|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 32.00 | ACUITE BB | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 83.00 | - | ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 115.00 | - | - |
| Rating Rationale |
| Acuité has downgraded & withdrawn its long term rating to ‘ACUITE BB' (read as ACUITE double B) from ‘ACUITE BB+' (read as ACUITE double B plus) and reaffirmed and withdrawn the short term rating of ‘ACUITE A4+' (read as ACUITE A four plus) on the Rs.115.00 crore bank facilities of Tirupati Build-con Private Limited. The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. This rating continues to be an indicative rating and is based on best available information. The rating is being withdrawn on account of request received from the company and NOC received from the banker. |
| About the Company |
| Tirupati Build-Con Private Limited, a Madhya Pradesh based company was established in the year 1983 as a partnership firm by Mr. Padam Singhania. Later, in the year 2003, the firm was reconstituted as a private limited company. The Company is promoted by the Singhania family led by Mr. Padam Singhania. The day-to-day operation of the company is managed by Mr. Harshvardhan Singhania. The company is registered as Class-IA contractor with PWD of Madhya Pradesh and Chhattisgarh. The company is engaged in executing construction contracts for infrastructural development projects mainly roads, bridges and irrigation projects for PWD, Water Resources Department of Madhya Pradesh and Chhattisgarh, NHAI, etc. The company was allotted a quarry of ‘Solid Black Basalt Material/Dolerite Stone’ measuring 15 acres land on a lease basis by Madhya Pradesh Government for 20 years ending in 2028. |
| 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 unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.This rating is therefore being flagged as “Issuer notcooperating”, 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. |
| About the Rated Entity - Key Financials |
| The rated entity has not shared the latest financial statements for Acuite to comment |
| Rating Sensitivity |
| No information provided by the issuer / available for Acuite to comment upon |
| Material Covenants |
| None |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon |
| Outlook |
| Not Applicable |
| Status of non-cooperation with previous CRA |
| None |
| Any other information |
| Acuite is yet the receive the lates NDS (No Default Statement) from the company despite repeated requests and follow ups |
| Applicable Criteria |
|
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 |
|
| |
|
|
||||||||||||||||||||||||||||||||||||
|
|
Contacts |
| Analytical | Rating Desk |
| About Acuité Ratings & Research |
