RATING RATIONALE
29May2023

Suwarna Buildcon Pvt. Ltd.

Brickwork Ratings downgrades the ratings of Suwarna Buildcon Pvt. Ltd. for the Bank Loan Facilities amounting to Rs. 25.00 Crs. based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(30 May 2022)
Present
Fund Based 25.00 25.00 Long Term BWR BB/Stable
Downgrade/ISSUER NOT COOPERATING*
BWR BB - /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
Grand Total 25.00 25.00 (Rupees Twenty Five Crores 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

BWR took up with the company to provide the required information over emails and through telephonic communication since the rating is due for review on 30May2023. Despite the best efforts of BWR to get at least the minimum information for a review, the company has not provided the same and has not been submitting NDS to BWR.

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

In absence of adequate information, non-submission of no default statement and lack of management cooperation, the rating action is recommended based on best available information as the issuer did not cooperate. Accordingly, appropriate press releases will be made on our website. The rating of the said instrument is as follows - Downgrade the long-term rating to “BWR BB-/Stable” from “BWR BB/Stable” with continuation in Issuer Not Cooperating* category.

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

Suwarna Buildcon Pvt Ltd (hereafter referred as SBPL) was incorporated in the year 2011 in Pune, Maharashtra. As per the information received during FY2020 review. The company is spearheaded by Mr. Manoj kumar Abrol & his wife Mrs. Rashmi Abrol having an experience of nearly 30 years in this industry. The company is registered as Class I contractor with Government of  Maharashtra & undertakes project as principal contractor and also as a subcontractor catering to the irrigation segment. SBPL undertakes construction of weirs & barrages, road work, minor bridges & buildings in Maharashtra.

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

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY

NA

ANY OTHER INFORMATION

NA

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 25.00
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
30May2022
BWR BBStable
(Downgrade/ISSUER NOT COOPERATING*)
27May2021
BWR BB+ Stable
(Downgrade/ISSUER NOT COOPERATING*)
16Mar2020
BWR BBBStable
(Assigned)
Grand Total 25.00 (Rupees Twenty Five Crores 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

Mohammed Farzan

Rating Analyst mohammed.f@brickworkratings.com

Suryanarayan N

Chief Manager - Ratings suryanarayan.n@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Suwarna Buildcon 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 Bank of Maharashtra Cash CreditProposed 25.00 _ 25.00
Total 25.00 0.00 25.00
TOTAL (Rupees Twenty Five Crores Only)
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About Brickwork Ratings

Brickwork 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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