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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 11.00 | ACUITE B+ | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 50.00 | - | ACUITE A4 | Downgraded | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 61.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
| Acuité has downgraded its long term rating to ‘ACUITE B+’ (read as ACUITE B plus) from ‘ACUITE BBB-’ (read as ACUITE triple B minus) and short term rating to ‘ACUITE A4’ (read as ACUITE A four) from ‘ACUITE A3’ (read as ACUITE A three) on the Rs.61.00 crore bank facilities of Arwade Infrastructure Ltd. (AIL). This rating is now an indicative rating and is based on best available information. Rating has been downgraded on account of information risk. |
| About the Company |
| Incorporated in 2009, Pune-based AIL is engaged in industrial construction. The key business activities of AIL includes EPC work pertaining to heating, ventilation and air conditioning (HVAC), firefighting, transmission & distribution, electrical installations and civil work for industrial facilities. AIL is promoted by Mr. Subhash Arwade, Mrs. Soniya Arwade and Mr. Nitin Arwade. |
| 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 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 |
| 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 rating is based. |
| Rating Sensitivities |
| No information provided by the issuer / available for Acuite to comment upon. |
| Material Covenants |
| None. |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon. |
| Outlook |
| Not Applicable. |
| Key Financials: |
| The rated entity has not shared the latest financial statements despite repeated requests. |
| Status of non-cooperation with previous CRA |
| INC from CARE wide Press Release dated 18th November 2021 describing rating as CARE BB/ Stable / A4 INC. |
| Any other information |
| Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
| Note on Complexity Levels of the Rated Instrument |
| https://www.acuite.in/view-rating-criteria-55.htm |
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