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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 17.00 | ACUITE B+ | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 27.00 | - | ACUITE A4 | Downgraded | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 44.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long-term rating to ‘ACUITE B+’ (read as ACUITE B Plus) from ‘ACUITE BB-’ (read as ACUITE double B Minus) and the short-term rating to ' ACUITE A4 (read as ACUITE A four) ' from ACUITE A4+ (read as ACUITE A four plus) on the Rs.44.00 crore bank facilities of Parivartan Buildtech Private Limited (PBPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.
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| About the Company |
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PBPL, established in 2013, is a Gurgaon based company promoted by Mr. Parivartan Singh. The company is engaged in civil construction including road construction projects and pipeline work. The company lays sewage, water supply and drainage pipes for PWD, Haryana and other local development authorities.
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| Non-cooperation by the issuer/borrower: |
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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 noncooperation 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: |
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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 rating is based.
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| About the Rated Entity - Key Financials |
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The rated entity has not shared the latest financial statements despite repeated requests.
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| Rating Sensitivity |
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- "No information provided by the issuer / available for Acuite to comment upon."
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| Material Covenants |
| None |
| Liquidity Position |
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- "No information provided by the issuer / available for Acuite to comment upon."
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| Outlook |
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Not Applicable
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| Status of non-cooperation with previous CRA |
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CARE, vide its press release dated October 07, 2021 had denoted the long term rating of Parivartan Buildtech Private Limited as ‘CARE B; Stable; ISSUER NOT COOPERATING’ and short term rating as 'CARE A4; ISSUER NOT COOPERATING' on account of lack of adequate information required for monitoring of ratings. The earlier rating, however, stood at ‘CARE B+; Stable; ISSUER NOT COOPERATING’ and 'CARE A4; ISSUER NOT COOPERATING' vide its press release dated September 07, 2020.
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| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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| Applicable Criteria |
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• 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 |
| https://www.acuite.in/view-rating-criteria-55.htm |
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