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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 43.00 | ACUITE D | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding | 43.00 | - | - |
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Rating Rationale |
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Acuité has reaffirmed the long term rating to ‘ACUITE D’ (read as ACUITE D) on the Rs.43.00 crore bank facilities of Enersan Power Private Limited (EPPL). The rating is now flagged as “Issuer NotCooperating” and is based on the best available information. |
| About the Company |
| Enersan Power Private Limited (EPPL) is a Gujarat based private limited company incorporated in May 2013. The company is engaged in operating a 10 megawatt (MW) solar power plant in the Kutch, Gujarat. In March 2014, EPPL entered into a PPA for entire power produced for 25 years with SECI. Solar power plant commenced its operations from September 2015. The company is promoted by Iron Triangle Limited (ITL) (erstwhile Backbone Enterprises Ltd.) which holds 34.00 percent stake, directors Mr. Balvantbhai Bavariya and Mr. Dipak Sangani. |
| Unsupported Rating |
| Not Applicable |
| Non-cooperation by the issuer/borrower |
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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. |
| Limitation regarding information availability |
| 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. |
| Rating Sensitivities |
| No information provided by the issuer / available for Acuite to comment upon. |
| All Covenants |
| None |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon |
| Outlook: |
| Not Applicable |
| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 21 (Provisional) | FY 20 (Actual) |
| Operating Income | Rs. Cr. | 10.50 | 8.47 |
| PAT | Rs. Cr. | 0.22 | (5.62) |
| PAT Margin | (%) | 2.06 | (66.36) |
| Total Debt/Tangible Net Worth | Times | (12.06) | (12.25) |
| PBDIT/Interest | Times | 2.28 | 0.83 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm |
| Note on Complexity Levels of the Rated Instrument |
| 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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