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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 3.00 | ACUITE C | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 35.00 | ACUITE D | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 57.00 | - | ACUITE A4 | Downgraded | Issuer not co-operating* |
| Bank Loan Ratings | 25.00 | - | ACUITE D | Downgraded | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 120.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded its long-term rating from ‘ACUITE BB+’ (read as ACUITE double B Plus) to 'ACUITE D' (read as ACUITE D) on the Rs. 35.00 Cr and the short term rating from ACUITE A4+ (Read as ACUITE A four plus) to Acuite D (Read as ACUITE D) on the Rs. 25.00 Cr. bank facilities.
Further the long term rating is downgraded to 'ACUITE C' (read as ACUITE C) from ‘ACUITE BB+’ (read as ACUITE double B Plus) on the Rs 3.00 Crore long term borrowings and short term rating is downgraded from ‘ACUITE A4+’ (read as ACUITE A four plus) to ‘ACUITE A4’ (read as ACUITE A four) on Rs 57.00 crore, bank facilities of Woodhill Infrastructure Limited (WIL). This rating is now an indicative rating and is based on best available information. Rating has been downgraded on account of information risk. Rationale for Rating Action Rating action factors the feedback from lender stating dealy in interest servicing for term loan and cash credit for December 2022 and Loan account of the company are under SMA category as per credit bureau report. |
| About the Company |
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New Delhi based Woodhill Infrastructure Limited (WIL) was incorporated in the year 1990 as a Public Limited Company. The company is currently managed by Mr. Deepak Kant Gupta. The Company is engaged in construction of roads (earthwork, widening, strengthening, and resurfacing of state and national highways), bridges, underground works and flyovers.
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| Non-cooperation by the issuer/borrower |
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Acuité has been requesting for information critical for rating exercise from the rated entity. However, the issuer / borrower failed to submit such information before 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.
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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 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.
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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 |
| No information provided by the issuer / available for Acuite to comment upon. |
| Outlook: |
| Not Applicable |
| Key Financials: |
| The rated entity has not shared the latest financial statements despite repeated attempts |
| Status of non-cooperation with previous CRA |
| ICRA vide its press release dated 21 May 2021, has mentioned the rating of WIL to ‘[ICRA]B+/Stable/A4’ Issuer Not Cooperating as on 21 May 2021. |
| Any other information |
| The entity has not shared the latest financial statement despite repeated requests |
| 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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