* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuite has downgraded its long-term rating of 'ACUITE BB-’ (read as ACUITE Double B minus) to 'ACUITE B+’ (read as ACUITE B plus) on Rs. 15.00 Cr. bank facilities of YVU Financial Services Private Limited (YVUFS).
The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available.
The rating has been downgraded on account of information risk.
About the Company
Incorporated in 1993, Manipur based YVUFS, is a Non-Banking Finance Company Micro Financial Institution (NBFC-MFI) registered with RBI. The company is promoted by Mr. Tikendrajit Singh Akoijam, Mr. Bikendrajit Singh Akoijam, YVU Microfin and YVU Staff Mutual Benefit Trust, with an aim to extend income generating loans to women borrowers, through joint liability group (JLG) and Non JLG Individuals lending model. The operations of YVUFS are spread across nine districts of three states namely, Manipur, Assam and Tripura through a network of 13 branches as on H1FY25.
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 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
Rating Sensitivities
Potential triggers (individual or collective) for an upward rating action:
No information provided by the issuer / available for Acuite to comment upon
Potential triggers (individual or collective) for a downward rating action:
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
Key Financials:
Particulars
Unit
FY25
(Actual)
FY24
(Actual)
Total Assets
Rs Cr
27.09
25.75
Total Income*
Rs Cr
3.61
3.01
PAT
Rs Cr
0.30
0.13
Net worth
Rs Cr
10.02
9.81
Return on Average Assets (RoAA)
(%)
1.12
0.48
Return on Average Networth (RoNW)
(%)
2.99
1.29
Gearing (Debt/Equity)
Times
1.39
1.39
Gross NPA
(%)
-**
3.72
Net NPA
(%)
-**
0.32
*Total income equals to Net interest income plus other income
**Figures unavailable
ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
IDFC First Bank Limited
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
07 Nov 2023
2.33
Simple
ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB- )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
