Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 139.00 ACUITE C | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 15.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 154.00 - -
 
Rating Rationale

­Acuité has downgraded the long-term rating to ‘ACUITE C’ (read as ACUITE C) from ‘ACUITE B’ (read as ACUITE B) and reaffirmed the short-term rating to 'ACUITE A4' (read as ACUITE A Four) on Rs.154.00 crore bank facilities of Vihan Enterprises Private limited.
The rating continues to be flagged as “Issuer Not Co-operating” and is based on the best available information.
The downgrade is based on recent delays in debt servicing being reflected in the Credit Information Bureau Report and other publicy available information.

About the Company
­M/s. Vihan Enterprises Private Limited is a Private Limited Company incorporated on 01 st December 2010 under the Companies Act, 1956. The Registered Office is situated at A-207, Pallavi Nagar near Danapani Restaurant, Bawadiya Kalan Huzur BHOPAL, MP. 462026. Vihan Enterprises Private Limited. has been allocated 20.825 Hectares (Approx. 208,250 Square Meters) Industrial Land from MPSIDC on 99 Years Perpetual Lease at Village Bansapur, Tehasil Budhni, District Sehore to build the new units and is ready to start the construction of the buildings. However, the company is going to diversify its business into sell, buy, refine and deal in kind of agriculture and vegetable produce. The company managed by Mrs. Swati Dubey and Mr. Ram Krishna Dubey.
 
Unsupported Rating
­Not Applicable
 
Non-cooperation by the issuer/borrower:
­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies
 
Limitation regarding information availability:
­The rating is based on information available from sources other than the issuer/borrower. Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.
 
Rating Sensitivity
­"No information provided by the issuer / available for Acuite to comment upon."
 
Liquidity Position
­­­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook: Not Applicable
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 10.78 17.48
PAT Rs. Cr. (0.52) 0.56
PAT Margin (%) (4.81) 3.22
Total Debt/Tangible Net Worth Times 1.83 1.79
PBDIT/Interest Times 0.41 231.58
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
Note on Complexity Levels of the Rated Instrument
­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
07 Jun 2024 Term Loan Long Term 87.00 ACUITE B (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 37.00 ACUITE B (Reaffirmed & Issuer not co-operating*)
Packing Credit Long Term 15.00 ACUITE B (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 15.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
14 Mar 2023 Term Loan Long Term 87.00 ACUITE B | Stable (Assigned)
Cash Credit Long Term 37.00 ACUITE B | Stable (Assigned)
Packing Credit Long Term 15.00 ACUITE B | Stable (Assigned)
Bank Guarantee (BLR) Short Term 15.00 ACUITE A4 (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
Union Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 37.00 Simple ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE B )
Union Bank of India Not avl. / Not appl. Packing Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE B )
Union Bank of India Not avl. / Not appl. Term Loan 14 Mar 2024 Not avl. / Not appl. 06 Mar 2025 87.00 Simple ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE B )

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