RATING RATIONALE
02Aug2021

ABCI Infrastructures Pvt. Ltd.

Brickwork Ratings revises the ratings and outlook for the Bank Loan Facilities of Rs. 550.00 Crs of ABCI Infrastructures Pvt. Ltd. based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(07 Jul 2020)
Present
Fund Based 68.50 68.50 Long Term BWR A- /Positive
Reaffirmation with Change in Outlook
BWR BBB + /Stable
Downgrade/ISSUER NOT COOPERATING*
Non Fund Based 481.50 481.50 Short Term BWR A2+
Reaffirmation
BWR A2
Downgrade/ISSUER NOT COOPERATING*
Grand Total 550.00 550.00 (Rupees Five Hundred Fifty Crores Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

The review of the rating was due on 7 July 2021. Brickwork Ratings (BWR) took up with the issuer to obtain the required information for a review of the rating; however, the same has not been submitted by the company, despite follow-up. ABCI has also not been submitting the monthly No Default Statement to BWR for the past two months. Under the circumstances, it is difficult for BWR to assess the financial risk profile of the company, its ability to continue servicing its debt obligations and maintain a valid rating.

As such, the ratings and outlook for the company’s bank loan facilities have been revised, based on the best available information.

LIMITATIONS OF THE RATING

Non-availability of information is a key risk factor in the credit rating assessment and non-cooperation by the issuer in providing the relevant information may also be accompanied by financial stress. Users of the rating are advised to use caution.

ABOUT THE ENTITY

ABCI Infrastructures Pvt Ltd (ABCI) was incorporated in 1993 and is an EPC contractor specializing in the fields of roads, bridges, tunnels and buildings, and border fencing. The company has expertise in executing these projects in hilly and high terrain regions and accordingly, majority of their order book comes from the North Eastern region followed by Uttarakhand, J&K and West Bengal-Sikkim Border. However, ABCI also has projects in Rajasthan, Bihar and West Bengal.

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators.

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2021) 2021 (History) 2020 2019 2018
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Fund Based LT 68.50
BWR BBB+/Stable
(Downgrade/ISSUER NOT COOPERATING*)
NA
NA
07Jul2020
BWR A-/Positive
(Reaffirmation with Change in Outlook)
02Jan2019
BWR A-/Stable
(Reaffirmation)
NA
NA
Non Fund Based ST 481.50
BWR A2
(Downgrade/ISSUER NOT COOPERATING*)
NA
NA
07Jul2020
BWR A2+
(Reaffirmation)
02Jan2019
BWR A2+
(Reaffirmation)
NA
NA
Grand Total 550.00 (Rupees Five Hundred Fifty Crores Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

Hyperlink/Reference to applicable Criteria
Analytical Contacts

Aakriti Sharma

Manager - Ratings Board : +91 11 2341 2232 aakriti.s@brickworkratings.com

Vipula Sharma

Director - Ratings Board : +91 80 4040 9940 vipula.s@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
ABCI Infrastructures Pvt. Ltd.
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.)
1 Federal Bank Cash CreditSanctioned 20.00 _ 20.00
2 Federal Bank Bank GuaranteeSanctioned _ 110.00 110.00
3 HDFC Bank Cash CreditSanctioned 4.00 _ 4.00
4 HDFC Bank Bank GuaranteeSanctioned _ 31.00 31.00
5 ICICI Bank Cash CreditSanctioned 3.50 _ 3.50
6 ICICI Bank Bank GuaranteeSanctioned _ 45.00 45.00
7 IDBI Bank Cash CreditSanctioned 15.00 _ 15.00
8 IDBI Bank Bank GuaranteeSanctioned _ 50.00 50.00
9 IndusInd Bank Cash CreditSanctioned 10.00 _ 10.00
10 IndusInd Bank Bank GuaranteeSanctioned _ 20.00 20.00
11 Others Bank GuaranteeProposed _ 67.50 67.50
12 Punjab National Bank Cash CreditSanctioned 5.00 _ 5.00
13 Punjab National Bank Bank GuaranteeSanctioned _ 45.00 45.00
14 State Bank Of India (SBI) Cash CreditSanctioned 10.00 _ 10.00
15 State Bank Of India (SBI) Bank GuaranteeSanctioned _ 88.00 88.00
16 Yes Bank Cash CreditSanctioned 1.00 _ 1.00
17 Yes Bank Bank GuaranteeSanctioned _ 25.00 25.00
Total 68.50 481.50 550.00
TOTAL (Rupees Five Hundred Fifty Crores Only)
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About Brickwork Ratings

Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,400 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations.

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