May 12, 2025

Enterprising Enterprises: 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)
[ICRA]B (Stable); ISSUER NOT COOPERATING*; Rating
Long Term-Fund
29.50 29.50 continues to remain under ‘Issuer Not Cooperating’
Based-Cash Credit
category
[ICRA]A4; ISSUER NOT COOPERATING*; Rating
Short Term-Non-Fund
0.50 0.50 continues to remain under ‘Issuer Not Cooperating’
Based-Others
category

Total 30.00 30.00

*Issuer did not cooperate; based on best available information.
^Instrument details are provided in Annexure-1

Rationale
ICRA has kept the long-term and short-term ratings of Enterprising Enterprises in the ‘Issuer Not Cooperating’ category. The
rating is denoted as “[ICRA]B (Stable)/ [ICRA]A4; ISSUER NOT COOPERATING”.

As part of its process and in accordance with its rating agreement with Enterprising Enterprises, ICRA has been trying to seek
information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity’s management has remained non-
cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been
moved 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 indicators: 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
Applicable Rating Methodologies Corporate Credit Rating Methodology
Mining

Parent/Group Support NA

Consolidation/Standalone Standalone

About the company

Enterprising Enterprises (EE) was established as a partnership firm in 1972 by its founder, Mr. K. Badrinarayanan, the Group
chairman of the Enterprising Group. The Group has an established presence in the granite quarrying and trading business in
India through EE as well as group entities such as Pooshya Exports Private Limited and Yak Granite Industries Private Limited.

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 Status of non-cooperation with previous CRA:

CRA Status Date of Release

Acuite ACUITE A4; ISSUER NOT COOPERATING June 03, 2024

Any other information: None

Rating history for past three years

Chronology of Rating History

Current Rating (FY2026)
for the past 3 years
Date & Rating Date & Rating Date & Rating in FY2023
Instrument Amount Date & Rating in
Type Rated in FY2025 in FY2024
(Rs. Crore) 12-May-2025 - 22-Mar-2024 21-Feb-2023

- [ICRA]B
[ICRA]B (Stable); [ICRA]B (Stable);
Fund Based-Cash Long- (Stable);
1 29.50 ISSUER NOT ISSUER NOT
Credit Term ISSUER NOT
COOPERATING COOPERATING
COOPERATING
[ICRA]A4; ISSUER - [ICRA]A4;
Non-Fund Based- Short- [ICRA]A4; ISSUER NOT
2 0.50 NOT ISSUER NOT
Others Term COOPERATING
COOPERATING COOPERATING

Complexity level of the rated instrument

Instrument Complexity Indicator

Fund Based-Cash Credit Simple
Non-Fund Based-Others Very 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 Date of Issuance / Coupon Maturity Current Rating and
Instrument Name
No Sanction Rate Date Outlook
(RS Crore)

NA NA NA NA [ICRA]B (Stable); ISSUER

Fund-Based-Cash 29.50
NOT
Credit
COOPERATING
NA Non-Fund-Based- NA NA NA 0.50 [ICRA]A4; ISSUER NOT
Others COOPERATING
Source: Enterprising Enterprises

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

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 ANALYST CONTACTS
Girishkumar Kadam Subhechha Banerjee
+91-22-61143441 +91 33 7150 1151
[email protected] [email protected]

Susmita Biswas
+91 33 7150 1182
[email protected]

RELATIONSHIP CONTACT
L. Shivakumar
+91 022-6169 3300
[email protected]

MEDIA AND PUBLIC RELATIONS CONTACT

Ms. Naznin Prodhani
Tel: +91 124 4545 860
[email protected]

Helpline for business queries

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

[email protected]

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Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public
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