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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 569.92 | Not Applicable | Withdrawn | - |
| Bank Loan Ratings | 1630.08 | - | Not Applicable | Withdrawn |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 2200.00 | - | - |
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Rating Rationale |
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Acuite has withdrawn its long-term and short-term rating on Rs. 2200 Cr. bank facilities without assigning any rating of SPML Infra Limited . The rating withdrawal is in accordance with Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of no dues outstanding towards the rated lenders of the company as confirmed from 'Satisfaction of Charges' records on MCA and withdrawal request received from the company.
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| About the Company |
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Incorporated in 1981, SPML Infra Limited (SPMLIL) is engaged in infrastructure development on engineering, procurement and construction (EPC) basis which include water infrastructure and management, wastewater treatment, rural electrification and distribution, solid waste management and other civil infrastructure. The company undertakes tender based contract from government departments and has a pan-India presence with ongoing projects at Delhi, Uttar Pradesh, Rajasthan, Bihar, Gujarat, Maharashtra and Karnataka. The company was promoted by the Sethi family headed by Mr. Subhas Sethi. The present directors of the company are Mr. Subhash Chand Sethi, Mr. Prem Singh Rana, Mr. Srivatsan Sivashankar Tiruvidaimarudhur, Mr. Pavitra Joshi Singh, Mr. Sushil Kumar Sethi and Mrs. Arundhuti Dhar.
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| Unsupported Rating |
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Not Applicable
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| Analytical Approach |
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Not Applicable
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| Key Rating Drivers |
| Strengths |
| Not Applicable
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| Weaknesses |
| Not Applicable
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| Rating Sensitivities |
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Not Applicable
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| Liquidity Position |
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Not Applicable
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| Outlook: Not Applicable |
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| Other Factors affecting Rating |
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None
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| Particulars | Unit | FY 24 (Actual) | FY 23 (Actual) |
| Operating Income | Rs. Cr. | 1318.38 | 884.18 |
| PAT | Rs. Cr. | 19.52 | 2.11 |
| PAT Margin | (%) | 1.48 | 0.24 |
| Total Debt/Tangible Net Worth | Times | 1.10 | 4.88 |
| PBDIT/Interest | Times | 1.40 | 1.11 |
| Status of non-cooperation with previous CRA (if applicable) |
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Not Applicable
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| Any other information |
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None
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| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on complexity levels of the rated instrument |
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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 levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial
Instruments” on www.acuite.in. |
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About Acuité Ratings & Research |
