RATING RATIONALE
18May2022

Shree Surya Grani Marmo Pvt. Ltd.

Brickwork Ratings downgrades the long term rating for the Bank Loan Facilities of Rs. 4.93 Crs. of Shree Surya Grani Marmo Pvt. Ltd. based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(26 May 2021)
Present
Fund Based 4.93 4.93 Long Term BWR B- /Stable
Downgrade/ISSUER NOT COOPERATING*
BWR C
Downgrade/ISSUER NOT COOPERATING*
Grand Total 4.93 4.93 (Rupees Four Crores and Ninety Three lakhs Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

In view of the non-availability of the information, non submission of no default statement and lack of cooperation from the firm, Brickwork Ratings has downgraded the long term rating to "BWR C; Issuer Not Cooperating" for the bank loan facilities amounting Rs. 4.93 Crores of Shree Surya Grani Marmo Pvt. Ltd.

The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack any projections or forward looking component as it is arrived based on the best available information without any management/banker's interaction.

The rating is due for a review in May, 2022. BWR took up with the firm to provide required information over emails and through telephone calls. Despite the best efforts of BWR to get at least the minimum required information for a review, the entity has not provided the same. In the absence of adequate information from the issuer, BWR is unable to assess the firm’s financial performance and its ability to service its debt and maintain a valid rating.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating.

ABOUT THE ENTITY

The company was incorporated on 8th Jan, 2017 and commenced its business operations on 13 October, 2018. SSGMPL is engaged in processing and wholesale trading of high quality granite and marble slabs and tiles. SSGMPL gets its majority of its revenue from the processing and a negligible part of the same comes from trading activities. The company has a total workforce of 23 employees. Yograj S. Shaktawat, Sunny Jain and Vishal Niyati are the Directors in the organization. Besides running SSGMPL, the promoters had also been involved in trading of marbles and mining of granite in distinct companies. The company has an installed capacity of processing 12 Lakhs sq.ft. per annum and currently the company has been at 90% capacity utilization i.e. around 11 Lakhs sq.ft. per annum. Basic raw materials for the company are the Granite blocks which are mainly procured from nearby mines. Further the granite blocks are processed via cutting, grinding, epoxy application and polishing.

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2022) 2022 (History) 2021 2020 2019
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Fund Based LT 4.93
BWR C
(Downgrade/ISSUER NOT COOPERATING*)
NA
NA
26May2021
BWR B- Stable
(Downgrade/ISSUER NOT COOPERATING*)
06Mar2020
BWR B Stable
(Assignment)
NA
NA
Grand Total 4.93 (Rupees Four Crores and Ninety Three lakhs Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

Hyperlink/Reference to applicable Criteria
Analytical Contacts

Shiv Preet Singh

Ratings Analyst shivpreet.s@brickworkratings.com

Hari Kishan Yadav

Associate Director - Ratings hari.ky@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Shree Surya Grani Marmo Pvt. Ltd.
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.)
1 Canara Bank Term LoanSanctioned 2.93 _ 2.93
2 Canara Bank Cash CreditSanctioned 2.00 _ 2.00
Total 4.93 0.00 4.93
TOTAL (Rupees Four Crores and Ninety Three lakhs Only)
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