* 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 BB' (read as ACUITE Double B) from 'ACUITE A' (read as ACUITE A) on the Rs. 1500.00 crore bank facilities of Uttar Haryana Bijli Vitran Nigam Limited.
The rating is now flagged as “Issuer Not-Cooperating” on account of information risk and is based on the best available information. The rating has been downgraded on account of information risk and the firm has not provided latest No Default Statement (NDS) for last 3 months consecutively ended July 2026.
About the Company
Haryana based, Uttar Haryana Bijli Vitran Nigam Limited, incorporated in 1999, is a wholly owned entity of Government of Haryana and is engaged in distribution of power. It is responsible for the distributionand retail supply of electricity in the North zone of Haryana comprising of Panchkula, Ambala, Yamunanagar, Kurukshetra, Kaithal, Karnal, Panipat, Sonepat, Rohtak and Jhajjar. Government of Haryana (GoH) holds 96.52 per cent equity ownership in UHBVNL and the balance is held by Haryana Vidyut Prasaran Nigam Limited. The directors of the company are Mr. Saket Kumar, Mr. Karnesh Sharma, Mrs. Jyoti Saini, Mr. Rakesh Agarwal, Mr. Jagadeesan Ganesan, Mr. Kailash Chand Aggarwal, Mr. Jainder Singh Chhilar, Mrs. Apoorva Kumar Singh, Mr. Anil Kumar Yadav Mr. Ashok Kumar Meena and Mr. Parvesh Sharma.
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower
Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. 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 Acuite to comment upon.
Potential triggers (individual or collective) for a downward rating action:
No information provided by the issuer / available for Acuite to comment upon.
Liquidity Position
No information provided by the issuer / available for Acuite to comment upon.
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE A )
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
150.89
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE A )
State Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
09 Dec 2021
Not avl. / Not appl.
30 Sep 2033
458.28
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE A )
State Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
05 Sep 2022
Not avl. / Not appl.
28 Mar 2037
390.83
Simple
ACUITE BB | 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.
*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)
