Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 2645.00 ACUITE C | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 195.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 2840.00 - -
 
Rating Rationale

­Acuité has reaffirmed its long-term rating of ACUITE C (read as ACUITE C) and the short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 2840.00 Crore bank facilities of Lanco Anpara Power Limited. The rating is now flagged as "Issuer Not Cooperating" an is based on best available information.

Rationale for Rating Action 
The rating reaffirmation takes into account the credit beaureau report wherein the asset classification of the company’s infrastructure loan is in Doubtful 3 category and few of its account under SMA category.

About the Company
­Lanco Anpara Power Limited (LAPL), a public limited company is based out of Uttar Pradesh was incorporated in 2006. The company operates and maintains a 1200 MW pit - head coal based thermal power plant ~ Anpara 'C' in Anpara, Uttar Pradesh. The power plant consists of 2 units of 600 MW each. LAPL commenced commercial operations of both its units from December 2011 and January 2012, respectively. The thermal power plant has a Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation Ltd (UPPCL) for 1100 MW for 25 years (extendable by 5 years) and the remaining 100 MW capacity is being sold in the open market. The company is presently owned by Megha Engineering and Infrastructures Limited. Currently the company is managed by Ms. Salila George, Mr.  Praveen Kumar Singh, Mr. Surendra Nath Pandey, Mr. Venkata Krishna Reddy Puritipati and Mr. Srinivas Bonthu.
 
Unsupported Rating
­Not Applicable
 
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
­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.
 
Rating Sensitivities
No information provided by the issuer / available for Acuite to comment upon.
 
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 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 2662.42 2346.88
PAT Rs. Cr. (445.98) 57.99
PAT Margin (%) (16.75) 2.47
Total Debt/Tangible Net Worth Times 3.00 1.64
PBDIT/Interest Times (0.38) 2.34
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• 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
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
11 Jan 2023 Letter of Credit Short Term 100.00 ACUITE A4 (Downgraded from ACUITE A4+)
Letter of Credit Short Term 20.00 ACUITE A4 (Downgraded from ACUITE A4+)
Bank Guarantee/Letter of Guarantee Short Term 15.00 ACUITE A4 (Downgraded from ACUITE A4+)
Letter of Credit Short Term 50.00 ACUITE A4 (Downgraded from ACUITE A4+)
Bank Guarantee/Letter of Guarantee Short Term 10.00 ACUITE A4 (Downgraded from ACUITE A4+)
Term Loan Long Term 37.66 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Proposed Long Term Bank Facility Long Term 290.25 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Term Loan Long Term 808.86 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Term Loan Long Term 375.57 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Term Loan Long Term 35.95 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Term Loan Long Term 19.62 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Term Loan Long Term 102.14 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Cash Credit Long Term 75.00 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Term Loan Long Term 127.42 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Term Loan Long Term 101.99 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Cash Credit Long Term 50.00 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Term Loan Long Term 68.66 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Term Loan Long Term 70.08 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Term Loan Long Term 104.37 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Cash Credit Long Term 100.00 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Term Loan Long Term 97.43 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Cash Credit Long Term 120.00 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
Cash Credit Long Term 60.00 ACUITE C | Not Applicable (Downgraded from ACUITE BB+ | Stable)
14 Oct 2021 Cash Credit Long Term 60.00 ACUITE BB+ | Stable (Reaffirmed)
Cash Credit Long Term 120.00 ACUITE BB+ | Stable (Reaffirmed)
Term Loan Long Term 97.43 ACUITE BB+ | Stable (Reaffirmed)
Cash Credit Long Term 100.00 ACUITE BB+ | Stable (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 10.00 ACUITE A4+ (Reaffirmed)
Letter of Credit Short Term 50.00 ACUITE A4+ (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 15.00 ACUITE A4+ (Reaffirmed)
Letter of Credit Short Term 20.00 ACUITE A4+ (Reaffirmed)
Letter of Credit Short Term 100.00 ACUITE A4+ (Reaffirmed)
Term Loan Long Term 104.37 ACUITE BB+ | Stable (Reaffirmed)
Term Loan Long Term 70.08 ACUITE BB+ | Stable (Reaffirmed)
Term Loan Long Term 68.66 ACUITE BB+ | Stable (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE BB+ | Stable (Reaffirmed)
Term Loan Long Term 101.99 ACUITE BB+ | Stable (Reaffirmed)
Term Loan Long Term 127.42 ACUITE BB+ | Stable (Reaffirmed)
Cash Credit Long Term 75.00 ACUITE BB+ | Stable (Reaffirmed)
Term Loan Long Term 102.14 ACUITE BB+ | Stable (Reaffirmed)
Term Loan Long Term 19.62 ACUITE BB+ | Stable (Reaffirmed)
Term Loan Long Term 35.95 ACUITE BB+ | Stable (Reaffirmed)
Term Loan Long Term 375.57 ACUITE BB+ | Stable (Reaffirmed)
Term Loan Long Term 808.86 ACUITE BB+ | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 290.25 ACUITE BB+ | Stable (Reaffirmed)
Term Loan Long Term 37.66 ACUITE BB+ | Stable (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
Bank of India Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Central Bank of India Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Central Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 75.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
ICICI Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 120.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Yes Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 60.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Central Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 290.25 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Rural Electrification Corporation Ltd. Not avl. / Not appl. Term Loan 30 Jun 2012 Not avl. / Not appl. 31 Mar 2027 808.86 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Indian Infrastructure Finance Company Limited Not avl. / Not appl. Term Loan 30 Jun 2012 Not avl. / Not appl. 31 Mar 2027 375.57 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Term Loan 30 Jun 2012 Not avl. / Not appl. 31 Mar 2027 35.95 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Term Loan 30 Jun 2012 Not avl. / Not appl. 31 Mar 2027 19.62 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Bank of India Not avl. / Not appl. Term Loan 30 Jun 2012 Not avl. / Not appl. 31 Mar 2027 102.14 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Indian Bank Not avl. / Not appl. Term Loan 30 Jun 2012 Not avl. / Not appl. 31 Mar 2027 68.66 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Term Loan 30 Jun 2012 Not avl. / Not appl. 31 Mar 2027 70.08 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Term Loan 30 Jun 2012 Not avl. / Not appl. 31 Mar 2027 104.37 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
UCO Bank Not avl. / Not appl. Term Loan 30 Jun 2012 Not avl. / Not appl. 31 Mar 2027 97.43 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Canara Bank Not avl. / Not appl. Term Loan 30 Jun 2012 Not avl. / Not appl. 31 Mar 2027 127.42 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Central Bank of India Not avl. / Not appl. Term Loan 30 Jun 2012 Not avl. / Not appl. 31 Mar 2027 101.99 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Indian Bank Not avl. / Not appl. Term Loan 30 Jun 2012 Not avl. / Not appl. 31 Mar 2027 37.66 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
­

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