­Established in 1998, Tamil Nadu based Atul Sharma (AS) commenced excavation and trading of granites through Peethambaram Stones. Later in 2008, it started its wind power project and later in 2013, it came up with its solar power project. The firm currently has two wind power project with a cumulative installed capacity of 3800 KW. It supplies to Tamil Nadu Generation & Distribution Corporation Ltd (three plants of 800 KW each) and Gujarat Urja Vikas Nigam Limited (two plants of 800 KW & 600 KW each) respectively. Further, the firm also has three solar power projects with a cumulative installed capacity of 4.25 MW. It supplies to the Pratibha Syntex Limited from the 1MW project at Berachah, MP, H&R Johnson (India) (a division of Prism Cement Limited) from the 1.25 MW project at Baroda, MP and Daawat Foods Limited from the 2MW project at Mandsaur, MP. The firm has entered into separate Power Purchase Agreements with these entities and distribute through M.P. State Electricity Board. The firm benefits from the extensive experience of its proprietor, Mr. Atul Sharma.

­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 noncooperation 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.

­­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 endeavored 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.

­"No information provided by the issuer / available for Acuite to comment upon."

­­Not Applicable

­"No information provided by the issuer / available for Acuite to comment upon."

­­Not Applicable

­­Not Applicable

­None

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

­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.