­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.

­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.

­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.

­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.

­"No information provided by the issuer / available for Acuite to comment upon."

­Not Applicable

­"No information provided by the issuer / available for Acuite to comment upon."

­Not Applicable

­Not Applicable

­None

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

­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.