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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 3.50 | ACUITE BB+ | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 3.50 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long-term rating to 'ACUITE BB+' (read as ACUITE double B plus) from ‘ACUITE BBB (CE)’ (read as ACUITE triple B Credit Enhancement), on the Rs.3.50 Cr bank facilities of SPETZ Health and Wellbeing Private Limited (SHPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.
The rating is based on the best available information
Acuité has also withdrawn the CE suffix in line with its revised rating criteria on CE ratings. |
| About the Company |
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SPETZ Health and Wellbeing Private Limited (SHPL) based of Gurgaon, Haryana incorporated in October 2018. The company is ISO 27001 certified. The company is engaged in running Mobile Healthcare Platform ~ Doctor 24x7. Doctor 24x7 is a Tele-consultation application to connect with licensed, experienced and qualified big city Doctors / Experts instantly, 24 hours, 7 days a week. It facilitates instant access to consult qualified well known doctors and experts over the call for medical advice and cure. The company is promoted by Traktion Solutions Private Limited, Zerone Technologies Private Limited (ZTPL) and Spotcheck Health and Wellness Services Private Limited, each holding 33.33 percent stake in the company.
Analytical approach To arrive at the rating, Acuité has considered the standalone business and financial risk profiles of SHPL and also factored in the support from Doha Bank by the way of SBLC. The analytical approach has been revised from a Credit Enhancement (CE) to a standalone rating along with an implicit notch up for the support from the Doha Bank. This is done to bring the analytical approach in line with Acuité’s revised rating criteria w.r.t. credit enhancements. |
| 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 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 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 |
| Not Applicable |
| Status of non-cooperation with previous CRA |
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None
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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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• 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 • Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm |
| Note on Complexity Levels of the Rated Instrument |
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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.
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