ACUITE BBB+ | Downgraded | Issuer not co-operating*
-
RBI
Total Outstanding
0.00
325.71
-
-
-
Total Withdrawn
0.00
0.00
-
-
-
* 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 downgraded its long-term rating to ‘ACUITE BBB+’ (read as ACUITE triple B plus) from ‘ACUITE A-’ (read as ACUITE A minus) on Rs. 325.71 Cr. bank facilities of Palma Gumla Highway Private Limited (PGHPL). The rating downgrade is on account of information risk. The rating is now flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Incorporated in 2020, PGHPL is a special purpose vehicle sponsored by RKD Constructions Pvt Ltd (holding 99.9% stake) and Bharat Road Network Limited (holding 0.1% stake) for executing four-laning of Palma Gulma section of NH23 in the state of Jharkhand on Hybrid Annuity Model (HAM). The project, awarded by National Highways Authority of India (NHAI), spans 61.26 km (previously 63.17 km), following the descoping by NHAI and now, the project stands completed. The appointed date for the project is April 01, 2022, and the concession period is 17 years, including a construction period of two years. RKD Constructions Pvt. Ltd. serves as the EPC contractor, and the SPV is managed by Mr. Rohan Kumar Das, who is also the managing director of RKD.
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 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 Sensitivities
Potential triggers (individual or collective) for an upward rating action:
No information provided by the issuer / available for Acuité to comment upon.
Potential triggers (individual or collective) for a downward rating action:
No information provided by the issuer / available for Acuité to comment upon.
Liquidity Position
No information provided by the issuer / available for Acuité to comment upon.
ACUITE BBB+ | Downgraded | Issuer not co-operating* ( from ACUITE A- )
Canara Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
30 Sep 2038
323.71
Simple
ACUITE BBB+ | Downgraded | Issuer not co-operating* ( from ACUITE A- )
* 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.
