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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 24.00 | ACUITE B+ | Reaffirmed | Issuer not co-operating* | - |
Bank Loan Ratings | 6.00 | - | ACUITE A4 | Reaffirmed | Issuer not co-operating* |
Total Outstanding Quantum (Rs. Cr) | 30.00 | - | - |
Rating Rationale |
ACUITE has Reaffirmed the long-term rating to ‘ACUITE B+’ (read as ‘ACUITE single B plus’) and the short-term rating to ‘ACUITE A4’ (read as ‘ACUITE A four plus’) on the Rs.30.00 Crore bank facilities of Aps Hydro Private Limited (AHPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information.
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About the Company |
Delhi-based, APS Hydro Private Limited was incorporated in 2003 and is engaged in civil construction. The company has completed hydroelectric projects in the past and subsequently started construction activities such as construction of roads and highways in the states of Uttarakhand, Mizoram, Andhra Pradesh to name a few. Mr. Sanjeev Kumar and Mr. Davendar Singh are the current directors of the company. The business is tender-based and the company is an authorized contractor for NPCC, NHPC, SRK Construction & Projects Private Limited, to name a few. APSHPL is registered as a sub-contractor under Category ‘B’ for CPWD as well.
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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 an 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 (in the absence of information provided by the issuer/borrower). Acuité endeavoured 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 ratingis based.
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Rating Sensitivity |
No information provided by the issuer / available for Acuité to comment upon.
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Material Covenants |
Not Applicable
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Liquidity Position |
No information provided by the issuer / available for Acuité to comment upon
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Outlook |
Not Applicable
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Other Factors affecting Rating |
Not Applicable
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Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
Operating Income | Rs. Cr. | 153.21 | 169.61 |
PAT | Rs. Cr. | 7.64 | 7.57 |
PAT Margin | (%) | 4.99 | 4.46 |
Total Debt/Tangible Net Worth | Times | 1.17 | 1.02 |
PBDIT/Interest | Times | 5.79 | 7.71 |
Status of non-cooperation with previous CRA |
Not Applicable
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Any other information |
Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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Applicable Criteria |
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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.
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Contacts |
Analytical | Rating Desk |
About Acuité Ratings & Research |
Acuité Ratings & Research Limited | www.acuite.in |