* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Erratum: Data related inadvertent typographical errors were observed and is now being rectified.
Rating Rationale
Acuité has downgraded the long-term rating to 'ACUITE D' (read as ACUITE D) from ‘ACUITE B’ (read as ACUITE B) on the Rs. 6.96 crore bank facilities of V D C Utility Services LLP (VUSL).
Acuité has also downgraded the short-term rating to 'ACUITE D' (read as ACUITE D) from ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 0.04 crore bank facilities of V D C Utility Services LLP (VUSL).
Acuité has downgraded the proposed limit long-term rating to 'ACUITE C' (read as ACUITE C) from ‘ACUITE B’ (read as ACUITE B) on the Rs. 2.00 crore bank facilities of V D C Utility Services LLP (VUSL).
The rating continues to be flagged as “Issuer Not-Cooperating" and is based on the best available information.
The downgrade is based CRIF Highmark report Suit Filed Accounts – Large Defaulters (Rs. 1 Crore & above), which reflects that there has been outstanding amount of Rs.6.03 Cr.
About the Company
V D C Utility Services LLP (VUSL), (the erstwhile Vapi Drain Cleaners), established in 2014, is a limited liability partnership firm established by Mrs. Falguni Mistry, Mrs. Heema Patel, Mr. Malav Patel and others. The firm is engaged in the operation and maintenance of underground sewerage/drainage lines. Further, VUSL plans to set up a unit to manufacture RCC (Reinforced Concrete Cement) box duct in Dholera, Gujarat.
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 non-cooperation 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
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."
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Proposed Long Term Bank Facility
Long Term
2.00
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Cash Credit
Long Term
1.00
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
24 Feb 2023
Bank Guarantee (BLR)
Short Term
0.04
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
5.96
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
2.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
1.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Bank Of Baroda
Not avl. / Not appl.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.04
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE A4 )
Bank Of Baroda
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE B )
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE B )
Bank Of Baroda
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.96
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
