* 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 reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) and ‘ACUITE D’ (read as ACUITE D) and the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.100.00 Cr. bank facilities of Veremax Technologie Services Limited (VTSL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
Incorporated in 2013 and based in Chennai (Tamil Nadu), Veremax Technologie Services Limited (VTSL) provides end to end telecom service integration, project implementation and maintenance of active equipment for leading telecom operators. The company is engaged in services such as Fiber leasing, Tower maintenance and Fiber maintenance, Bandwidth and allied services for leading telecom providers. The present directors of the company are Mr. Npalanisamy Raja, Mr. Tiruchendur Rajakani Meganathan Venkatesh and Mr. Thulasimani Marimuthu.
Unsupported Rating
Not Applicable
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 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 Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE D
(Downgraded & Issuer not co-operating* from ACUITE C)
20 Mar 2024
Bills Discounting
Short Term
15.00
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Cash Credit
Long Term
40.00
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE BB+)
Cash Credit
Long Term
45.00
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE BB+)
07 Mar 2024
Bills Discounting
Short Term
15.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
40.00
ACUITE BB+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
45.00
ACUITE BB+
(Reaffirmed & Issuer not co-operating*)
31 Jan 2023
Bills Discounting
Short Term
15.00
ACUITE A4+
(Downgraded from ACUITE A3)
Cash Credit
Long Term
40.00
ACUITE BB+ | Stable
(Downgraded from ACUITE BBB- | Stable)
Cash Credit
Long Term
45.00
ACUITE BB+ | Stable
(Assigned)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
H D F C Bank Limited
Not avl. / Not appl.
Bills Discounting
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
15.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
45.00
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
H D F C Bank Limited
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
40.00
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
* 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.
