Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 12.00 ACUITE BB | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 44.00 - ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Total Outstanding 56.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­­­Acuité has downgraded the long-term rating to 'ACUITE BB’ (read as ACUITE double B) from ‘ACUITE BB+’ (read as ACUITE double B plus) and reaffirmed the short term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 56.00 crore bank facilities of ­SPG Infraprojects Private Limited (SPGIPL) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information.


About the Company

­Established in 1951 as a proprietary concern, SPG Infraprojects Private Limited, erstwhile M/s Shripal Goel is based in Delhi and later converted into a private limited company in 2010. The company is engaged in civil construction works for CPWD, PWD of NCR Delhi, Noida, Greater Noida, Yamuna Expressway Industrial Development Authority, UP Avas Evam Vikas Nigam Limited, GDA, Ansal Housing along with UPRNNL and PVVNL. The company is a registered Class IAA contractor with Public Works Department (PWD) and Northern and Northwestern Railway (NFR). The company is managed by the directors Mr. Ashok Kumar Goel, Mr. Kamal Kant Goel, Mr. Kunal Jain and Mr. Varun Goel.

 
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 Sensitivity

­"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."
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 24 (Actual) FY 23 (Actual)
Operating Income Rs. Cr. 244.31 281.77
PAT Rs. Cr. 10.09 9.09
PAT Margin (%) 4.13 3.22
Total Debt/Tangible Net Worth Times 1.13 1.34
PBDIT/Interest Times 4.59 4.03
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• 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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
16 Jan 2024 Bank Guarantee (BLR) Short Term 10.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 23.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 5.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 6.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 9.50 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 0.50 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
18 Oct 2022 Bank Guarantee (BLR) Short Term 10.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
Bank Guarantee (BLR) Short Term 23.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
Bank Guarantee (BLR) Short Term 5.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
Bank Guarantee (BLR) Short Term 6.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
Cash Credit Long Term 9.50 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable)
Cash Credit Long Term 1.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable)
Cash Credit Long Term 0.50 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable)
Cash Credit Long Term 1.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Punjab National Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 23.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
ICICI Bank Ltd Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Yes Bank Ltd Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.50 Simple ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ )
HDFC Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ )
ICICI Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.50 Simple ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ )
Yes Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ )
* The issuer did not co-operate; based on best available information.

Contacts

About Acuité Ratings & Research

© Acuité Ratings & Research Limited. All Rights Reserved.www.acuite.in