Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 3.50 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 6.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 9.50 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) and short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.9.50 crore bank facilities of Vinnav Infrateck Private Limited (VIPL).The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company
­Vinnav Infrateck Private Limited (VIPL) was established in 1995 in Karnataka, as a proprietorship concern and converted to private limited in 2012. The company, led by Mr. Giriraju Pathapati and Ms. Vandana Narayana Raju Kondoor, is engaged in construction work and caters to the Karnataka government. The registered office is located at Bangalore, Karnataka.
 
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 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
­"No information provided by the issuer / available for Acuite to comment upon."
 
Material Covenants
­None.
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
­Not Applicable.
 
Other Factors affecting Rating
­Not Applicable.
 

Particulars Unit FY 21 (Actual) FY 20 (Actual)
Operating Income Rs. Cr. 14.81 22.51
PAT Rs. Cr. 0.12 0.15
PAT Margin (%) 0.79 0.68
Total Debt/Tangible Net Worth Times 2.71 1.98
PBDIT/Interest Times 1.46 1.58
Status of non-cooperation with previous CRA
None
 
Any other information
­Acuite has not received the latest No Default Statement from the company 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
28 Oct 2021 Cash Credit Long Term 3.25 ACUITE B+ ( Issuer not co-operating*)
Proposed Cash Credit Long Term 0.25 ACUITE B+ ( Issuer not co-operating*)
Proposed Bank Guarantee Short Term 0.50 ACUITE A4 ( Issuer not co-operating*)
Bank Guarantee Short Term 5.50 ACUITE A4 ( Issuer not co-operating*)
13 Oct 2020 Cash Credit Long Term 3.25 ACUITE B+ | Stable (Upgraded from ACUITE B | Stable)
Proposed Cash Credit Long Term 0.25 ACUITE B+ | Stable (Upgraded from ACUITE B | Stable)
Bank Guarantee Short Term 5.50 ACUITE A4 (Reaffirmed)
Proposed Bank Guarantee Short Term 0.50 ACUITE A4 (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Canara Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 5.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Canara Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 3.25 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Bank Guarantee Not Applicable Not Applicable Not Applicable 0.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 0.25 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research

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