Credit
Long Term
15.00
ACUITE B+ | Stable
(Assigned)
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
UCO BANK
Not avl. / Not appl.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.00
Simple
ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
UCO BANK
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
15.00
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.
