Press Release January 19, 2024 HETVI CONSTRUCTION LLP Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	50.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	50.00	-	-

Rating Rationale

­Acuite has withdrawn its long term rating from the Rs.50.00 Cr bank facilties of Hetvi Construction LLP without assiging any rating as the instrument is fully repaid. The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NOC received from the banker confirming the closure of the bank facilties.

About the Company

­Incorporated in 2017, Hetvi Construction LLP (HCL), is an EPC Contractor based out of Gujrat and is engaged in water supply, irrigation and drainage projects. The firm takes up subcontracts for such water supply, drainage and irrigation projects. Currently, the firm is taking up subcontracts for projects under the Rajasthan Urban Infrastructure Development Project (RUIDP) in Kota and Water supply projects for State Water Sanitation Mission (SWSM) from the water supply department in Uttar Pradesh. The firm is promoted by Mr. Hitesh Bhuva, Mr. Jignesh Bhuva and Mr. Tarang Savaliya.

Unsupported Rating

Not Applicable

Analytical Approach

­Not Applicable

Key Rating Drivers

Strengths

­­Not Applicable

Weaknesses

­­Not Applicable

Rating Sensitivities

­­Not Applicable

Liquidity Position: Not Applicable

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Outlook: Not Applicable

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Other Factors affecting Rating

­Not Applicable

Key Financials

Particulars	Unit	FY 22 (Actual)	FY 21 (Actual)
Operating Income	Rs. Cr.	216.16	108.50
PAT	Rs. Cr.	14.34	4.67
PAT Margin	(%)	6.63	4.30
Total Debt/Tangible Net Worth	Times	4.31	3.49
PBDIT/Interest	Times	3.95	4.84

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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 01 Mar 2023 Cash Credit Long Term 30.00 ACUITE BB+ | Stable (Assigned) Proposed Bank Facility Long Term 20.00 ACUITE BB+ | Stable (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating The Mehsana Urban Cooperative Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 30.00 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 20.00 Simple Not Applicable|Withdrawn

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Pradeep Singh Senior Analyst - Rating Operations Tel: 022-49294065 pradeep.singh@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in 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. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.