ACUITE BB- | Downgraded | Issuer not co-operating*
-
RBI
Total Outstanding
0.00
30.00
-
-
-
Total Withdrawn
0.00
0.00
-
-
-
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) from 'ACUITE BB' (read as ACUITE double B) on the Rs. 30.00 crore bank facilities of Soham Mannapitlu Power Private Limited (SMPPL) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information.
About the Company
Soham Mannapitlu Power Private Limited (SMPPL) was incorporated in the year 1993 and is engaged in power generation. The company is running 15 MW hydel power plant at Gurupur stream of Nethravathi river in Dakshina Kannada district in Karnataka. The company has commenced commercial production on September 07, 2009. It is a part of Soham Group and it is a 100 percent subsidiary company of Ambuthirtha Power Private Limited. The director of the company are Mr. Sanjith Sadananda Shetty, Mr. Suchindra Sadananda Shetty and Mr. Sujatha Shetty.
About the Group
Soham Group was established in the year 1991, with Soham Renewable Energy India Private Limited (MW6) being the flagship company of the group. Soham Group operates hydro power projects with a cumulative capacity of 53.5 MW in Karnataka. Other entities are Ambuthirtha Power Private Limited (MW22.0) and Soham Phalguni Renewable Energy Private Limited (MW10.50). The entities in the group have long term power purchase agreements (PPA) with several DISCOMs and corporates based out of Karnataka.
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 the 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
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE BB
(Downgraded & Issuer not co-operating* from ACUITE BB+)
Proposed Long Term Bank Facility
Long Term
0.50
ACUITE BB
(Downgraded & Issuer not co-operating* from ACUITE BB+)
10 Jan 2024
Term Loan
Long Term
29.50
ACUITE BB+
(Downgraded & Issuer not co-operating* from ACUITE BBB | Stable)
Proposed Long Term Bank Facility
Long Term
0.50
ACUITE BB+
(Downgraded & Issuer not co-operating* from ACUITE BBB | Stable)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.50
Simple
ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )
State Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
29.50
Simple
ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
