Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 6.15 ACUITE D | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 0.60 - ACUITE D | Downgraded | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 6.75 - -
 
Rating Rationale
­Acuité has downgraded its long term rating to ‘ACUITE D' (read as ACUITE D)’ from‘ACUITE B+' (read as ACUITE B plus) and short term rating to ‘ACUITE D' (read as ACUITE D)’ from 'ACUITE A4' (read as ACUITE A four) on the Rs 6.75 crore bank facilities of Vinayak Cars Private Limited. The rating continues to be flagged as “Issue Not Cooperating”. The downgrade is on the account of default as recognised from CIBIL website & CRIF report. 

About the Company
­Vinayak Cars Private Limited (VCPL) was incorporated in 2007, is headed by Mr. Suresh Kumar Bafna, Mr. Nemichandjain Jayakumar, Mr. Askaran Mahaveerchand, Mr. Prathaap Narayani, Ms. Rajakumari Jayakumar. The company is engaged in the business of auto-dealership for Skoda and bike dealership of Yamaha and Benelli. The company has 4 showrooms (2 showrooms for Skoda and one each for Yamaha & Benelli) and 2 workshops for Skoda cars, all located in Bengaluru. The company also has a stockyard (with stacking capacity of 152 cars) in K. R. Puram Bengaluru. Directors of Vinayak Clothings Private Limited are Bimla Ramnirajan Ruia, Shrey Mukesh Ruia. Its registered office is in Bengaluru.
 
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 noncooperation 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:
­­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 endeavoured 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.
 
About the Rated Entity - Key Financials
­The entity has not shared the latest financial statement for Acuite to comment.
 
Rating Sensitivity
­No information provided by the issuer / available for Acuite to comment upon.
 
Material Covenants
­Not Applicable
 
Liquidity Position
­­No information provided by the issuer / available for Acuite to comment upon.
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­Not Applicable
 
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
 
Applicable Criteria
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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
­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.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
24 Jun 2022 Term Loan Long Term 1.15 ACUITE B+ ( Issuer not co-operating*)
Cash Credit Long Term 5.00 ACUITE B+ ( Issuer not co-operating*)
Bank Guarantee Short Term 0.60 ACUITE A4 ( Issuer not co-operating*)
26 Mar 2021 Cash Credit Long Term 5.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Bank Guarantee ShortTerm 0.60 ACUITE A4 (Downgraded and Issuer not co-operating*)
Term Loan Long Term 1.15 ACUITE B+ (Downgraded and Issuer not co-operating*)
02 Jan 2020 Cash Credit Long Term 5.00 ACUITE BB- (Issuer not co-operating*)
Term Loan Long Term 1.15 ACUITE BB- (Issuer not co-operating*)
Bank Guarantee Short Term 0.60 ACUITE A4+ (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
DBS Bank Ltd Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 0.60 Simple ACUITE D | Downgraded | Issuer not co-operating*
DBS Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE D | Downgraded | Issuer not co-operating*
DBS Bank Ltd Not Applicable Term Loan Not available Not available Not available 1.15 Simple ACUITE D | Downgraded | Issuer not co-operating*

Contacts
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