* 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 B-' (read as ACUITE B Minus) from ‘ACUITE B+’ (read as ACUITE B plus) on the Rs.20.41 Crore bank facilities of Soham Renewable Energy India Private Limited 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 Renewable Energy India Private Limited (SREIPL) was incorporated in the year 1991. The company is promoted by Mr. K Sadananda shetty and family. The company is engaged in power generation. The company is running a 6 mega-watt (MW) hydel power plant at Kaveri downstream to Kishoreganga dam at Mahadevpura village, Mandya district in Karnataka. The company has commenced commercial production on March 28, 2014. It is a part of Soham group.
About the Group
Soham group is promoted by Mr. K Sadananda Shetty and family who possess around two decades of experience in the renewable energy industry. Soham Renewable Energy India Private Limited (6 MW) is the flagship entity of the group incorporated in the year 1991. Soham group operates hydro power projects with a cumulative capacity of 53.5 MW in Karnataka. Other entities are Ambuthirtha Power Private Limited (22 MW), Soham Phalguni Renewable Energy Private Limited (10.5 MW) and Soham Mannapitlu Power Private Limited (15 MW).
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 B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Proposed Long Term Bank Facility
Long Term
13.39
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
07 Feb 2024
Term Loan
Long Term
7.02
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
13.39
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
* 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.
13.39
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
State Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
04 Apr 2013
Not avl. / Not appl.
31 Dec 2023
7.02
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
* 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.
