* 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 downgraded the long-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE B’ (read as ACUITE B) on the Rs. 14.00 Cr bank facilities of Taleda Square Private Limited (TSPL) on account of information risk and publicly available information.
The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
Rationale for Downgrade
The rating downgrade is on account of delays in debt servicing being reflected in the CIC report, the latest being for the month of May 2026.
About the Company
Taleda Square Private Limited (TSPL), incorporated in 2014, is a Pune-based company promoted by Mr. Harshad Talera and Mr. Praveen Mutha. A 100 per cent subsidiary of Smart Hotels Private Limited, the company has established a multifunctional complex under the name ‘Taleda Square’ at Ajmer (Rajasthan). The complex comprises commercial units (12 shops) and a budget hotel, Smart Inn with 90 rooms. The land has been leased by Rail Land Development Authority (RLDA) for a period of around 45 years.
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
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
"No information provided by the issuer / available for Acuite to comment upon."
Potential triggers (individual or collective) for a downward rating action:
"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."
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
06 Mar 2024
Term Loan
Long Term
14.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
* 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
BANK OF MAHARASHTRA
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
14.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE B )
* 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.
