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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 33.00 | Not Applicable | Withdrawn | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 33.00 | - | - |
| Rating Rationale |
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Acuité has withdrawn the rating on the Rs.33.00 crore bank facilities of Srijan Steel & Power Industries Private Limited.
The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, as the rating were Proposed limit. |
| About the Company |
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Jharkhand based, SSPIPL has been incorporated on February 23, 2011, for setting up a 1.0 Million MTPA iron ore beneficiation plant. The project cost stood at Rs 55.00 Cr. The same will be funded through a mix of debt and equity in 1.50:1 ratio. The project is likely to commence operation from April 2023 onwards. The project is being developed by mainly two promoters Mr. Sitesh Kumar Pradhan and Mr. Pullabhatla Venkat Subba Rao who bear adequate expertise in the field of project implementation and operation.
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| Analytical Approach |
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Not Applicable |
Key Rating Drivers
| Strengths |
| Not Applicable |
| Weaknesses |
| Not Applicable |
| Rating Sensitivities |
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Not Applicable |
| Material covenants |
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None |
| Liquidity Position |
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Not Applicable |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
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None |
| About the Rated Entity - Key Financials |
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| Particulars | Unit | FY 22 (Provisional) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 0.00 | 0.00 |
| PAT | Rs. Cr. | (0.11) | (0.08) |
| PAT Margin | (%) | 0.00 | 0.00 |
| Total Debt/Tangible Net Worth | Times | 0.04 | 0.22 |
| PBDIT/Interest | Times | (1.79) | (0.23) |
| Status of non-cooperation with previous CRA (if applicable) |
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None |
| Any other information |
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None |
| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Rating Process and Timeline: https://www.acuite.in/view-rating-criteria-67.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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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