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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 2.00 | ACUITE BB | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 16.00 | - | ACUITE A4+ | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 18.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed its long-term rating of ‘ACUITE BB’ (read as ACUITE Double B) and short term rating of 'ACUITE A4+' (read as ACUITE A Four Plus) on the Rs.18.00 crore bank facilities of Vibrant Construction Private Limited (VCPL). This rating is now an indicative rating and is based on best available information.
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| About the Company |
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Vibrant Construction Private Limited was incorporated in 2003, and is an Ahmedabad based company engaged in civil construction business. It engages in only government contracts of construction of roads, bridges, building, electrical sub-station, water supply system, to name a few. The day to day operations are managed by its directors, Mr. Ajaykumar Prakashchandra Agrawal, Mr. Ketul Ajaykumar Agrawal, Mr. Dhairya Ajaykumar Agrawal and Mrs. Sunitaben Ajaykumar Agrawal.
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| Non-cooperation by the issuer/borrower |
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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 05 consecutive months. Furthermore, the account is classified as standard Non-SMA as per CRIF report. This rating is therefore being flagged as “Issuer not cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
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| 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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| Rating Sensitivities |
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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 |
| Other factors affecting rating |
| Not applicable |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 64.69 | 56.56 |
| PAT | Rs. Cr. | 2.75 | 2.40 |
| PAT Margin | (%) | 4.25 | 4.24 |
| Total Debt/Tangible Net Worth | Times | 1.30 | 1.02 |
| PBDIT/Interest | Times | 3.43 | 2.82 |
| Status of non-cooperation with previous CRA |
| Not Applicable. |
| Any other information |
| None. |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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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