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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 846.50 | ACUITE BB- | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 846.50 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs. 846.50 crore bank facilities of Bijapur Hungund Tollway Private Limited(BHTPL).The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information.
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| About the Company |
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Gujarat based Bijapur Hungund Tollway Private Limited(BHTPL) is established in 2010 as Special Purpose Vehicle (SPV), promoted by Sadbhav Engineering Limited(SEL) through its step down subsidiary Sadbhav Infrastructure Project Limited (SIPL) (77 per cent stake) and Monte Carlo Construction Limited (MCL) (23 per cent stake) for implementing a 97.22 km four laning road project under Build, Operate and Transfer (BOT) basis. The project envisaged four laning of the Bijapur Hungund section in the state of Karnataka on National Highway 13 (NH13). The project highway starts from Bijapur (Km 102.00 of NH 13) and ends at Hungund (Km 202.00 of NH 13). The project was awarded by National Highways Authority of India (NHAI) on Toll collection basis, with a concession period of 20 years, including the construction period of 910 days. The project achieved its COD in April 2012. The present promoter of the company are Mr. Amitabh Kumar Jha and Mr. Paruchuri Sri Hari.
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| Non-cooperation by the issuer/borrower: |
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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: |
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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 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.
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| Rating Sensitivity |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Material Covenants |
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None.
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| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Outlook |
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Not Applicable.
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| Other Factors affecting Rating |
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Not Applicable.
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| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 140.76 | 122.55 |
| PAT | Rs. Cr. | (66.62) | (48.91) |
| PAT Margin | (%) | (47.33) | (39.91) |
| Total Debt/Tangible Net Worth | Times | (0.93) | (0.93) |
| PBDIT/Interest | Times | 0.97 | 1.04 |
| Status of non-cooperation with previous CRA |
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None.
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| Any other information |
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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 |
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• 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 |
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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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