Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 20.00 ACUITE C | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 40.37 ACUITE D | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 221.60 - ACUITE A4 | Downgraded | Issuer not co-operating*
Bank Loan Ratings 245.00 - ACUITE D | Downgraded | Issuer not co-operating*
Total Outstanding 526.97 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

Acuité has downgraded its long-term rating to 'ACUITE D' (read as ACUITE D) from ‘ACUITE BB’ (read as ACUITE Double B) on Rs.40.37 Cr. bank facilities and short-term rating to 'ACUITE D' (read as ACUITE D) from 'ACUITE A4+' (read as ACUITE A Four Plus) on the Rs.245.00 Cr. bank facilities of YFC Projects Private Limited (YPPL).
­Acuite, has also downgraded its long-term rating to ‘ACUITE C’ (read as ACUITE C) from ‘ACUITE BB’ (read as ACUITE Double B) on Rs.20.00 Cr. bank facilities and short-term rating to 'ACUITE A4' (read as ACUITE A Four) from 'ACUITE A4+' (read as ACUITE A Four Plus) on the Rs.221.60 Cr. bank facilities of YFC Projects Private Limited (YPPL). The rating continues to be flagged as “Issuer Not-Cooperating”and is based on the best available information.

The rating downgrade is on account of entity being listed in the CIBIL's Suit Filed Accounts - Defaulters Rs.1 crore and above list as of 31-Mar-2025 & latest delays in debt servicing being reflecting in the Credit Information Bureau Report of the Company.


About the Company

­Gurgaon-based, YFC Projects Private Limited (YPPL) was incorporated in 1986 and is engaged in undertaking Engineering, Procurement and Construction (EPC) projects (Roads & Highways, High-Rise Buildings, Metro-Rail projects and Sewerage Networking & Treatments Plants) for the State and Central government. The company is being managed by Mr. Rajinder Yadav, Mr. Davinder Kumar Yadav, Mr. Yoginder Yadav and Mr. Manish Yadav, who have extensive experience in the said industry. YPPL has entered into joint ventures with reputed players such as Chongquing International Construction Corporation (CICO), State Construction Integrated Works (SCIW), MBZ and Zhejiang Teams International (ZTI) to help bid for high value projects.

 
Unsupported Rating
­Not Applicable
 
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
Rating Sensitivity

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

 
Liquidity Position

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

 
Outlook: Not Applicable
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 259.03 289.61
PAT Rs. Cr. (21.66) (40.32)
PAT Margin (%) (8.36) (13.92)
Total Debt/Tangible Net Worth Times 2.65 1.66
PBDIT/Interest Times 0.32 (0.18)
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
None
 
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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
29 Oct 2024 Bank Guarantee (BLR) Short Term 225.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 20.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 30.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 70.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 75.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 14.30 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 29.30 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 3.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 1.87 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
Cash Credit Long Term 38.50 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
Cash Credit Long Term 20.00 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
01 Aug 2023 Bank Guarantee (BLR) Short Term 225.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 20.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 30.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 70.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 75.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 14.30 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 29.30 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 3.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 1.87 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 38.50 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 20.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
10 May 2022 Bank Guarantee/Letter of Guarantee Short Term 225.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A2+)
Letter of Credit Short Term 20.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A2+)
Bank Guarantee/Letter of Guarantee Short Term 30.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A2+)
Bank Guarantee/Letter of Guarantee Short Term 70.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A2+)
Bank Guarantee (BLR) Short Term 75.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A2+)
Bank Guarantee (BLR) Short Term 14.30 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A2+)
Bank Guarantee (BLR) Short Term 29.30 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A2+)
Bank Guarantee (BLR) Short Term 3.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A2+)
Term Loan Long Term 1.87 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE A- | Negative)
Cash Credit Long Term 38.50 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE A- | Negative)
Cash Credit Long Term 20.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE A- | Negative)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Bank of Baroda Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 225.00 Simple ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Axis Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
HDFC Bank Ltd Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 70.00 Simple ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Yes Bank Ltd Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 75.00 Simple ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Kotak Mahindra Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 14.30 Simple ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Kotak Mahindra Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 29.30 Simple ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Kotak Mahindra Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Bank of Baroda Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 38.50 Simple ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE BB )
Axis Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE BB )
Bank of Baroda Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Bank of Baroda Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.87 Simple ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE BB )
* The issuer did not co-operate; based on best available information.

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