PR

Press Release
B L KASHYAP AND SONS LIMITED
May 15, 2023
Rating Reaffirmed & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	426.63	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*	-
Bank Loan Ratings	402.88	-	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	829.51	-	-

Rating Rationale

Acuité has withdrawn the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the short term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 829.51 crore bank facilities of B L Kashyap & Sons Limited (BLKSL).

The withdrawal is on account of client's request and receipt of NOC from the State Bank of India (lead Bank on the behalf of Consortium Member Banks). The withdrawal is according to Acuité's policy on Withdrawal of Rating.
This rating is now an indicative rating and is based on the best available information.

About the Company

Based in Delhi, the company was incorporated in 1989 as B.L. Kashyap & Sons Private Limited and later reconstituted as a public limited company in 1995, B.L. Kashyap & Sons Limited is promoted by Mr. Vinod Kashyap, Mr. Vineet Kashyap and Mr. Vikram Kashyap. It is engaged in the EPC of commercial complexes, residential, industrial and institutional developments operating both private as well as public sector. BLKSL has a geographical presence in 12 cities and 8 states across India.

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 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 has 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

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 22 (Actual)	FY 21 (Actual)
Operating Income	Rs. Cr.	1139.98	748.97
PAT	Rs. Cr.	65.98	2.48
PAT Margin	(%)	5.79	0.33
Total Debt/Tangible Net Worth	Times	0.56	0.79
PBDIT/Interest	Times	3.12	1.99

Status of non-cooperation with previous CRA

None

Any other information

Acuite is yet to receive the latest No Default Statement from the rated entity despite repeated requests and followups.

Applicable Criteria

• 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
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
03 Mar 2022	Cash Credit	Long Term	100.00	ACUITE D (Reaffirmed)
	Bank Guarantee	Short Term	7.19	ACUITE D (Reaffirmed)
	Term Loan	Long Term	2.00	ACUITE D (Reaffirmed)
	Bank Guarantee	Short Term	3.46	ACUITE D (Reaffirmed)
	Bank Guarantee	Short Term	16.88	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	53.00	ACUITE D (Reaffirmed)
	Term Loan	Long Term	2.10	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	23.24	ACUITE D (Reaffirmed)
	Term Loan	Long Term	104.04	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	26.03	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	36.20	ACUITE D (Reaffirmed)
	Bank Guarantee	Short Term	147.53	ACUITE D (Reaffirmed)
	Bank Guarantee	Short Term	159.21	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	55.00	ACUITE D (Reaffirmed)
	Bank Guarantee	Short Term	68.61	ACUITE D (Reaffirmed)
	Term Loan	Long Term	1.57	ACUITE D (Reaffirmed)
	Term Loan	Long Term	1.35	ACUITE D (Reaffirmed)
	Term Loan	Long Term	22.00	ACUITE D (Reaffirmed)
16 Dec 2020	Bank Guarantee	Short Term	16.88	ACUITE D (Reaffirmed)
	Bank Guarantee	Short Term	3.46	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE D (Withdrawn)
	Term Loan	Long Term	2.00	ACUITE D (Assigned)
	Term Loan	Long Term	1.43	ACUITE D (Withdrawn)
	Term Loan	Long Term	7.70	ACUITE D (Withdrawn)
	Term Loan	Long Term	2.21	ACUITE D (Withdrawn)
	Term Loan	Long Term	3.08	ACUITE D (Withdrawn)
	Term Loan	Long Term	1.99	ACUITE D (Withdrawn)
	Term Loan	Long Term	104.04	ACUITE D (Reaffirmed)
	Term Loan	Long Term	4.68	ACUITE D (Withdrawn)
	Term Loan	Long Term	1.35	ACUITE D (Assigned)
	Term Loan	Long Term	22.00	ACUITE D (Reaffirmed)
	Term Loan	Long Term	6.16	ACUITE D (Withdrawn)
	Cash Credit	Long Term	36.20	ACUITE D (Reaffirmed)
	Term Loan	Long Term	3.03	ACUITE D (Withdrawn)
	Cash Credit	Long Term	55.00	ACUITE D (Reaffirmed)
	Term Loan	Long Term	4.56	ACUITE D (Withdrawn)
	Term Loan	Long Term	0.55	ACUITE D (Withdrawn)
	Cash Credit	Long Term	23.34	ACUITE D (Reaffirmed)
	Term Loan	Long Term	3.62	ACUITE D (Withdrawn)
	Working Capital Term Loan	Long Term	7.79	ACUITE D (Withdrawn)
	Term Loan	Long Term	1.57	ACUITE D (Reaffirmed)
	Working Capital Demand Loan	Long Term	26.03	ACUITE D (Withdrawn)
	Working Capital Term Loan	Long Term	2.00	ACUITE D (Withdrawn)
	Term Loan	Long Term	4.40	ACUITE D (Withdrawn)
	Bank Guarantee	Short Term	7.19	ACUITE D (Reaffirmed)
	Bank Guarantee	Short Term	68.61	ACUITE D (Reaffirmed)
	Term Loan	Long Term	1.59	ACUITE D (Withdrawn)
	Working Capital Term Loan	Long Term	6.50	ACUITE D (Withdrawn)
	Working Capital Term Loan	Long Term	14.64	ACUITE D (Withdrawn)
	Cash Credit	Long Term	53.00	ACUITE D (Reaffirmed)
	Bank Guarantee	Short Term	159.21	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	100.00	ACUITE D (Reaffirmed)
	Working Capital Term Loan	Long Term	10.43	ACUITE D (Withdrawn)
	Working Capital Term Loan	Long Term	17.92	ACUITE D (Withdrawn)
	Bank Guarantee	Short Term	147.53	ACUITE D (Reaffirmed)
	Term Loan	Long Term	2.10	ACUITE D (Assigned)
	Cash Credit	Long Term	26.03	ACUITE D (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
State Bank of India	Not Applicable	Bank Guarantee (BLR)	Not Applicable	Not Applicable	Not Applicable	159.21	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
ICICI Bank Ltd	Not Applicable	Bank Guarantee (BLR)	Not Applicable	Not Applicable	Not Applicable	68.61	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Punjab National Bank	Not Applicable	Bank Guarantee (BLR)	Not Applicable	Not Applicable	Not Applicable	16.88	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Canara Bank	Not Applicable	Bank Guarantee (BLR)	Not Applicable	Not Applicable	Not Applicable	147.53	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Yes Bank Ltd	Not Applicable	Bank Guarantee (BLR)	Not Applicable	Not Applicable	Not Applicable	3.46	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Indusind Bank Ltd	Not Applicable	Bank Guarantee (BLR)	Not Applicable	Not Applicable	Not Applicable	7.19	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
ICICI Bank Ltd	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	23.34	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
State Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	100.00	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Indusind Bank Ltd	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	36.20	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Punjab National Bank	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	53.00	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Canara Bank	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	55.00	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Yes Bank Ltd	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	26.03	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Yes Bank Ltd	Not Applicable	Term Loan	Not available	Not available	Not available	1.57	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Canara Bank	Not Applicable	Term Loan	Not available	Not available	Not available	104.04	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Canara Bank	Not Applicable	Term Loan	Not available	Not available	Not available	22.00	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Indusind Bank Ltd	Not Applicable	Term Loan	Not available	Not available	Not available	2.10	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
State Bank of India	Not Applicable	Term Loan	Not available	Not available	Not available	2.00	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
ICICI Bank Ltd	Not Applicable	Term Loan	Not available	Not available	Not available	1.35	Simple	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*

Contacts

Analytical	Rating Desk
Aditya Gupta Vice President-Rating Operations Tel: 022-49294041 aditya.gupta@acuite.in Thejaswini P V Senior Analyst-Rating Operations Tel: 022-49294065 thejaswini.pv@acuite.in	Varsha Bist Senior Manager-Rating Operations Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité.