ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating*
-
RBI
Bank Loan Ratings
0.00
4.51
ACUITE Not Applicable | Withdrawn | Issuer not co-operating*
-
RBI
Total Outstanding
0.00
0.00
-
-
-
Total Withdrawn
0.00
70.00
-
-
-
* 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
Acuité has reaffirmed and withdrawn its long-term rating of ‘ACUITE BB’ (read as ACUITE Double B) on the Rs.65.49 Cr. bank facilities of Kalthia Priyheer Infrastructure Private Limited (KPIPL). The rating has been withdrawn on account of the request received from the issuer and the NOC (No Objection Certificate) received from the banker.
Acuité has also withdrawn its rating on the proposed long-term bank facilities of Rs.4.51 Cr. of Kalthia Priyheer Infrastructure Private Limited (KPIPL) without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the issuer.
The rating has been withdrawn as per Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility.
The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
Aurangabad, Kalthia Priyheer Infrastructure Private Limited (KPIPL), an SPV, was setup between Priyheer Infrastructure Private Limited and Kalthia Engineering & Construction Limited to undertake development of Hybrid Annuity Package No. AM- 93 in the State of Maharashtra awarded by Public Works Department (PWD) of the Government of Maharashtra. The current Director of Company are Mr. Ajit Patel Laxmanbhai, Mr. Priyank Ajit Patel and Mr. Jaimin Ajit Patel.
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 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
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
No information provided by the issuer / available for Acuite to comment upon
ACUITE BB
(Downgraded & Issuer not co-operating* from ACUITE BB+)
Proposed Long Term Bank Facility
Long Term
4.51
ACUITE BB
(Downgraded & Issuer not co-operating* from ACUITE BB+)
18 Nov 2024
Term Loan
Long Term
65.49
ACUITE BB+
(Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable)
Proposed Long Term Bank Facility
Long Term
4.51
ACUITE BB+
(Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable)
28 Aug 2023
Term Loan
Long Term
65.49
ACUITE BBB- | Stable
(Assigned)
Proposed Long Term Bank Facility
Long Term
4.51
ACUITE BBB- | Stable
(Assigned)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.51
Simple
ACUITE Not Applicable | Withdrawn | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
65.49
Simple
ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating*
* 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.
