By Sakthi Prarthana

India Ratings and Research (Ind-Ra) has migrated Shri Saravana Industries Private Limited’s Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now continue to appear as ‘IND B+(ISSUER NOT COOPERATING)’ on the agency’s website. The instrument-wise rating action is given below:

Instrument Type

Date of Issuance

Coupon Rate

Maturity Date

Size of Issue (million)

Rating

Rating Action

Fund-based facilities

-

-

-

INR45

IND B+(ISSUER NOT COOPERATING)/INDA4(ISSUER NOT COOPERATING)

Migrated to non-cooperating category

Non-fund-based facilities

-

-

-

INR205

IND A4(ISSUER NOT COOPERATING)

Migrated to non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last assigned on 4 December 2020. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.



COMPANY PROFILE

Founded as a proprietorship firm in 1989 by S Kandasamy, Madurai-based Shri Saravana Industries engages in hydromechanical operations, which involve design, procurement, fabrication, manufacturing, installation, testing, and commissioning of complete hydro-mechanical equipment, including penstocks, steel liners, expansion joints, pressure shafts, and gates.


RATING HISTORY

Instrument Type

Rating Type

Rated Limits (million)

Current Ratings

Historical Rating/Outlook

4 December 2020

27 March 2020

27 November 2019

29 November 2018

17 August 2018

Issuer Rating

Long-term

-

IND B+(ISSUER NOT COOPERATING)

IND B+/Stable

IND B/Stable

IND B+(ISSUER NOT COOPERATING)

IND B+/Stable

IND B+(ISSUER NOT COOPERATING)

Fund-based facilities

Long-term/Short-term

INR45

IND B+(ISSUER NOT COOPERATING)/INDA4(ISSUER NOT COOPERATING)

IND B+/Stable/IND A4

IND B/Stable/IND A4

IND B+(ISSUER NOT COOPERATING) / IND A4(ISSUER NOT COOPERATING)

IND B+/Stable/IND A4

IND B+(ISSUER NOT COOPERATING) / IND A4(ISSUER NOT COOPERATING)

Non-fund-based facilities

Short-term

INR205

IND A4(ISSUER NOT COOPERATING)

IND A4

IND A4

IND A4(ISSUER NOT COOPERATING)

IND A4

IND A4(ISSUER NOT COOPERATING)


COMPLEXITY LEVEL OF INSTRUMENTS

Instrument Type

Complexity Indicator

Fund-based facilities

Low

Non-fund-based facilities

Low

For details on the complexity levels of the instruments, please visit https://www.indiaratings.co.in/complexity-indicators.


SOLICITATION DISCLOSURES

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. 

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

ABOUT INDIA RATINGS AND RESEARCH

About India Ratings and Research: India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market. 

Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies and project finance companies. 

Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India, the Reserve Bank of India and National Housing Bank. 

India Ratings is a 100% owned subsidiary of the Fitch Group.

For more information, visit www.indiaratings.co.in.

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