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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 15.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 15.00 | - | - |
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Rating Rationale |
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Acuité has withdrawn its long-term rating of Rs.15.00 Cr. bank facilities of Raygen Power Private Limited without assignig any rating as the instrument is fully repaid.
The withdrawal is in accordance with Acuite's policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the company and NDC (No Due Certificate) received from the banker. |
| About the Company |
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Karnataka based, Raygen Power Private Limited was incorporated in 2015. Mr. Prasada Reddy Kambham, Mrs. Spoorthi Kambam, Mrs. Rajeswari Kottamanchi , Mr. Prasad Raju Muppala and Mr. Jayaram Hanumantha Rajpet Reddy are directors of the company. It runs a 3.3 MW solar power plant at Kolar district, Karnataka. Raygen Power Private Limited has entered into a long-term PPA of 25 years with Chamundeshwari Electricity Supply Corporation Limited, Mysore.
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| About the Group |
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Karnataka based, Rajpet Energy LLP (REL) was established as a Limited Liability Partnership in June, 2016 by Mr. Prasad Reddy Kambam and family. The firm is running 1.1 MW solar power plant at Kolar, Karnataka. The firm has PPA of 25 years with Bangalore Electricity Supply Company Limited. Raygen Power Private Limited and Rajpet Energy LLP together referred to as RR Group.
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| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Extent of Consolidation-Not Applicable |
| Rationale for Consolidation or Parent / Group / Govt. Support |
| Not Applicable
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| Key Rating Drivers |
| Strengths |
| Not Applicable |
| Weaknesses |
| Not Applicable |
| Rating Sensitivities |
| Not Applicable |
| Liquidity Position |
| Not Applicable |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 24 (Actual) | FY 23 (Actual) |
| Operating Income | Rs. Cr. | 5.70 | 5.39 |
| PAT | Rs. Cr. | 4.00 | 1.07 |
| PAT Margin | (%) | 70.24 | 19.79 |
| Total Debt/Tangible Net Worth | Times | 0.05 | 0.24 |
| PBDIT/Interest | Times | 9.44 | 4.78 |
| Status of non-cooperation with previous CRA (if applicable) |
| 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 • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.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 |
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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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| *Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||
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