RATING RATIONALE
10Jun2024

Suyog Gurbaxani Funicular Ropeways Pvt. Ltd.

Brickwork Ratings withdraws the outstanding ratings for the Bank Loan Facilities of Rs. 24.00 Crs. of Suyog Gurbaxani Funicular Ropeways Pvt. Ltd.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(28 May 2024)
Present
Fund Based 24.00 0.00 Long Term BWR C-
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Withdrawal
Grand Total 24.00 0.00 (Rupees Zero 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
Note: *Issuer did not cooperate; based on best available information.

RATING ACTION / OUTLOOK

Brickwork Ratings (BWR) has withdrawn the bank loan rating of Suyog Gurbaxani Funicular Ropeways Pvt. Ltd. ('The Company') based on the request for withdrawal of its ratings and receipt of the No Dues Certificate (NDC) from the lender. Hence, in accordance with extant regulatory guidelines, BWR's Rating Withdrawal Policy and based on the best available information, outstanding rating for the bank loan facilities of Rs. 24.00 Crs is withdrawn.

*Issuer did not cooperate; based on best available information.

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Services Services Transport Services Railways

Suyog Gurbaxani Funicular Ropeways Private Limited (SGFRPL) was incorported on 11th February 2010, is a joint venture between Suyog Telematics Ltd. and D.C Gurbaxani and is promoted by Gurbaxani Family represented by Mr. Omprakash Gurbaxani and Mr. Rajkumar Gurbaxani and Lature Family represented by Mr. Shivshankar Lature and Mr.Gurushantapa Lature. The company has been awarded a BOT Project by Maharshtra Government under PWD, Circle Nashik to construct and operate Funicular Ropeway System at Saptashrungi Temple , in Vani, Nashik. The company has tied up with a Ukraine based company for technical expertise. The funicular ropeway would provide access from the base of a mountain to the temple, which is at a height of about 100 meters. The concession period for the said project is for 20 years and 7 months, starting from November 2009 to June 2030.

(As per the latest information available in Feb 2018)

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY

There is no Non Co-operation with other CRAs.

ANY OTHER INFORMATION

NA

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2024) 2024 (History) 2023 2022 2021
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Fund Based LT 0.00
Withdrawal
28May2024
BWR C-
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
10Mar2023
BWR C-
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
04Mar2022
BWR C
(Reaffirmation/ISSUER NOT COOPERATING*)
19Jan2021
BWR C
(Downgrade/ISSUER NOT COOPERATING*)
Grand Total 0.00 (Rupees Zero 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

S. Adithya

Rating Analyst adithya.s@brickworkratings.com

Nagaraj K

Director - Ratings Board : +91 80 4040 9940 nagaraj.ks@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Suyog Gurbaxani Funicular Ropeways 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 State Bank Of India (SBI) Dropline ODSanctioned _ _ 0.00
Total 0.00 0.00 0.00
TOTAL (Rupees Zero Crores Only)
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