Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 16.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 16.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 16.00 crore bank facilities of SPS Marine Private Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company
­SPS Marine Private Limited (SMPL) was incorporated in 2008 in Mumbai, by Mr. Prafulla Ranjan and Mrs. Shalini Ranjan. SMPL commenced its operations in August 2018. The directors after commencement of operations are Mr. Prafulla Ranjan and Mr. Hemant Dhanu. The company owns one ship with DWT (Dead weight tonnage) of 7928 tonnes and is used for providing cargo services for bulk carrier all over the world. It is inolved in Supporting and auxiliary transport activities; activities of travel agencies.
 
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 noncooperation by the issuer along with an 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.
 
About the Rated Entity - Key Financials
­The rated entity has not shared the latest financial statements despite repeated requests.
 
Rating Sensitivity
­"No information provided by the issuer / available for Acuite to comment upon."
 
Material Covenants
­None
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
­Not Applicable.
 
Status of non-cooperation with previous CRA
­None
 
Any other information
­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
 
Applicable Criteria
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
26 Jul 2021 Cash Credit Long Term 1.00 ACUITE D ( Issuer not co-operating*)
Term Loan Long Term 15.00 ACUITE D ( Issuer not co-operating*)
23 Apr 2020 Cash Credit Long Term 1.00 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 15.00 ACUITE D (Downgraded and Issuer not co-operating*)
03 Mar 2020 Term Loan Long Term 15.00 ACUITE B- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE B- (Downgraded and Issuer not co-operating*)
11 Mar 2019 Cash Credit Long Term 1.00 ACUITE B | Stable (Assigned)
Term Loan Long Term 15.00 ACUITE B | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Canara Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 1.00 ACUITE D | Reaffirmed | Issuer not co-operating*
Canara Bank Not Applicable Term Loan Not available Not available Not available 15.00 ACUITE D | Reaffirmed | Issuer not co-operating*

Contacts
Analytical Rating Desk
About Acuité Ratings & Research

Acuité Ratings & Research Limitedwww.acuite.in