* 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 downgraded the long-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE B-’ (read as ACUITE B minus) on the Rs. 50.00 Cr. bank facilities of MEP Sanjose Mahuva Kagavadar Road Private Limited on account of information risk and publicly available information.
Acuité has downgrade the long-term rating to ‘ACUITE C’ (read as ACUITE C) from ‘ACUITE B-’ (read as ACUITE B minus) on the Rs. 229.61 Cr. and reaffirmed the short-term rating of ‘ACUITE A4’ (read as ACUITE A Four) on Rs. 30.23 Cr. bank facility of MEP Sanjose Mahuva Kagavadar Road Private Limited.
The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
Rationale for Downgrade
The rating downgrade is based on CRIF database inputs indicating that the borrower’s facilities have been classified as a suit-filed account under the ‘Defaulters – Rs. 1 crore and above’ category by the lender in March 2026.
About the Company
Mumbai based, MEP Sanjose Mahuva Kagavadar Road Private Limited (MEPSMK) is a special-purpose vehicle (SPV) and a joint venture of MEP Infrastructures Developers Private Limited (MEPIDPL), incorporated in 2016 to undertake the construction of 4-lane road between Mahuva and Kagavadar, in Gujarat. The project road is a section of National Highway-8E, with a total length of 40.02 kilometres. The project has been awarded by the National Highways Authority of India (NHAI), which is to be executed under HAM on a design-build-finance-operate-and transfer basis. MEPSMK’s directors are Mr. Vilas Dattatray Pradhan, Mr. Sameer Anil Apte and Mr. Guillermo Manuel Sansano Fuentes.
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:
"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 B-
(Downgraded & Issuer not co-operating* from ACUITE B)
Secured Overdraft
Long Term
7.50
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan
Long Term
50.00
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
Term Loan
Long Term
120.94
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
22 Aug 2024
Bank Guarantee (BLR)
Short Term
30.23
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
101.17
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Secured Overdraft
Long Term
7.50
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Term Loan
Long Term
120.94
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Term Loan
Long Term
50.00
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
25 May 2023
Bank Guarantee (BLR)
Short Term
30.23
ACUITE A4
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
101.17
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Secured Overdraft
Long Term
7.50
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
120.94
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
50.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
* 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
IDBI Bank Ltd.
Not avl. / Not appl.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
30.23
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd.
Not avl. / Not appl.
Secured Overdraft
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
7.50
Simple
ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE B- )
India Infrastructure Finance Company Ltd.
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
120.94
Simple
ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE B- )
IFCI Ltd.
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
50.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE B- )
IDBI Bank Ltd.
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
101.17
Simple
ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE B- )
* 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.
