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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 34.00 | ACUITE B+ | Downgraded | Issuer not co-operating* | - |
| Total Outstanding | 34.00 | - | - |
| Total Withdrawn | 0.00 | - | - |
| * The issuer did not co-operate; based on best available information. | |||
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Rating Rationale |
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Acuité has downgraded the long-term rating to 'ACUITE B+' (read as ACUITE B plus) from ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs.34.00 crore bank facilities of VGP Marine Kingdom Private Limited (VGPMKPL) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information. |
| About the Company |
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VGP Marine Kingdom Private Limited (VGPMKPL), was incorporated in February 2012 by the VGP group. VGP group had expanded its amusement park business by venturing into development of aquarium through VGPMKPL. VGP Marine Kingdom is an underwater aquarium in Chennai, constructed on a 1, 66,834 square feet land with a total built-up area of 75,098 Sq ft. The commercial operation of the aquarium commenced from April 2019. VGP Marine Kingdom has designed 5 zones, viz Rainforest, Gorge, Mangrove, Coastal and the Deep Ocean each with its characteristic varieties of marine life. VGP group is led by V V.G.Santhosam. Mr. Veraputhra Gnanadraviam Panneerdas (VGP) Rajadas, Mr. V.G. Selvaraj, Mr. VGP Ravidas, Mr. VGP Babudas, who have extensive experience of 3 decades. |
| Unsupported Rating |
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Not Applicable |
| 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, therefore, being 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. |
| Rating Sensitivity |
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"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." |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
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None |
| Particulars | Unit | FY 24 (Actual) | FY 23 (Actual) |
| Operating Income | Rs. Cr. | 33.63 | 35.28 |
| PAT | Rs. Cr. | 4.24 | 6.94 |
| PAT Margin | (%) | 12.61 | 19.68 |
| Total Debt/Tangible Net Worth | Times | 1.45 | 1.93 |
| PBDIT/Interest | Times | 3.96 | 3.87 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| None |
| 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 |
| Note on complexity levels of the rated instrument |
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| * The issuer did not co-operate; based on best available information. | |||||||||||||||||||||||||||
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