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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 15.00 | ACUITE BB+ | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 560.00 | - | ACUITE A4+ | Downgraded & Withdrawn | Issuer not co-operating* |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 575.00 | - | - |
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Rating Rationale |
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Acuité has downgraded and withdrawn long-term rating at "ACUITE BB+" (read as ACUITE double B plus) from "ACUITE A" (read as ACUITE A) and downgraded and withdrawn the short-term rating at "ACUITE A4+" (read as ACUITE A four plus) from "ACUITE A1" (read as ACUITE A one) on the Rs.575.00 Crore bank facilities of of Acme Cleantech Solutions Private Limited. The rating is now indicative and is based on best available information. The rating downgrade is on account of information risk. This rating is flagged as issuer not cooperating.
The rating has been withdrawn on account of the request received from the company along with no objection certificate received from the lender as per Acuité's policy on withdrawal of ratings as applicable to the respective facility / instrument. |
| About the Company |
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Acme Cleantech Solutions Private Limited (ACSPL), incorporated in 2003 is a Delhi based company and is promoted by Mr. Manoj Kumar Upadhyay. It is a flagship company of Acme Group. Acme Group has around 37 operational SPVs across more than 10 states. ACSPL is engaged in procuring solar modules and O&M operations primarily to its SPVs. The company had transferred EPC segment of the company to ACME Solar Holdings Private Limited in FY 2020.
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| About the Group |
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Acme Cleantech Solutions Private Limited and Acme Solar Holdings Private Limited, Delhi based companies are promoted by Mr. Manoj Kumar Upadhyay. They were incorporated in 2003 and 2015 respectively. The companies together with its subsidiaries, are engaged in the business of establishing, commissioning, setting up, operating and maintaining power generation using solar, fossil and alternate source of energy and act as owners, manufacturers, engineers, procurers, buyers, sellers, distributors, dealers and contractors for setting up of power plant using glass bases mirrors, photo voltaic, boilers, turbines and/or other equipment’s for generating, distribution and supplying of electricity and other products using solar, fossil and alternate source of energy under conditions of direct ownership or through its affiliates, associates or subsidiaries.
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| Unsupported Rating |
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Not Applicable
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| 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 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 |
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The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavoured to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.
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| Rating Sensitivities |
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No information provided by the issuer / available for Acuité to comment upon.
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| Liquidity Position |
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No information provided by the issuer / available for Acuité to comment upon.
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| Outlook |
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Not Applicable
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| Other Factors affecting Rating |
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None
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| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 1365.82 | 1605.47 |
| PAT | Rs. Cr. | (11.04) | 248.89 |
| PAT Margin | (%) | (0.81) | 15.50 |
| Total Debt/Tangible Net Worth | Times | 0.54 | 0.44 |
| PBDIT/Interest | Times | 0.86 | 2.31 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
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None
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| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm |
| Note on Complexity Levels of the Rated Instrument |
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In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.
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| *Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||
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