RATING RATIONALE
05Apr2023

Vijay Transmission Pvt Ltd

Brickwork Ratings downgrades/reaffirms and simultaneously withdraws the ratings for the Bank Loan Facilities of Rs. 47.00 Crs. of Vijay Transmission Pvt Ltdbased on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(06 Jul 2022)
Present
Fund Based 29.00 29.00 Long Term BWR BB+ /Stable
Reaffirmation
BWR BB /Stable
Downgrade / ISSUER NOT COOPERATING* and simultaneously Withdrawn
Non Fund Based 18.00 18.00 Short Term BWR A4
Reaffirmation
BWR A4
Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn
(5.00) (5.00)
(3.00) (3.00)
Grand Total 47.00 47.00 (Rupees Forty Seven 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
Note: *Issuer did not cooperate; based on best available information.

RATING ACTION / OUTLOOK

Brickwork Ratings (BWR) has downgraded the long-term rating to "BWR BB /Stable; Issuer Not Cooperating" and reaffirmed the short-term rating at "BWR A4; Issuer Not Cooperating", simultaneously withdrawn the ratings for the Bank Loan facilities amounting Rs 47.00Crores of " Vijay Transmission Pvt Ltd " as tabulated above. The withdrawal is based on the request from " Vijay Transmission Pvt Ltd " for withdrawal of rating and No Objection Certificate obtained from the banker. The withdrawal is in accordance with the Rating Withdrawal Policy of BWR.

ABOUT THE ENTITY

The company was incorporated in 2006 as a Fabrication and Galvanizing unit of Steel Structures and Transmission Line Towers. The products
manufactured by the company are Power Transmission Towers ( 66 kV to 765 kV), Lattice & Pipe Type - Sub -Station Structures ( 66 kV to 765 kV),
Rooftop & GBT Telecom / Communication Towers (12 mts to 150 mts), Rural Electrification Structures – RJP Poles, V-Cross Arms, Clamps,
Earthing Strips etc.
Product Mix: The products manufactured by the company are Power Transmission Towers ( 66 kV to 765 kV), Lattice & Pipe Type - Sub -Station
Structures ( 66 kV to 765 kV), Rooftop & GBT Telecom / Communication Towers (12 mts to 150 mts), Rural Electrification Structures – RJP Poles,
V-Cross Arms, Clamps etc, Earthing Strips etc.
Customer Base: Its customers are leading EPC players in power transmission & distribution industry, state power utilities etc. Its customer base
includes players like Suzlon, Siemens, Enercon, Lanco Group, Maharashtra State Electricity Board(MSEB), Nuclear Power (I) Ltd, BHEL, NTPC,
MSETCL, Alstom T&D, L&T- ECC, ABB, Tata Power, Tata Projects, Crompton Greaves, Kalpataru Power Transmission Limited, KEC International
Ltd , Schneider Electric, Godrej etc. Private players constitute about 75% of customer base, rest 25% are Govt. players. Geographical Diversity:
Its customers are located all over the country.
Raw Material Management: Raw materials are mainly Steel and Zinc. Steel angles, channels, plates are fabricated to required sizes. Zinc is used
in the galvanization process. Steel are procured from local steel plants in Raipur and Nagpur. Around 20% of steel materials are purchased from
group steel trading companies Vijay Steel Corporation Pvt. Ltd. and SKN Ventures. Its payable days are around 80-100 days.
Power Arrangement: Power is purchased from Chhattisgarh State Electricity Board.
Manpower: The company has around 130 permanent technical, managerial, supervisory roles. In addition to this around 200 skilled and
unskilled labour force work on contractual basis.
Future Plans: The company has started getting small orders for supplying Pant Steel to Indian Railways. Its marketing team are exploring
opportunities in Solar Equipments.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

NA

ANY OTHER INFORMATION

NA

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2023) 2022 2021 2020
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 29.00
BWR BB/Stable
(Downgrade / ISSUER NOT COOPERATING* and simultaneously Withdrawn)
06Jul2022
BWR BB+ Stable
(Reaffirmation)
17May2021
BWR BB+ Stable
(Reaffirmation)
03Mar2020
BWR BB+ Stable
(Reaffirmation)
Non Fund Based ST 18.00
BWR A4
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn)
06Jul2022
BWR A4
(Reaffirmation)
17May2021
BWR A4
(Reaffirmation)
03Mar2020
BWR A4
(Reaffirmation)
NFB SubLimit ST (5.00)
BWR A4
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn)
NA
NA
NA
NA
NA
NA
NFB SubLimit ST (3.00)
BWR A4
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn)
NA
NA
NA
NA
NA
NA
Grand Total 47.00 (Rupees Forty Seven 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

SUDHIR KARNATI

Rating Analyst sudhir.k@brickworkratings.com

Suryanarayan N

Chief Manager - Ratings suryanarayan.n@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Vijay Transmission 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 Axis Bank Ltd. Cash CreditSanctioned 18.00 _ 18.00
2 Axis Bank Ltd. Bank GuaranteeSanctioned _ 7.00 7.00
Sub-Limit (Letter of credit) Sanctioned (3.00)
3 HDFC Bank Cash CreditSanctioned 11.00 _ 11.00
4 HDFC Bank Bank GuaranteeSanctioned _ 11.00 11.00
Sub-Limit (Letter of credit (Sub Limit of PBG)) Sanctioned (5.00)
Total 29.00 18.00 47.00
TOTAL (Rupees Forty Seven Crores Only)
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