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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 200.00 | ACUITE C | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 200.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs.200.00 crore bank facilities of Essel Green Mobility Limited (EGML). The rating continues to be flagged as “Issuer NotCooperating” and is based on the best available information.
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| About the Company |
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Incorporated in 2015, EGML is a part of Essel group, the leading industrial group with significant presence in media, entertainment, technology, infrastructure, packaging, financial services and education among others. Mr. Subhash Chandra is the promoter of the Group. (EGML) is wholly owned subsidiary of Essel Infraprojects Limited (EIL), the flagship company of Essel group in the infrastructure segment, formed with the focus on the mobility space. The project will be group’s first integrated transport solution. It is located in Mumbai, Maharashtra.
EGML’s business model is mainly divided into two verticals viz. transport solution and energy storage. In the transport solution, EGML will develop a network of electric three wheeler (Autos) and electric buses by which it will own a fleet of these vehicles. In energy storage vertical EGML plans to manufacture lithium-ion battery cells in collaboration with a global company. |
| 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: |
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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 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.
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| About the Rated Entity - Key Financials |
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The rated entity has not shared the latest financial statements despite repeated requests.
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| Rating Sensitivity |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Material Covenants |
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Not Applicable.
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| Liquidity Position |
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"No information provided by the issuer / available for Acuite 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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Not Applicable.
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| Status of non-cooperation with previous CRA |
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None.
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| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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| Applicable Criteria |
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• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on Complexity Levels of the Rated Instrument |
| https://www.acuite.in/view-rating-criteria-55.htm |
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