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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 225.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 225.00 | - | - |
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Rating Rationale |
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Acuité has withdrawn its long-term rating of the bank loan facilities of Rs. 225.00 Cr. of IA Hydro Energy Private Limited without assigning any rating as the oustanding facilities have been paid off and the rating has been withdrawn on account of the request received from the company along with no dues received from the lender as per Acuité's policy on withdrawal of ratings as applicable to the respective facility / instrument.
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| About the Company |
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IA Hydro Energy Private Limited (IAHEPL) is incorporated in the year 2017 owned and promoted by Shri Bajrang Power and Ispat Limited which holds 90.46% stake and the remaining stake is held by Shri Bajrang Energy Private Limited (8.0%) and rest by individuals. IAHEPL has implemented a 36 MW (3*12 MW, three Francis turbines) run of the river Hydel power project on Chanju Nallah, a tributary of Baira Nallah and sub-tributary of Ravi River, in Himachal Pradesh. The project achieved COD on February 18, 2017. IAHEPL over the period has received need-based funding support from its parent company Shri Bajrang Power and Ispat Limited where Rs.227 crore was infused through equity in FY18. Further, Shri Bajrang Power and Ispat Limited has extended corporate guarantee to IAHEPL. The Directors of the company are Mr. Ashutosh Goel, Mr. Bajrang Goel, Mr. Narendra Goel, Mr. Ravinder Singh Rajput, Mr. Anshul Dave and Mr. Jayata Prakash Agarwal.
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| About the Group |
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Bajrang Group was formed with the incorporation of Shri Bajrang Power & Ispat Limited in 2002 by “Goel” family based out of Raipur in Chattisgarh. SBPIL is engaged in manufacturing of intermediate products like sponge iron & billets and also value-added products like TMT bars, HB wire etc. In the year 1991, the Group entered into the business of Iron & Steel with a ReRolling Mill in the name of Shri Bajrang Alloys Limited, with an installed capacity of 30,000 MTPA. Since then, the group has gradually grown into an integrated steel player. SBPIL have successfully completed backward integration initiatives like setting up of iron ore beneficiation of ~10 lakh tonne and pellets 12 lakh tonne plant and expansion of sponge iron capacity to 150,000 MT power 16 MW. The Managing Director is Mr. Narendra Goel of the company.
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| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Not Applicable. |
| Key Rating Drivers |
| Strengths |
| Not Applicable. |
| Weaknesses |
| Not Applicable. |
| Rating Sensitivities |
| Not Applicable. |
| Liquidity Position |
| Not Applicable. |
| Outlook |
| Not Applicable. |
| Other Factors affecting Rating |
| None. |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 147.17 | 181.08 |
| PAT | Rs. Cr. | 32.92 | 4.04 |
| PAT Margin | (%) | 22.37 | 2.23 |
| Total Debt/Tangible Net Worth | Times | 0.52 | 1.82 |
| PBDIT/Interest | Times | 3.65 | 1.72 |
| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable. |
| Any other information |
| None |
| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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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