Press Release

Press Release

February 20, 2024

SUSHEE HI-TECH PROJECTS PRIVATE LIMITED
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	4.98	ACUITE BB+ \| Reaffirmed \| Issuer not co-operating*	-
Bank Loan Ratings	27.02	-	ACUITE A4+ \| Reaffirmed \| Issuer not co-operating*
Total Outstanding	32.00	-	-

Rating Rationale

Acuite has reaffirmed its long term rating of 'ACUITE BB+' (read as ACUITE double B plus) and its short term rating of 'ACUITE A4+' (read as ACUITE A four plus) on the Rs.32Cr. bank facilities of Sushee Hi-tech Projects Private Limited (SHPPL). This rating is now flagged as issuer not cooperating on account of information risk and is based on best available information.

About the Company

Based in Hyderabad (Telangana) and incorporated as a private limited company in 2008, Sushee Hi-tech Projects Private Limited (SHPPL) is engaged in the business of Civil Construction & Project Execution with special emphasis on Mining Projects, infrastructure Projects of Earthwork excavation, Canal Lining amongst others. SHPPL is a family-owned business and promoted by Mr. K. Anil Reddy and his family members. SHPPL is currently engaged in overburden removal (OBR) for coal mines of Singareni Collieries Company Limited (SCCL).

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 noncooperation by the issuer along with an 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 Sensitivities

"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

None

Key Financials

Particulars	Unit	FY 22 (Actual)	FY 21 (Actual)
Operating Income	Rs. Cr.	304.42	203.84
PAT	Rs. Cr.	5.55	1.91
PAT Margin	(%)	1.82	0.94
Total Debt/Tangible Net Worth	Times	5.00	4.48
PBDIT/Interest	Times	3.34	3.48

Status of non-cooperation with previous CRA

Not Applicable

Any other information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Complexity Level Of Financial Instruments: https://www.acuite.in/view-rating-criteria-55.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Rating Process and Timeline: https://www.acuite.in/view-rating-criteria-67.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

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
25 Nov 2022	Proposed Bank Guarantee	Short Term	0.01	ACUITE A4+ (Downgraded from ACUITE A3)
	Bank Guarantee	Short Term	27.01	ACUITE A4+ (Downgraded from ACUITE A3)
	Working Capital Term Loan	Long Term	4.98	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Stable)
27 Aug 2021	Working Capital Term Loan	Long Term	4.98	ACUITE BBB- \| Stable (Assigned)
	Proposed Bank Guarantee	Short Term	0.01	ACUITE A3 (Assigned)
	Bank Guarantee	Short Term	27.01	ACUITE A3 (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Indusind Bank Ltd	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	27.01	Simple	ACUITE A4+ \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Bank Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.01	Simple	ACUITE A4+ \| Reaffirmed \| Issuer not co-operating*
Indusind Bank Ltd	Not avl. / Not appl.	Working Capital Term Loan	25 Nov 2020	Not avl. / Not appl.	25 Oct 2025	4.98	Simple	ACUITE BB+ \| Reaffirmed \| Issuer not co-operating*

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Katta Akhil Analyst - Rating Operations Tel: 022-49294065 akhil.katta@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.