Brickwork Ratings downgrades with revision in outlook and simultaneously withdraws the ratings for the Bank Loan Facilities of Rs. 500.00 Crs. of Amrutha Constructions Pvt. Ltd.
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (07 Oct 2021) |
Present | ||
| Fund Based | 100.00 | 100.00 | Long Term |
BWR A-/Stable to Positive
Reaffirmation and change in Outlook |
BWR BBB
/Stable Downgrade/Change in Outlook/Withdrawal |
| Non Fund Based | 400.00 | 400.00 | Short Term |
BWR A2+
Reaffirmation |
BWR A3 +
Downgrade/Withdrawal |
| Grand Total | 500.00 | 500.00 | (Rupees Five Hundred Crores Only) | ||
Brickwork Ratings (BWR) has downgraded, changed the outlook and simultaneously withdrawn the bank loan rating based on the request of Amrutha Constructions Pvt. Ltd. for rating withdrawal and No Objection Certificate (NOC) from the lender. Hence, in accordance with extant regulatory guidelines and BWR Rating Withdrawal Policy, rating for the bank loan facilities of Rs. 500.00 Crs. of Amrutha Constructions Pvt. Ltd. is downgraded with change in outlook and simultaneously withdrawn.
ABOUT THE ENTITYAmrutha Constructions Private Limited (ACPL), Bangalore, was established as a proprietorship firm under the name of P. Venkateswara Rao & Co. in 1988 and was converted into a private limited company in 2006. The company has its branches in Sindhanur and Gulbarga. ACPL, engaged in the EPC contract business, is registered as a Class-I contractor with various departments of the governments of Karnataka, Maharashtra and Gujarat and Special Class contractor with various departments of the governments of Andhra Pradesh and Telangana. ACPL receives orders through a competitive bidding process and bids primarily for projects funded through a mix of central government, state government and global development funding agencies. The company has a major presence in irrigation, water supply, infrastructure and road construction.
Shri. P Venkateshwar Rao is the Managing Director. Other directors are Smt. P Amrutha, Smt. P Padmavathi, Smt. P Amala, Shri. M Shrinivasa and Smt. P Amulya. The company is a family-owned business
(As per the information shared by the company during Oct'21 rating review)
STATUS OF NON-COOPERATION WITH PREVIOUS CRANA
ANY OTHER INFORMATIONNil
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)| Facilities | Current Rating (2022) | 2021 | 2020 | 2019 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
| Fund Based | LT | 100.00 |
BWR BBB/Stable
(Downgrade/Change in Outlook/Withdrawal) |
07Oct2021 |
BWR A-Stable to Positive
(Reaffirmation and change in Outlook) |
04Aug2020 |
BWR A-Stable
(Reaffirmation) |
08Jul2019 |
BWR A-Stable
(Upgrade) |
| Non Fund Based | ST | 400.00 |
BWR A3+
(Downgrade/Withdrawal) |
07Oct2021 |
BWR A2+
(Reaffirmation) |
04Aug2020 |
BWR A2+
(Reaffirmation) |
08Jul2019 |
BWR A2+
(Upgrade) |
| Grand Total | 500.00 | (Rupees Five Hundred Crores Only) | |||||||
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 | |
|---|---|
|
Swarn Saurabh Senior Rating Analyst swarn.s@brickworkratings.com |
Saakshi Kanwar Senior Manager Ratings saakshi.k@brickworkratings.com |
| 1-860-425-2742 | media@brickworkratings.com | |
| SL.No. | Name of the Bank/Lender | Type Of Facilities | Long Term(Rs.Crs.) | Short Term(Rs.Crs.) | Total(Rs.Crs.) | |
|---|---|---|---|---|---|---|
| 1 | Canara Bank | Overdraft against Book Debts (ODBD)Sanctioned | 50.00 | _ | 50.00 | |
| 2 | Canara Bank | Bank GuaranteeSanctioned | _ | 300.00 | 300.00 | |
| 3 | Canara Bank | Working Capital Demand LoanSanctioned | 5.00 | _ | 5.00 | |
| 4 | HDFC Bank | Cash CreditProposed | 45.00 | _ | 45.00 | |
| 5 | HDFC Bank | Bank GuaranteeProposed | _ | 100.00 | 100.00 | |
| Total | 100.00 | 400.00 | 500.00 | |||
| TOTAL (Rupees Five Hundred Crores Only) | ||||||
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