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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 35.00 | ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 375.00 | - | ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 410.00 | - | - |
| Rating Rationale |
| Acuité has reaffirmed & withdrawn its long term rating to ‘ACUITE BB+' (read as ACUITE double BB plus)’ and has reaffirmed & withdrawn the short term rating to 'ACUITE A4+' (read as ACUITE A four plus) on Rs 410.00 crore bank facilities of SRC Infra Developers Private Limited. The rating continues to be flagged as “Issue Not Cooperating” and is based on the best available information. The rating is being withdrawn on account of the request received from the company and the NOC received from the banker as per Acuité’s policy on withdrawal of ratings. |
| About the Company |
| SRC Infra Developers Private Limited (SIPL) was initially established as a partnership firm in 1998 namely, S. R. Constructions. The firm was reconstituted as a private limited company in May 2019. The registered office is in Anantapur, Andhra Pradesh. The company is being managed by Mr. Yashwanth Amilineni, Mr. Rajagopal Muttineni and Mr. Venkatesulu Devineni. The company undertakes construction and civil works such as roads, building, irrigation, power, etc. in Andhra Pradesh (AP) and Karnataka (KA). |
| All covenants |
| 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 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, 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. |
| 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 |
| Not Applicable |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 665.98 | 541.31 |
| PAT | Rs. Cr. | 31.26 | 19.72 |
| PAT Margin | (%) | 4.69 | 3.64 |
| Total Debt/Tangible Net Worth | Times | 0.86 | 0.78 |
| PBDIT/Interest | Times | 2.87 | 2.37 |
| Status of non-cooperation with previous CRA |
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Brickworks vide its press release dated March 9, 2023 had reaffirmed the company to BWR C/A4 ; Issuer not cooperating. India Ratings vide its press release dated July 24, 2023 had reaffirmed the company to IND-RA BB/A4+ ; Issuer not cooperating |
| Any other information |
| Not Applicable |
| Applicable Criteria |
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• 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 |
| 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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