Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 670.29 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 475.00 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 1145.29 - -
 
Rating Rationale

­Acuité has raffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the short-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 1145.29 crore bank facilities of Tantia Constructions Limited (TCL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­The Kolkata-based TCL, incorporated in December 1964, is the flagship company of the group. The company is engaged in the construction of roads, railways, bridges, among others. Promoted by the Late Mr. G P Tantia as a private limited company, it was converted to a public limited company in 1982. The day-to-day operations are managed by Mr. I.P. Tantia since 1969.

 
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:
­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 ratingis based.
 
Rating Sensitivity

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

 
Material Covenants
­Not Applicable
 
Liquidity Position

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

 
Outlook
­­Not Applicable
 
Other Factors affecting Rating

­­Not Applicable

 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 103.74 103.15
PAT Rs. Cr. 38.32 50.33
PAT Margin (%) 36.94 48.79
Total Debt/Tangible Net Worth Times 0.27 0.32
PBDIT/Interest Times 29.90 44.41
Status of non-cooperation with previous CRA

­­Not Applicable

 
Any other information

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

 
Applicable Criteria
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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.

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
22 Nov 2021 Term Loan Long Term 15.24 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 393.00 ACUITE D ( Issuer not co-operating*)
Working Capital Term Loan Long Term 72.80 ACUITE D ( Issuer not co-operating*)
Term Loan Long Term 92.45 ACUITE D ( Issuer not co-operating*)
Proposed Bank Guarantee Short Term 475.00 ACUITE D ( Issuer not co-operating*)
Working Capital Term Loan Long Term 19.29 ACUITE D ( Issuer not co-operating*)
Term Loan Long Term 62.21 ACUITE D ( Issuer not co-operating*)
Term Loan Long Term 15.30 ACUITE D ( Issuer not co-operating*)
25 Aug 2020 Proposed Bank Guarantee Short Term 475.00 ACUITE D (Issuer not co-operating*)
Working Capital Term Loan Long Term 72.80 ACUITE D (Issuer not co-operating*)
Cash Credit Long Term 393.00 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 92.45 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 15.24 ACUITE D (Issuer not co-operating*)
Working Capital Term Loan Long Term 19.29 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 62.21 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 15.30 ACUITE D (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 393.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Bank Guarantee Not Applicable Not Applicable Not Applicable 475.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Term Loan Not available Not available Not available 62.21 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Term Loan Not available Not available Not available 15.24 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Term Loan Not available Not available Not available 15.30 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Term Loan Not available Not available Not available 92.45 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Working Capital Term Loan Not available Not available Not available 72.80 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Working Capital Term Loan Not available Not available Not available 19.29 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
­

Contacts
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About Acuité Ratings & Research

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