ACUITE A4+ | Downgraded | Issuer not co-operating*
RBI
Total Outstanding
0.00
720.00
-
-
-
Total Withdrawn
0.00
0.00
-
-
-
* 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
Acuite has downgraded its long-term rating to ‘ACUITE BB’ (read as ACUITE Double B) from ‘ACUITE BBB+’ (read as ACUITE triple B Plus) and the short term rating to ‘ACUITE A4+’ (read as ACUITE A Four Plus) from 'ACUITE A2' (read as ACUITE A two) to the Rs.720.00 Cr. bank facilities of D Y Uppar and Sons.
The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available. The rating is downgraded on account of information risk.
About the Company
D Y Uppar and Sons (DYUS) is a partnership firm established in September, 2014 registered in Karnataka, India. DYUS is engaged in civil contracting activities with a primary focus on irrigation projects involving modernisation of canal systems. The firm also has experience in construction of dams, renovation and extension of canal systems. In order to diversify its revenue profile, firm has entered into other segments like NHAI and drinking water supply works (RDWSD). The firm is promoted by Mr. Dhareppa Y. Uppar, the Managing Partner, who is supported by his sons, Mr. Sharan Dhareyappa Bandi and Mr. Vijaykumar Bandi, both partners in the firm. Mr. Dhareppa Y. Uppar began with minor projects for the irrigation department of the Government of Karnataka and gradually expanded to larger projects, extending its clientele to other government departments such as Karnataka Neeravari Nigama Limited (KNNL), Cauvery Neeravari Nigama Limited (CNNL), Krishna Bhagya Jala Nigama Limited (KBJNL) and Karnataka public works department (KPWD).
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 noncooperation 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 Sensitivities
Potential triggers (individual or collective) for an upward rating action:
No information provided by the issuer / available for Acuite to comment upon
Potential triggers (individual or collective) for a downward rating action:
No information provided by the issuer / available for Acuite to comment upon
Liquidity Position
No information provided by the issuer / available for Acuite to comment upon
ACUITE A4+
(Downgraded & Issuer not co-operating* from ACUITE A3+)
Secured Overdraft
Long Term
100.00
ACUITE BB+
(Downgraded & Issuer not co-operating* from ACUITE BBB | Stable)
07 Dec 2023
Bank Guarantee (BLR)
Short Term
200.00
ACUITE A3+
(Assigned)
Secured Overdraft
Long Term
100.00
ACUITE BBB | Stable
(Assigned)
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Karnataka Bank Ltd
Not avl. / Not appl.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
250.00
Simple
ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A2 )
H D F C Bank Limited
Not avl. / Not appl.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
120.00
Simple
ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A2 )
THE KARUR VYSYA BANK LIMITED
Not avl. / Not appl.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
50.00
Simple
ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A2 )
KOTAK MAHINDRA 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.
30.00
Simple
ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A2 )
H D F C Bank Limited
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
30.00
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ )
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.
4.00
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ )
Karnataka Bank Ltd
Not avl. / Not appl.
Secured Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
200.00
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ )
KOTAK MAHINDRA BANK LIMITED
Not avl. / Not appl.
Working Capital Demand Loan (WCDL)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
30.00
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ )
THE KARUR VYSYA BANK LIMITED
Not avl. / Not appl.
Working Capital Demand Loan (WCDL)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
6.00
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ )
* 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.
