Suchita Millenium Projects Pvt. Ltd.

Brickwork Ratings downgrades the long-term and reaffirms the short-term ratings for the Bank Loan Facilities of Rs. 49.38 Crs. of Suchita Millenium Projects Pvt. Ltd. based on best available information, as the issuer did not cooperate.

Particulars

Facilities	Amount (Rs.Crs.)		Tenure	Rating		Regulator
Facilities	Previous	Present	Tenure	Previous (13 Aug 2025)	Present	Regulator
Fund Based	7.00	7.00	Long Term	BWR BB- /Stable Continues to be in ISSUER NOT COOPERATING* category/Downgraded	BWR B + /Stable Continues to be in ISSUER NOT COOPERATING* category/Downgraded	RBI
Fund Based	(4.00)	(4.00)	Long Term			RBI
Non Fund Based	42.38	42.38	Short Term	BWR A4 Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed	BWR A4 Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed	RBI
Non Fund Based	(0.00)	(0.00)	Short Term			RBI
Grand Total	49.38	49.38	(Rupees Forty Nine Crores and Thirty Eight lakhs Only)

Note:
1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings
2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated
*Issuer did not cooperate; based on best available information.

RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

BWR has downgraded the long-term and reaffirmed the short-term ratings at "BWR B+/stable /A4" for the bank loan facilities of 49.38 crores of "Suchita Millennium Projects Pvt. Ltd. " and continued under the 'Issuer Not Cooperating' category as the issuer did not cooperate.

The ratings are due for review in August 2026. BWR has been consistently taking up with the company to provide required information over emails apart from telephonic communication, but no response has been received from the client. Further, BWR is unable to reach the banker. The banker's feedback regarding the conduct of the account is not available. Despite the best efforts of BWR to get at least the minimum required information for the review, the entity has not provided the same. In the absence of adequate information from the firm, BWR is unable to assess the firm's financial performance and its ability to service its debt and maintain a valid rating.

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 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	Capital Goods	Agricultural, Commercial & Construction Vehicles	Dealers–Commercial Vehicles, Tractors, Construction Vehicles

Kolkata-based Suchita Millenium Projects Pvt. Ltd., or SMPPL, was incorporated on April 12, 2005. It is an authorised dealer of Volvo CE, Volvo PENTA, EPIROC MINING, Chicago PNEUMATIC, LIEBHERR, MILLER & WACKER NEUSON for WB, Bihar and Sikkim. The company is the dealer of TEREX mobile, static, and wheeled crushers for the eastern and central parts of India. The company has nine branches across WB and Bihar, covering major markets including Siliguri, Haldia, Durgapur, Suri, Rampurhat, Patna, Dehri on Sone, and Darbhanga. Mr. Raghupati Bhuwalka, Ms. Amita Bhuwalka, and Ms. Kanchan Lata Bhuwalka are the promoters of the company.

(As per information available with BWR during June 2022 review)

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

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)

Facilities	Current Rating (2026)			2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	7.00	BWR B+/Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	13Aug2025	BWR BB- Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	11Sep2024	BWR BB Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	12Jul2023	BWR BB+ Stable (ISSUER NOT COOPERATING* /Downgrade)
FB SubLimit	LT	(4.00)	BWR B+/Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	13Aug2025	BWR BB- Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	11Sep2024	BWR BB Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	12Jul2023	BWR BB+ Stable (ISSUER NOT COOPERATING* /Downgrade)
Non Fund Based	ST	42.38	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	13Aug2025	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	11Sep2024	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	12Jul2023	BWR A4+ (ISSUER NOT COOPERATING* /Downgrade)
NFB SubLimit	ST	NA	NA	13Aug2025	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	11Sep2024	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	12Jul2023	BWR A4+ (ISSUER NOT COOPERATING* /Downgrade)
Grand Total		49.38	(Rupees Forty Nine Crores and Thirty Eight lakhs Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
N Jagadeesh Ratings Analyst jagadeesh.n@brickworkratings.com	Siva Kumar V S Senior Manager - Ratings sivakumar.vs@brickworkratings.com
1-860-425-2742 \| media@brickworkratings.com

Suchita Millenium Projects 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	Axis Bank Ltd.	Cash Credit - Sanctioned	2.00	_	2.00	Simple##
2	Axis Bank Ltd.	Bank Guarantee - Sanctioned	_	28.00	28.00	Simple##
3	ICICI Bank	Letter of Credit - Sanctioned	_	0.45	0.45	Simple##
	Sub-Limit (Bank Guarantee) - Sanctioned		(0.00)
4	ICICI Bank	Bank Guarantee - Sanctioned	_	0.18	0.18	Simple##
5	ICICI Bank	Bank Guarantee - Sanctioned	_	13.75	13.75	Simple##
6	ICICI Bank	Cash Credit - Sanctioned	5.00	_	5.00	Simple##
	Sub-Limit (WCDL) - Sanctioned	(4.00)
Total			7.00	42.38	49.38
TOTAL (Rupees Forty Nine Crores and Thirty Eight lakhs Only)

ANNEXURE-II

INSTRUMENT DETAILS

Instrument	Issue Date	Amount (Rs.Crs)	Coupon Rate (%)	Maturity Date	ISIN Particulars	Complexity of the Instrument
Nil	Nil	Nil	Nil	Nil	Nil	Nil

ANNEXURE-III

List of entities consolidated

Name of Entity	% Ownership	Extent of consolidation	Rationale for consolidation
Nil	Nil	Nil	Nil

List of Instruments and Regulators

Sr.No.	Instrument / Activity	Regulator
1	Listed/Proposed to be listed bonds/debentures/preference share (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)* $	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)*	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)*	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs^	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs,HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ~	-
15	Issuer Ratings #	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutual Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts $	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities))	SEBI
22	Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities))	MCA
23	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) *	Investor-side regulator such as IRDAI, PFRDA @

* Includes securitisation transactions involving assignee payout, acquirer's payout.
~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), Brickwork Ratings India Private Limited (BWR) shall separately capture the rated quantum details along with names of respective regulators.
^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
# There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
@ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the investor side regulators have accordingly been included.
$ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.

Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Grievance Management: For any grievances relating to rating of instruments regulated by SEBI, please contact sebigrievance@brickworkratings.com. Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available

For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.

DISCLOSURE ON CONFLICT OF INTEREST

BWR Board of Directors have no influence over rating decisions, nor do they sit on the rating committee or review, discuss or evaluate any credit rating during the Board meetings.

Print and Digital Media

About Brickwork Ratings

Disclaimer

Nature of Ratings & Information: BWR ratings are opinions on the relative ability of an entity/instrument to meet its financial obligations and are based on information obtained from issuers and other sources believed to be reliable. BWR does not conduct audits, due diligence, or independent verification of such information and does not guarantee its accuracy, adequacy, or completeness.Ratings are current only as of the date of publication and may be revised based on new or unavailable information.

No Advice or Recommendation: Ratings, reports, and related communications are not investment advice and do not constitute recommendations to buy, sell, or hold securities, or to sanction, renew, or disburse credit facilities. They do not represent offers or solicitations for any transaction. Users must rely on their own independent judgment and professional advice. Access to or use of these materials does not create any client relationship with BWR.

Liability, Usage & Regulatory Framework: This content is published for the purpose of dissemination of information as required under applicable laws and regulations. BWR holds exclusive copyright over the content. It may be used with appropriate credit to BWR, provided that the content is not altered or modified in any way that could change its meaning or intent. BWR retains the exclusive right to distribute or share its rating rationales, directly or indirectly, through any print, digital, or electronic media. All reports are provided on an "as is" basis without warranties of any kind, express or implied, including but not limited to merchantability, fitness for a particular purpose, or non-infringement. BWR and its affiliates shall not be liable for any direct, indirect, incidental, or consequential losses or damages arising from the use of these reports. Ratings are subject to continuous surveillance and may be revised, suspended, or withdrawn at any time without notice. These reports are intended for use within India only. BWR operates under SEBI Regulations and Code of Conduct.

For more information on policies and ratings, please visit our www.brickworkratings.com