* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 10.00 Crore bank facilities of Surya Agencies (SA). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
Surya Agencies (SA) is a Tamil Nadu based partnership firm established in the year 2011 forming part of Prabhat Group of Companies. The partners of the firm are Mr. Jithendra D. Patel and Mr. Dalsuk D. Patel. The firm is engaged in trading and processing of imported timbers. It also provides wood planning and sizing services to local firms situated in Trichy.
About the Group
Prabhat Group of Companies has been promoted by Patel family Mr. Shivgan K. Patel, Mr. Nathu K. Patel and Mr. Gopal K. Patel. The promoters (hereafter referred to as the Patel family) have been in this line of business for more than four generations (since 1970). Prabhat Group of Companies has 22 companies including Balaji Associates established in 2011, Karpagavinayaga and Company established in 2011, Surya Agencies established in 2008 and Vasani Wood Works established in 2007 which are mainly engaged in Trading and processing of timber in Tamil Nadu.
Prabhat Group engaged in import of round timber logs (Pine, Teak, and Padouk) which are subsequently sawn and sized at its saw mill into various commercial sizes as per the requirement of its customers. It also provides planning and sizing service to local firms located in Trichy. They mainly cater to the needs of Packaging, Furniture & Fittings and Construction industry.
Unsupported Rating
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 non-cooperation 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
About the Rated Entity - Key Financials
The rated entity has not shared the latest financial statements despite repeated requests.
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
State Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
9.75
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Working Capital Demand Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.25
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
