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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 584.06 | ACUITE D | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding | 584.06 | - | - |
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Rating Rationale |
| Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 584.06 crore bank facilities of SIDHI SINGRAULI ROAD PROJECTS LIMITED (SSRPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. |
| About the Company |
| SSRPL is a special purpose vehicle (SPV) promoted by sponsor, Gammon Infrastructure Projects Limited. The company was established in 2012 to upgrade the existing Sidhi-Singrauli highway in Madhya Pradesh from Km 83/4 to Km 195/8 on NH-75-E stretch to a four lane dual configuration. The project road runs on the Sidhi Singrauli section thereby covering a length of ~ 102.60 km. The toll collection project has been awarded by Madhya Pradesh Road Development Corporation Limited (MPRDCL) on Build, Operate and Transfer (BOT) basis for a concessional period of 30 years including a construction period of two years. The promotors include Ms. Charushila Choche, Mr. Jitendra Patil and Mr. Lakshmayyah Solagar. |
| 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 Sensitivity |
| No information provided by the issuer / available for Acuite to comment upon. |
| All Covenants |
| Not Applicable |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon. |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| Not Applicable. |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 0.00 | 0.00 |
| PAT | Rs. Cr. | (785.75) | (77.38) |
| PAT Margin | (%) | 0.00 | 0.00 |
| Total Debt/Tangible Net Worth | Times | 0.00 | 1.37 |
| PBDIT/Interest | Times | (8.14) | 0.00 |
| Status of non-cooperation with previous CRA |
| Not Applicable. |
| Any other information |
| None |
| Applicable Criteria |
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• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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 |
| 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 levelsof risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in. |
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