Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 30.00 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 30.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long-term rating to ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 30.00 crore bank facilities of Dhairya Construction (DC). The rating continues to be flagged as “Issuer Not-Cooperating” and is reaffirmed on account of information risk.

About the Company
­DC, a Kutch-based civil construction firm, established in 2013 by Mr. Birju Shah commenced operations in 2014. The firm undertakes government, PPP (Public Private Partnership) projects. It caters to Cube Construction Engineering Limited (CCEL) and Katira Construction Limited.
 
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 continues to be 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 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.
 
About the Rated Entity - Key Financials
­The rated entity has not shared the latest financial statements despite repeated requests.
 
Rating Sensitivity
­"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
 
Status of non-cooperation with previous CRA
­None
 
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
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
Note on Complexity Levels of the Rated Instrument
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
14 Jun 2021 Secured Overdraft Long Term 10.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Proposed Cash Credit Long Term 10.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Secured Overdraft Long Term 0.60 ACUITE B+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Secured Overdraft Long Term 1.30 ACUITE B+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 0.32 ACUITE B+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 1.75 ACUITE B+ (Downgraded and Issuer not co-operating*)
Proposed Bank Facility Long Term 5.03 ACUITE B+ (Downgraded and Issuer not co-operating*)
20 Mar 2020 Cash Credit Long Term 1.00 ACUITE BB- (Issuer not co-operating*)
Secured Overdraft Long Term 0.60 ACUITE BB- (Issuer not co-operating*)
Term Loan Long Term 1.75 ACUITE BB- (Issuer not co-operating*)
Proposed Cash Credit Long Term 10.00 ACUITE BB- (Issuer not co-operating*)
Secured Overdraft Long Term 1.30 ACUITE BB- (Issuer not co-operating*)
Secured Overdraft Long Term 10.00 ACUITE BB- (Issuer not co-operating*)
Term Loan Long Term 0.32 ACUITE BB- (Issuer not co-operating*)
Proposed Bank Facility Long Term 5.03 ACUITE BB- (Issuer not co-operating*)
15 Jan 2019 Proposed Bank Facility Long Term 5.03 ACUITE BB- (Issuer not co-operating*)
Secured Overdraft Long Term 10.00 ACUITE BB- (Issuer not co-operating*)
Secured Overdraft Long Term 0.60 ACUITE BB- (Issuer not co-operating*)
Term Loan Long Term 0.32 ACUITE BB- (Issuer not co-operating*)
Term Loan Long Term 1.75 ACUITE BB- (Issuer not co-operating*)
Proposed Cash Credit Long Term 10.00 ACUITE BB- (Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE BB- (Issuer not co-operating*)
Secured Overdraft Long Term 1.30 ACUITE BB- (Issuer not co-operating*)
21 Nov 2017 Secured Overdraft Long Term 10.00 ACUITE BB- | Stable (Assigned)
Secured Overdraft Long Term 1.30 ACUITE BB- | Stable (Assigned)
Secured Overdraft Long Term 0.60 ACUITE BB- | Stable (Assigned)
Term Loan Long Term 1.75 ACUITE BB- | Stable (Assigned)
Term Loan Long Term 0.32 ACUITE BB- | Stable (Assigned)
Cash Credit Long Term 1.00 ACUITE BB- | Stable (Assigned)
Proposed Cash Credit Long Term 10.00 ACUITE BB- | Stable (Assigned)
Proposed Bank Facility Long Term 5.03 ACUITE BB- | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
The Bhuj Mercantile Cooperative Bank Limited Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 1.00 ACUITE B+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 10.00 ACUITE B+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 5.03 ACUITE B+ | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 10.00 ACUITE B+ | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 1.30 ACUITE B+ | Reaffirmed | Issuer not co-operating*
Kotak Mahindra Bank Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 0.60 ACUITE B+ | Reaffirmed | Issuer not co-operating*
Kotak Mahindra Bank Not Applicable Term Loan Not available Not available Not available 0.32 ACUITE B+ | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Term Loan Not available Not available Not available 1.75 ACUITE B+ | Reaffirmed | Issuer not co-operating*
­

Contacts
Analytical Rating Desk
About Acuité Ratings & Research
Acuité Ratings & Research Limitedwww.acuite.in