March 26, 2024

Shiv Shakti Enterprise: Continues to remain under issuer Non-Cooperating category

Summary of rating action

Previous Rated Current Rated

Instrument^ Amount Amount Rating Action
(Rs. crore) (Rs. crore)
Long Term-Fund 10.00 10.00 [ICRA]D; ISSUER NOT COOPERATING*. Rating Continues
Based-Term Loan to remain under the ‘Issuer Not Cooperating’ category.
Total 10.00 10.00

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

^Instrument details are provided in Annexure-1

Rationale
ICRA has kept the long-term rating of Shiv Shakti Enterprise in the ‘Issuer Not Cooperating’ category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING”

As part of its process and in accordance with its rating agreement with Shiv Shakti Enterprise, ICRA has been trying to seek
information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity
for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity’s management has remained
non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been
continued to the “Issuer Not Cooperating” category. The rating is based on the best available information.

Please refer to the following link for the previous detailed rationale that captures Key rating drivers and their description,
Liquidity position, Rating sensitivities, Key Financial Indicator: Click here ICRA is unable to provide the latest information
because of non-cooperation by the entity.

Analytical approach

Analytical Approach Comments

Policy in respect of non-cooperation by the rated entity
Corporate Credit Rating Methodology
Applicable Rating Methodologies
Rating Methodology–Realty - Commercial/Residential/Retail
Policy on default recognition
Parent/Group Support NA

Consolidation/Standalone Standalone

About the company

Established as a partnership firm in February 2014, Shiv Shakti Enterprise commenced the development of its first residential
real estate project viz. Siddhi Vinayak Heights in April 2014. The project is one with 152 two BHK flats, with saleable area in the
range of 1138sq.ft to 1186sq.ft. Located in the Pal-Adajan area of Surat, the management is targeting the people employed in

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 companies located in the Hazira industrial belt as prospective buyers. The management had rescheduled the project
completion from September 2016 to July 2017.

Status of non-cooperation with previous CRA:NA

Any other information: None

Rating history for past three years

Chronology of Rating History

Current Rating (FY2024)
for the past 3 years
Amount Date & Rating in Date & Rating in Date & Rating in
Instrument Amount Outstanding Date & Rating in
FY2023 FY2022 FY2021
Type Rated (Rs. Crore)
(Rs. Crore) Mar 26, 2024 Jan 31, 2023 Nov 18, 2021 Sep 22, 2020

10.00 [ICRA]D; ISSUER [ICRA]D; ISSUER [ICRA]D; ISSUER [ICRA]D; ISSUER

Long
1 Term loan - NOT NOT NOT NOT
Term
COOPERATING COOPERATING COOPERATING COOPERATING

Complexity level of the rated instrument

Instrument Complexity Indicator

Term loan Simple

The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated.
It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument’s
credit rating. It also does not indicate the complexity associated with analysing an entity’s financial, business, industry risks or
complexity related to the structural, transactional, or legal aspects. Details on the complexity levels of the instruments, is
available on ICRA’s website: Click Here

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 Annexure-1: Instrument details
Amount Rated
ISIN Instrument Date of Issuance / Coupon Maturity Current Rating and
No Name Sanction Rate Date Outlook
(RS Crore)

10.00 [ICRA]D; ISSUER NOT

- - -
NA Term loan COOPERATING

Source: Shiv Shakti Enterprise

Annexure-2: List of entities considered for consolidated analysis: Not Applicable

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 ANALYST CONTACTS
Rajeshwar Burla Subhechha Banerjee
+91 40 4067 6527 +91 33 7150 1151
rajeshwar.burla@icraindia.com subhechha.banerjee@icraindia.com

Sweety Shaw
+91 33 7150 1182
sweety.shaw@icraindia.com

RELATIONSHIP CONTACT
Mr. L. Shivakumar
+ 022-61693300
shivakumar@icraindia.com

MEDIA AND PUBLIC RELATIONS CONTACT

Ms. Naznin Prodhani
Tel: +91 124 4545 860
communications@icraindia.com

Helpline for business queries

+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)

info@icraindia.com

About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services
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Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company,
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For more information, visit www.icra.in

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