Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 30.00 ACUITE BB | Downgraded | Issuer not co-operating* -
Total Outstanding 30.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­Acuité has downgraded the long-term rating to 'ACUITE BB' (read as ACUITE double B) from ‘ACUITE BB+’ (read as ACUITE double B plus) on the Rs. 30.00 crore bank facilities of Soham Mannapitlu Power Private Limited (SMPL) 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 (SMPL) 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.

 
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
­"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 24 (Actual) FY 23 (Actual)
Operating Income Rs. Cr. 8.67 10.14
PAT Rs. Cr. (0.73) (0.42)
PAT Margin (%) (8.44) (4.12)
Total Debt/Tangible Net Worth Times 1.48 1.68
PBDIT/Interest Times 1.96 2.27
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• 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

Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
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)
12 Oct 2022 Term Loan Long Term 29.50 ACUITE BBB | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 0.50 ACUITE BBB | Stable (Reaffirmed)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility 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 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.

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