Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 17.00 ACUITE D | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 27.00 - ACUITE D | Downgraded | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 44.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­ACUITE has downgraded the long term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE B+’ (read as ACUITE B plus) and the short term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE A4 ’(read as ACUITE A four) on the Rs.44.00 crore bank facilities of Parivartan Buildtech Private Limited (PBPL).
The downgrade is on the basis of  ongoing delays in their repayments of  the company . The company has been non-cooperative with us since the past six years and has not been submitting No Default Statement (NDS) also. The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.

About the Company
­­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.
 
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 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:
­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.
 
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
 
Material Covenants
­None
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon"
 
Outlook
­Not Applicable.
 
Status of non-cooperation with previous CRA
­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.
 
Any other information
Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups
 
Applicable Criteria
• 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
• Infrastructure Investment Trust (InvIT): https://www.acuite.in/view-rating-criteria-72.htm
Note on Complexity Levels of the Rated Instrument
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
14 Oct 2022 Proposed Cash Credit Long Term 9.00 ACUITE B+ (Downgraded & Issuer not co-operating*)
Cash Credit Long Term 7.00 ACUITE B+ (Downgraded & Issuer not co-operating*)
Proposed Bank Guarantee Short Term 11.95 ACUITE A4 (Downgraded & Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE B+ (Downgraded & Issuer not co-operating*)
Bank Guarantee Short Term 8.05 ACUITE A4 (Downgraded & Issuer not co-operating*)
Bank Guarantee Short Term 7.00 ACUITE A4 (Downgraded & Issuer not co-operating*)
16 Jul 2021 Bank Guarantee Short Term 7.00 ACUITE A4+ ( Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 7.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 8.05 ACUITE A4+ ( Issuer not co-operating*)
Proposed Cash Credit Long Term 9.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Proposed Bank Guarantee Short Term 11.95 ACUITE A4+ ( Issuer not co-operating*)
20 Apr 2020 Proposed Bank Guarantee Short Term 11.95 ACUITE A4+ (Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE BB (Issuer not co-operating*)
Cash Credit Long Term 7.00 ACUITE BB (Issuer not co-operating*)
Bank Guarantee Short Term 8.05 ACUITE A4+ (Issuer not co-operating*)
Bank Guarantee Short Term 7.00 ACUITE A4+ (Issuer not co-operating*)
Cash Credit Long Term 9.00 ACUITE BB (Issuer not co-operating*)
04 Feb 2019 Proposed Cash Credit Long Term 9.00 ACUITE BB (Issuer not co-operating*)
Proposed Bank Guarantee Short Term 11.95 ACUITE A4+ (Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE BB (Issuer not co-operating*)
Cash Credit Long Term 7.00 ACUITE BB (Issuer not co-operating*)
Bank Guarantee Short Term 8.05 ACUITE A4+ (Issuer not co-operating*)
Bank Guarantee Short Term 7.00 ACUITE A4+ (Issuer not co-operating*)
01 Dec 2017 Cash Credit Long Term 7.00 ACUITE BB (Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE BB (Issuer not co-operating*)
Bank Guarantee Short Term 7.00 ACUITE A4+ (Issuer not co-operating*)
Bank Guarantee Short Term 8.05 ACUITE A4+ (Issuer not co-operating*)
Proposed Cash Credit Long Term 9.00 ACUITE BB (Issuer not co-operating*)
Proposed Bank Guarantee Short Term 11.95 ACUITE A4+ (Issuer not co-operating*)
19 Aug 2016 Cash Credit Long Term 7.00 ACUITE BB | Stable (Reaffirmed)
Cash Credit Long Term 1.00 ACUITE BB | Stable (Assigned)
Bank Guarantee Short Term 7.00 ACUITE A4+ (Reaffirmed)
Bank Guarantee Short Term 8.05 ACUITE A4+ (Assigned)
Proposed Cash Credit Long Term 9.00 ACUITE BB | Stable (Reaffirmed)
Proposed Bank Guarantee Short Term 11.95 ACUITE A4+ (Reaffirmed)
30 Jun 2015 Cash Credit Long Term 7.00 ACUITE BB | Stable (Assigned)
Proposed Cash Credit Long Term 10.00 ACUITE BB | Stable (Assigned)
Bank Guarantee Short Term 7.00 ACUITE A4+ (Assigned)
Proposed Bank Guarantee Short Term 20.00 ACUITE A4+ (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Union Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 7.00 ACUITE D | Downgraded | Issuer not co-operating*
Bank of Maharashtra Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 8.05 ACUITE D | Downgraded | Issuer not co-operating*
Bank of Maharashtra Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 1.00 ACUITE D | Downgraded | Issuer not co-operating*
Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 7.00 ACUITE D | Downgraded | Issuer not co-operating*
Not Applicable Not Applicable Proposed Bank Guarantee Not Applicable Not Applicable Not Applicable 11.95 ACUITE D | Downgraded | Issuer not co-operating*
Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 9.00 ACUITE D | Downgraded | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research
Acuité Ratings & Research Limitedwww.acuite.in