January 16, 2025
VSRK Constructions: Continues to remain under issuer non-cooperating category
Summary of rating action
Previous Rated Current Rated
Instrument^ Amount Amount Rating Action
(Rs. crore) (Rs. crore)
Long Term- Non-Fund [ICRA]D; ISSUER NOT COOPERATING*; Rating continues
12.00 12.00
Based- Others to remain under ‘Issuer Not Cooperating’ category
Long Term- Fund [ICRA]D; ISSUER NOT COOPERATING*; Rating continues
2.00 2.00
Based-Cash Credit to remain under ‘Issuer Not Cooperating’ category
Total 14.00 14.00
*Issuer did not cooperate; based on best available information.
^Instrument details are provided in Annexure-1
Rationale
ICRA has kept the Long-Term rating of VSRK Constructions in the ‘Issuer Not Cooperating’ category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING”.
As part of its process and in accordance with its rating agreement with VSRK Constructions, ICRA has been trying to
seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the
entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity’s management has
remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the
rating has been continued to the “Issuer Not Cooperating” category. The rating is based on the best available information.
Please refer to the following link for the previous detailed rationale that captures Key rating drivers and their description,
Liquidity position, Rating sensitivities, Key Financial indicators: Click here ICRA is unable to provide the latest information
because of non-cooperation by the entity.
Analytical approach
Analytical Approach Comments
Policy in respect of non-cooperation by the rated entity
Corporate Credit Rating Methodology
Applicable Rating Methodologies
Construction
Policy On Default Recognition
Parent/Group Support NA
Consolidation/Standalone Standalone
About the company
VSRK Constructions (VSRKC) is a partnership firm established in 2002 by Mr. N.T. Venkateswara Rao and Ch. Venkateswara
Rao. The firm is recognized as a special class contractor by Roads and Buildings department of Andhra Pradesh and Telangana.
It is engaged in the business of constructing roads, bridges, etc primarily in Telangana and Andhra Pradesh. The firm is having
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an outstanding order book of Rs 68.91 crore (1.87 times FY2017 revenues) as on July 31, 2017 and order book comprises
projects mostly from Roads and Buildings and Panchayat Raj departments of Andhra Pradesh and Telangana.
Status of non-cooperation with previous CRA:
CRA Rating Action Date of Release
CRISIL CRISIL D/CRISIL D; ISSUER NOT January 15, 2024
COOPERATING
Any other information: None
Rating history for past three years
Chronology of Rating History for the past 3 years
Current Rating (FY2025)
Amount Date & Rating in
Instrument Date & Rating in Date & Rating in FY2023 Date & Rating in FY2022
Rated FY2024
Type
(Rs.
Crore) 16-January-2025 18-December-2023 28-October-2022 15-September-2021
Non-Fund [ICRA] D;
Long [ICRA] D; ISSUER NOT [ICRA] D; ISSUER NOT [ICRA] D; ISSUER NOT
1 Based- 12.00 ISSUER NOT
Term COOPERATING COOPERATING COOPERATING
Others COOPERATING
[ICRA] D;
Fund Based- Long [ICRA] D; ISSUER NOT [ICRA] D; ISSUER NOT [ICRA] D; ISSUER NOT
2 2.00 ISSUER NOT
Cash Credit Term COOPERATING COOPERATING COOPERATING
COOPERATING
Complexity level of the rated instrument
Instrument Complexity Indicator
Non- Fund Based- Others Very Simple
Fund Based-Cash Credit Simple
The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated.
It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument’s
credit rating. It also does not indicate the complexity associated with analysing an entity’s financial, business, industry risks or
complexity related to the structural, transactional, or legal aspects. Details on the complexity levels of the instruments, is
available on ICRA’s website: Click Here
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Annexure-1: Instrument details
Amount
ISIN Date of Issuance / Coupon Maturity Rated
Instrument Name Current Rating and Outlook
No Sanction Rate Date
(RS Crore)
NA Non-Fund Based- NA NA NA 12.00 [ICRA] D; ISSUER NOT
Others COOPERATING
NA Fund Based-Cash NA NA NA 2.00 [ICRA] D; ISSUER NOT
Credit COOPERATING
Source: VSRK Constructions
Annexure-2: List of entities considered for consolidated analysis: Not applicable
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Ashish Modani Subhechha Banerjee
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Susmita Biswas
+91-033 7150 1182
susmita.biswas@icraindia.com
RELATIONSHIP CONTACT
L. Shivakumar
+022-61693300
shivakumar@icraindia.com
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info@icraindia.com
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