RATING RATIONALE
09Jun2025

Shalaka Infra-tech (India) Pvt. Ltd.

Brickwork Ratings reaffirms the long term and short term ratings for the Bank Loan Facilities of Rs. 209.94 Crs. of Shalaka Infra-tech (India) Pvt. Ltd. based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(20 Mar 2024)
Present
Fund Based 104.94 104.94 Long Term BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Non Fund Based 105.00 105.00 Short Term BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Grand Total 209.94 209.94 (Rupees Two Hundred Nine Crores and Ninety Four 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

Brickwork Ratings (BWR) reaffirmed the long term and short term ratings at BWR D, continued to be in the ''ISSUER NOT COOPERATING'' category for the bank loan facilities of Rs 209.94 Crs of Shalaka Infra-tech (India) Pvt Ltd, based on the best/limited available information, as the Issuer did not cooperate. The current rating action factors in the non-availability of information for change in default status from issuer/lenders, absence of adequate information, and continued lack of management cooperation from the company. 

The rating was due for review in March 2025. BWR took up with the company over emails and telephone calls to obtain the required information as required for the review/monitoring of its ratings. Despite the best efforts of BWR to get at least the minimum required information for a review, the entity has not provided the same and continues to be unresponsive. Thus, due to a continued lack of management cooperation in furnishing adequate information about the company’s performance and the absence of the latest lenders' feedback, BWR is unable to assess its ability to service its debt and maintain a valid rating. Accordingly, the ratings have been reaffirmed and continued in the “ISSUER NOT COOPERATING” category. 

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

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
Macro Economic Indicator Sector Industry Basic Industry
Industrials Construction Construction Civil Construction

Shalaka Infra-Tech India Private Limited (“SITIPL” or “The Company”) was incorporated as a private limited company in the year 2006 after the merger of two proprietorship concerns under the name of “Shalaka Engineering” and “Shalaka Electrik” formed in 1995. The Company is promoted by Mr. Ravindra Lunawat and his wife Mrs. Swati Lunawat. 

The Company is presently engaged in executing electrical and civil contracts on a turnkey basis for various Government and Semi-Government bodies as EPC contractors. The Company has also set up a 15 MW AC / 18MW BC solar power plant at Alair, Nalgonda district, Telangana State and has entered into a power purchase agreement with Southern Power Distribution Company of Telangana Limited to sell the power at a quoted tariff of Rs. 5.72 per kWh for a period of 25 years commencing from the year 2017. The income from the sale of solar power contributed around 6% to the total operating income whereas the remaining 96% is contributed by EPC contracts. 

SITIPL is a registered contractor for civil works & electrical works with the Public Works Department, Government of Maharashtra, Military Engineering Services (MES), Government of India. It is also registered with the Government of Madhya Pradesh, Indore Development Authority, and with the Electricity Department of Government of Goa, Telangana, Jammu & Kashmir, and Assam. The nature of electrical work undertaken by the Company includes internal & external electrification, substation, grid network, cabling or providing HT, LT power lines. SITIPL is an ISO 9001 - 2008 and OHSAS 18001 certified EPC company. The day-to-day operations of the Company are handled by Mr. Ravindra Lunawat who has around twenty-five years of experience in executing civil & electric contracts.

Note - Information available as on 11 Dec 2020

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

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

 Not Applicable 

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2025) 2024 2023 2022
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 104.94
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
20Mar2024
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
02Jan2023
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
NA
NA
Non Fund Based ST 105.00
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
20Mar2024
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
02Jan2023
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
NA
NA
Grand Total 209.94 (Rupees Two Hundred Nine Crores and Ninety Four lakhs Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

Md Saif Ali Khan

Rating Analyst saifali.k@brickworkratings.com

Ravi Rashmi Dhar

Associate Director - Ratings ravi.d@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Shalaka Infra-tech (India) 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.) Complexity of the Instrument
1 Bank of Maharashtra Term LoanOut-standing 46.85 _ 46.85 Simple##
2 Bank of Maharashtra Cash CreditSanctioned 18.50 _ 18.50 Simple##
3 Bank of Maharashtra Bank GuaranteeSanctioned _ 75.00 75.00 Simple##
4 Bank of Maharashtra Letter of CreditSanctioned _ 20.00 20.00 Simple##
5 State Bank Of India (SBI) Letter of CreditSanctioned _ 10.00 10.00 Simple##
6 State Bank Of India (SBI) Cash CreditSanctioned 6.00 _ 6.00 Simple##
7 State Bank Of India (SBI) Term LoanOut-standing 33.59 _ 33.59 Simple##
Total 104.94 105.00 209.94
TOTAL (Rupees Two Hundred Nine Crores and Ninety Four lakhs Only)

##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.

ANNEXURE-II
INSTRUMENT DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

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