ACUITE Not Applicable | Withdrawn | Issuer not co-operating*
-
RBI
Total Outstanding
0.00
0.00
-
-
-
Total Withdrawn
0.00
19.33
-
-
-
* 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
Acuite has withdrawn its long-term rating on Rs.10.52 Cr. bank facilities of Suryshree Private Limited (Erstwhile Suryshree Blocks Private Limited) without assigning any rating as the instrument is fully repaid. The rating has been withdrawn on account of the request received from the issuer and no dues outstanding towards the rated lenders of the issuer as confirmed from 'Satisfaction of Charges' records on MCA portal.
Acuité has also withdrawn its rating on the proposed long-term bank facilities of Rs.8.81 Cr. of Suryshree Private Limited (Erstwhile Suryshree Blocks Private Limited) without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the issuer.
The rating withdrawal is in accordance with Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
Suryshree Private Limited (Erstwhile Suryshree Blocks Private Limited), incorporated in 2011, is an Ahmedabad based company promoted by Mr. Adesh Kirtikumar Patel and Mrs. Kruti Adeshbhai Patel. The company is engaged in manufacturing of autoclaved aerated concrete and sand-based blocks under the brand name ‘Suryshree Blocks’ in Chiyada (Gujarat). The installed capacity stands at 150,000 cubic metres (CBM).
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower:
Acuité has been requesting for latest financials and latest No Default Statement from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
Limitation regarding information availability
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
Union Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.50
Simple
ACUITE Not Applicable | Withdrawn | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
8.81
Simple
ACUITE Not Applicable | Withdrawn | Issuer not co-operating*
Union Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
7.02
Simple
ACUITE Not Applicable | Withdrawn | 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.
