Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 3.05 ACUITE C | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 3.95 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 7.00 - -
 
Rating Rationale
­Acuité has downgraded its long term rating to ‘ACUITE C' (read as ACUITE C)’ from  'ACUITE B+' (read as ACUITE B plus) and reaffirmed its short term rating to ‘ACUITE A4' (read as ACUITE A four)’ on the Rs 7.00 crore bank facilities of Ridings Consulting Engineers India Limited. The rating continues to be flagged as “Issue Not Cooperating”, and based on the best available information. The downgrade is on account of default as recognised from CRIF report and Publication of Notice regarding possession of property u/s 13(4) of SARFAESI act.

About the Company
­Delhi-based, Ridings Consulting Engineers India Limited was incorporated in 1995. The company is engaged in providing services related to Geospatial Information System such as GIS mapping solutions, Sub Surface Utility Engineering Survey, Geospatial Marketing Consulting and Planning, Land Surveying, Hydrographic Survey, local searching, navigation , logistics routing , urban planning, Lida Mapping Services, among others. The company was listed on BSE SME on March 2018. Mr. Praveen Kumar Baveja, Mr. Sumit Dhadda, Mrs. Bharti Sinha are the directors of the company.
 
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 endeavoured 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 entity has not shared the latest financial statement for Acuite to comment.
 
Rating Sensitivity
­No information provided by the issuer / available for Acuité to comment upon.
 
Material Covenants
­Not Applicable
 
Liquidity Position
­No information provided by the issuer / available for Acuité to comment upon
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­Not Applicable
 
Status of non-cooperation with previous CRA
­Not Applicable
 
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
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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
22 May 2023 Secured Overdraft Long Term 3.05 ACUITE B+ (Reaffirmed | Issuer not cooperating)
Bank Guarantee Short Term 0.60 ACUITE A4 (Reaffirmed | Issuer not cooperating)
Proposed Bank Guarantee Short Term 0.85 ACUITE A4 (Reaffirmed | Issuer not cooperating)
Bills Discounting Short Term 2.50 ACUITE A4 (Reaffirmed | Issuer not cooperating)
24 Feb 2022 Bills Discounting Short Term 2.50 ACUITE A4 ( Issuer not co-operating*)
Bank Guarantee Short Term 0.60 ACUITE A4 ( Issuer not co-operating*)
Proposed Bank Guarantee Short Term 0.85 ACUITE A4 ( Issuer not co-operating*)
Secured Overdraft Long Term 3.05 ACUITE B+ ( Issuer not co-operating*)
25 Nov 2020 Bills Discounting Short Term 2.50 ACUITE A4 (Issuer not co-operating*)
Proposed Bank Guarantee Short Term 0.85 ACUITE A4 (Issuer not co-operating*)
Bank Guarantee Short Term 0.60 ACUITE A4 (Issuer not co-operating*)
Secured Overdraft Long Term 3.05 ACUITE B+ (Downgraded and Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Standard Chartered Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 0.60 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Standard Chartered Bank Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 2.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Bank Guarantee Not Applicable Not Applicable Not Applicable 0.85 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Standard Chartered Bank Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 3.05 Simple ACUITE C | Downgraded | Issuer not co-operating*

Contacts
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