Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 135.00 ACUITE C | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 1493.52 ACUITE D | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 430.48 - ACUITE D | Downgraded | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 2059.00 - -
 
Rating Rationale
­Acuité has downgraded the long-term rating to ‘ACUITE D' (read as ACUITE D) from ‘ACUITE B’ (read as ACUITE B) on the Rs. 1493.52 crore and ‘ACUITE C' (read as ACUITE C) from ‘ACUITE B’ (read as ACUITE B) on the Rs.135.00 crore and ‘ACUITE D' (read as ACUITE D) from 'ACUITE A4' (read as ACUITE A four) for the short-term on the Rs. 430.48 crore , for the bank facilities of OPGS Power Gujarat Private Limited. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information. The downgrade is on the basis on the report about the ongoing delays in their repayments and publicly available information. 

About the Company
OPGS was incorporated in 2007 as a special purpose vehicle (SPV). The company is engaged in thermal power generation. OPGS is a 62.07 per cent held subsidiary of GPIPL, which in turn is a step-down subsidiary of OPV with the balance equity held by promoter controlled entities. The company has two units with capacities of 150 MW each at Kutch, Gujarat. The first unit was commissioned in April 2015 and the second in June 2016. The units use imported coal as feedstock. OPGS supplies power to industrial consumers in Gujarat, Madhya Pradesh, Maharashtra and Punjab. The present promoters of the company are Mr. Ashok Kumar Goyal, Mr. Ragothaman Bhuvaragha Murthy ,Mr. Prashant Kedarnath Goyal,Mr Mahalingam Bharathi. The registered office of the company is in Chennai,Tamil Nadu.­
 
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 the due date.
Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with an 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 ratingis based.
 
About the Rated Entity - Key Financials
­The rated entity has not shared the latest financial statements despite repeated requests.
 
Rating Sensitivity
­"No information provided by the issuer / available for Acuite to comment upon."
 
Material Covenants
None
 
Liquidity Position
­Not Applicable
 
Outlook: Not Applicable­
­
 
Other Factors affecting Rating
­None
 
Status of non-cooperation with previous CRA
­None
 
Any other information
Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.­
 
Applicable Criteria
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.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
03 May 2022 Cash Credit Long Term 135.00 ACUITE B ( Issuer not co-operating*)
Term Loan Long Term 996.16 ACUITE B ( Issuer not co-operating*)
Bank Guarantee Short Term 114.00 ACUITE A4 ( Issuer not co-operating*)
Term Loan Long Term 251.73 ACUITE B ( Issuer not co-operating*)
Letter of Credit Short Term 316.00 ACUITE A4 ( Issuer not co-operating*)
Term Loan Long Term 245.63 ACUITE B ( Issuer not co-operating*)
Proposed Short Term Loan Short Term 0.48 ACUITE A4 ( Issuer not co-operating*)
29 Jan 2021 Bank Guarantee Short Term 114.00 ACUITE A4 (Issuer not co-operating*)
Proposed Short Term Loan Short Term 0.48 ACUITE A4 (Issuer not co-operating*)
Term Loan Long Term 251.73 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 245.63 ACUITE B (Issuer not co-operating*)
Letter of Credit Short Term 316.00 ACUITE A4 (Issuer not co-operating*)
Cash Credit Long Term 135.00 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 996.16 ACUITE B (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Punjab National Bank Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 114.00 Simple ACUITE D | Downgraded | Issuer not co-operating*
Bank of Baroda Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 135.00 Simple ACUITE C | Downgraded | Issuer not co-operating*
Punjab National Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 316.00 Simple ACUITE D | Downgraded | Issuer not co-operating*
Not Applicable Not Applicable Proposed Short Term Loan Not Applicable Not Applicable Not Applicable 0.48 Simple ACUITE D | Downgraded | Issuer not co-operating*
Punjab National Bank Not Applicable Term Loan Not available Not available Not available 251.73 Simple ACUITE D | Downgraded | Issuer not co-operating*
Rural Electrification Corporation Ltd. Not Applicable Term Loan Not available Not available Not available 996.16 Simple ACUITE D | Downgraded | Issuer not co-operating*
State Bank of India Not Applicable Term Loan Not available Not available Not available 245.63 Simple ACUITE D | Downgraded | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research

Acuité Ratings & Research Limitedwww.acuite.in