Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 10.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 10.00 - -
Rating Rationale

­Acuité has reaffirmed the short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 10.00 crore bank facilities of Vistas Investments Private Limited (VIPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.

About the Company

­Vistas Investments Private Limited (VIPL) was incorporated in 1987 and is a Bangalore-based company, promoted by Ms. Priyanka Reddy Devgan and Mr. Venugopal. The company is engaged in the export of mangoes and a wide range of products including glass bottles, packing material, stickers, food graded flavours among others.

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:

­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.

All Covenants

­Not Applicable

Liquidity Position

­No information provided by the issuer / available for Acuite to comment upon.


­Not Applicable

Other Factors affecting Rating

­Not Applicable


Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 143.39 86.57
PAT Rs. Cr. 10.61 9.32
PAT Margin (%) 7.40 10.77
Total Debt/Tangible Net Worth Times 0.00 0.00
PBDIT/Interest Times 45.88 84.42
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
• Trading Entities:
• Default Recognition:
• Application Of Financial Ratios And Adjustments:

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


Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
04 Jul 2022 Packing Credit Short Term 10.00 ACUITE A4 ( Issuer not co-operating*)
05 Apr 2021 Packing Credit Short Term 10.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
08 Jan 2020 Packing Credit Short Term 10.00 ACUITE A4+ (Issuer not co-operating*)

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Canara Bank Not Applicable PC/PCFC Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*


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