* 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.
Rating Rationale
Acuité has downgraded the long-term rating to ‘ACUITE B’ (read as ACUITE B) from 'ACUITE B+' (read as ACUITE B plus) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 13.90 crore bank facilities of Bhavna Engineering Company Private Limited (BECPL) on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Bhavna Engineering Company Private Limited (BECPL), an Ahmedabad-based company established in 1987 as a partnership firm was promoted by Mr. Jayantibhai Patel. It was reconstituted as private limited in 2014. The firm is engaged in the construction of roads and canals. The day-to-day operations are managed by Mr. Jayantibhai Mafatlal Patel and Mr. Kamalkumar Jayantibhai Patel.
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
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Secured Overdraft
Long Term
2.00
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
28 Dec 2023
Bills Discounting
Short Term
2.90
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee
Short Term
5.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee
Short Term
2.00
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
2.00
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Secured Overdraft
Long Term
2.00
ACUITE BB-
(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
THE KARUR VYSYA BANK LIMITED
Not avl. / Not appl.
Bank Guarantee/Letter of Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
AXIS BANK LIMITED
Not avl. / Not appl.
Bank Guarantee/Letter of Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
THE KARUR VYSYA BANK LIMITED
Not avl. / Not appl.
Bills Discounting
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.90
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
THE KARUR VYSYA BANK LIMITED
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
AXIS BANK LIMITED
Not avl. / Not appl.
Secured Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE B | 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.
