* 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 to ‘ACUITE B’ (read as ACUITE B) from‘ACUITE BB-’ (read as ACUITE double B minus) and the short term rating to ‘ACUITE A4’ (read as ACUITE A four) from‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 17.95 cr. bank facilities of Abellon Cleanenergy Limited on account of information risk. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
Abellon Cleanenergy Limited is a Gujarat based company and was incorporated in 2008 by Mr. Aditya Handa. The company along with its SPVs are engaged into clean energy generation through focus on bio-energy which includes bio-fuel and bio-power. ACEL has 12 different projects which are housed in different SPVs. The business segment of the company involves Solar EPC (installation of solar roof top, solar panels and modules for residential households). The SPVs of the company is involved in greenfield projects w.r.t waste to energy wherein plastic waste recycling is done under Swach Bharat Mission. The SPVs are also involved generating power through compressed bio gas. The company has undertaken the design and project monitoring (EPC) for the set-up of plants in SPV. ACEL had also been involved in supplying of biomass to SPVs through bulk purchases at relatively lower price on behalf of SPVs rather. The company have not made any purchases from Sept 2020- till date, due to halt in operations of plant across all SPVs.
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 non-cooperation 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 Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
13.63
ACUITE BB-
(Downgraded & Issuer not co-operating* from ACUITE BB)
16 Feb 2024
Letter of Credit
Short Term
4.32
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
13.63
ACUITE BB
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
CENTRAL BANK OF INDIA
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.32
Simple
ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
13.63
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.
