Brickwork Ratings reaffirms the long-term rating and simultaneously withdraws the ratings for the Bank Loan Facilities of Rs. 4.00 Crs. of Atal Realtech Ltd. (erstwhile Atal Realtech Pvt. Ltd.)
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (14 Nov 2022) |
Present | ||
| Fund Based | 16.16 | 2.50 | Long Term |
BWR BB- /Stable
Downgrade/ISSUER NOT COOPERATING* |
BWR BB -
/Stable Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
| Non Fund Based | 1.50 | 1.50 | Long Term |
BWR BB- /Stable
Downgrade/ISSUER NOT COOPERATING* |
BWR BB -
/Stable Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
| 11.30 | 0.00 | Short Term |
BWR A4
Reaffirmation/ISSUER NOT COOPERATING* |
Withdrawal |
|
| Grand Total | 28.96 | 4.00 | (Rupees Four Crores Only) | ||
Brickwork Ratings (BWR) has reaffirmed the long-term rating at "BWR BB-/Stable" for the bank loan facilities of Rs. 4.00 Crores availed from AU Small Finance Bank and simultaneously withdrawn the ratings based on the request of "Atal Realtech Ltd. (erstwhile Atal Realtech Pvt. Ltd.)" for rating withdrawal along with No Objection Certificate from the AU Small Finance Bank and No Due Certificate from State Bank of India. Hence, in accordance with extant regulatory guidelines and the BWR Rating Withdrawal Policy, ratings for the bank loan facilities are withdrawn with immediate effect.
ABOUT THE ENTITYAtal Realtech Limited provides integrated contracting and sub-contracting services for civil and industrial construction, engineering and complete infrastructure project management.
Incorporated in the year 2012 by Mr. Vijaygopal Atal at Nashik, the company has seen momentous growth and has become one of the top builders in the industry. The company has undertaken and delivered significant various governmental & private projects for notable organisations.
They provide integrated services for governmental projects such as Water-Supply and Drainage Projects, Road and Bridges Projects, Major and Minor Irrigation Projects and civil construction projects like Sport Stadiums (Indoor and Outdoor), Multi-purpose Hall, Commercial structures, Industrial structures, Hospitals, Cold Storages, Educational Institutions, Mass-Housing projects.
They are a registered contractor with the Government of Maharashtra Public Works Department in Class I-A.
They have been revered with “ISO 9001:2015 – Quality Management System” certification. Though registered and operated basically from Nashik, Maharashtra, they have also built projects in many other cities and states.
STATUS OF NON-COOPERATION WITH PREVIOUS CRAInfomerics Ratings has downgraded the long-term to "IVR B+/Negative" and reaffirmed the short-term rating at "IVR A4" and continued the ratings in the "Issuer Not Cooperating" category for the Bank Loan facilities of 22.9 Crores of "Atal Realtech Limited" as on 24 March 2023.
ANY OTHER INFORMATIONNil
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)| Facilities | Current Rating (2023) | 2022 | 2021 | 2020 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
| Fund Based | LT | 2.50 |
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
14Nov2022 |
BWR BB- Stable
(Downgrade/ISSUER NOT COOPERATING*) |
01Oct2021 |
BWR BB+ Stable
(Upgrade) |
28Mar2020 |
BWR BB-
(Downgrade/ISSUER NOT COOPERATING*) |
| Non Fund Based | LT | 1.50 |
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
14Nov2022 |
BWR BB- Stable
(Downgrade/ISSUER NOT COOPERATING*) |
01Oct2021 |
BWR BB+ Stable
(Upgrade) |
NA |
NA
|
| Non Fund Based | ST | 0.00 |
Withdrawal
|
14Nov2022 |
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*) |
01Oct2021 |
BWR A4
(Reaffirmation) |
28Mar2020 |
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*) |
| Grand Total | 4.00 | (Rupees Four Crores 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.
Hyperlink/Reference to applicable Criteria| Analytical Contacts | |
|---|---|
|
R Sriranjani Rating Analyst sriranjani.r@brickworkratings.com |
RamaKrishna Director - Ratings ramakrishna@brickworkratings.com |
| 1-860-425-2742 | media@brickworkratings.com | |
| SL.No. | Name of the Bank/Lender | Type Of Facilities | Long Term(Rs.Crs.) | Short Term(Rs.Crs.) | Total(Rs.Crs.) | |
|---|---|---|---|---|---|---|
| 1 | AU Small Finance Bank | Bank GuaranteeSanctioned | 1.50 | _ | 1.50 | |
| 2 | AU Small Finance Bank | OverdraftSanctioned | 2.50 | _ | 2.50 | |
| 3 | State Bank Of India (SBI) | GECLSanctioned | _ | _ | 0.00 | |
| 4 | State Bank Of India (SBI) | Bank GuaranteeSanctioned | _ | _ | 0.00 | |
| 5 | State Bank Of India (SBI) | Funded Interest Term LoanSanctioned | _ | _ | 0.00 | |
| 6 | State Bank Of India (SBI) | Cash CreditSanctioned | _ | _ | 0.00 | |
| Total | 4.00 | 0.00 | 4.00 | |||
| TOTAL (Rupees Four Crores Only) | ||||||
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About Brickwork RatingsBrickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,560 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner.
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