![]() |
![]() |
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Total Withdrawn | 0.00 | - | - |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 |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* 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 |