Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 3.75 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 15.50 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding 19.25 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the short term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 19.25 crore bank facilities of Khukhrain Builders.The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­Khukhrain Builders (KB), is a Delhi-based firm, which was established in 1975 by Mr. Sunil Anand and his son Mr. Piyush Anand. The firm is engaged in civil construction business such as laying water and sewerage lines for various government departments. Further KB is registered as a Class-I contractor.

 
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:

­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 ratingis 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."

 
Liquidity Position

­"No information provided by the issuer / available for Acuite to comment upon."

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

­None

 
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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
06 Jun 2023 Bank Guarantee/Letter of Guarantee Short Term 15.50 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A4)
Secured Overdraft Long Term 3.75 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE B)
27 Feb 2023 Secured Overdraft Long Term 3.75 ACUITE B (Reaffirmed & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee Short Term 15.50 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
02 Dec 2021 Bank Guarantee/Letter of Guarantee Short Term 15.50 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Secured Overdraft Long Term 3.75 ACUITE B (Reaffirmed & Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Indian Bank Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Indian Bank Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.75 Simple ACUITE D | Reaffirmed | Issuer not co-operating*

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