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| 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+ | Downgraded | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 56.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long-term rating to ‘ACUITE BB+’ (read as ACUITE double B plus) from ‘ACUITE BBB-’ (read as ACUITE triple B minus) and the short term rating to ‘ACUITE A4+’ (read as ACUITE A four plus) from ‘ACUITE A3’ (read as ACUITE A three) on the Rs.56.00 Cr bank facilities of SPG Infraprojects Private Limited (SPGIPL). The rating has been downgraded and flagged as “Issuer Not Cooperating” on account of information risk.
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| About the Company |
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Established in 1951 as a proprietary concern, SPG Infraprojects Pvt Ltd (SPGIPL), erstwhile M/s Shripal Goel is based in Delhi and later converted into a private limited company in 2012. 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 Ltd, 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.
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| 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 flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
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| Limitation regarding information availability |
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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 ratingis based.
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| Rating Sensitivities |
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No information provided by the issuer / available for Acuite to comment upon.
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| Material Covenants |
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None
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| Liquidity Position |
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No information provided by the issuer / available for Acuite to comment upon.
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| Outlook |
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Not Applicable
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| Other Factors affecting Rating |
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None
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| Key Financials: |
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The rated entity has not shared the latest financial statements despite repeated requests.
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| Status of non-cooperation with previous CRA |
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CRISIL, vide its press release dated September 27, 2017 had denoted the rating of SPG Infraprojects Private Limited as 'CRISIL BBB-/Stable/A3; ISSUER NOT COOPERATING’.
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| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm |
| Note on Complexity Levels of the Rated Instrument |
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