Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 18.50 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 11.50 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 30.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long term rating of ‘ACUITE B+ ’ (read as ACUITE single B plus) and the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 30.00 crore bank facilities of Innovision Limited (IL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company
­Innovision Limited is a Delhi-based company incorporated in 2007. The company provides security services (manned and electronic), facilities management services (technical and non-technical), manpower sourcing and HR solutions, and skills development services. The company presently has thirty two branches panIndia. Major Randeep Hundal, Mr. Gurpal Singh, Mr. Uday Pal Singh are directors of the company.
 
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 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 endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions enders and investors regarding the use of such information, on which the indicative credit ratingis based.
 
Rating Sensitivity
­No information provided by the issuer / available for Acuité to comment upon.
 
Material Covenants
­Not Applicable
 
Liquidity Position
No information provided by the issuer / available for Acuité to comment upon.
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­Not Applicable
 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 211.10 162.77
PAT Rs. Cr. 6.59 5.50
PAT Margin (%) 3.12 3.38
Total Debt/Tangible Net Worth Times 0.91 0.98
PBDIT/Interest Times 3.42 2.42
Status of non-cooperation with previous CRA
­Not Applicable
 
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
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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
­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.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
03 Feb 2022 Proposed Bank Facility Long Term 0.60 ACUITE B+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 13.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 4.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Bills Discounting Short Term 6.50 ACUITE A4 (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 4.90 ACUITE B+ (Downgraded and Issuer not co-operating*)
06 Nov 2020 Cash Credit Long Term 4.90 ACUITE BB- (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 4.00 ACUITE A4+ (Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4+ (Issuer not co-operating*)
Cash Credit Long Term 13.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Bills Discounting Short Term 6.50 ACUITE A4+ (Issuer not co-operating*)
Proposed Bank Facility Long Term 0.60 ACUITE BB- (Downgraded and Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
HDFC Bank Ltd Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 4.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Indusind Bank Ltd Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 6.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Indusind Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 13.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 4.90 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 0.60 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research
Acuité Ratings & Research Limitedwww.acuite.in