Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 68.00 Not Applicable | Withdrawn -
Total Outstanding 0.00 - -
Total Withdrawn 68.00 - -
 
Rating Rationale

­Acuite has withdrawn its long-term on Rs.68 Cr. bank facilities without assigning any rating as the instrument is fully repaid of Supreme Solar Projects Private Limited (SSPPL).
The rating 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 The rating is being withdrawn on account of request received from the Company and No Dues Certificate received from the banker.


About the Company

­Supreme Solar Projects Private Limited (SSPPL), was incorporated in September, 2016 to takeover the existing business of Supreme Solar Systems (established in 2004), a proprietorship concern of Mr. H. Narasimha. The Directors are Mr. H. Narasimha and his wife, Mrs. Ajitha Pai. The company was initially engaged in the trading of solar water heaters and kitchen appliances including chimneys, cook tops, hobs, geysers among others. In 2008, the company ventured into manufacturing of solar water heaters and solar power generation (1.10 MW). The power is sold to Bangalore Electric Supply Company Ltd (BESCOM). The registered office is at Bangalore, Karnataka.

 
Unsupported Rating

­Not Applicable

 
Analytical Approach

­Not Applicable

 
Key Rating Drivers

Strengths

­Not Applicable


Weaknesses

­Not Applicable

Rating Sensitivities

­Not Applicable

 
Liquidity Position

­Not Applicable

 
Outlook: Not Applicable
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 185.67 153.07
PAT Rs. Cr. 5.49 8.48
PAT Margin (%) 2.96 5.54
Total Debt/Tangible Net Worth Times 0.82 1.01
PBDIT/Interest Times 4.36 3.31
Status of non-cooperation with previous CRA (if applicable)
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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
18 Jan 2024 Cash Credit Long Term 10.00 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Proposed Cash Credit Long Term 25.77 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 14.95 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 9.43 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.05 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.12 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.07 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 7.46 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.03 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.03 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.09 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
27 Oct 2022 Term Loan Long Term 0.05 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.12 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.07 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 7.46 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.03 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.03 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.09 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Proposed Cash Credit Long Term 25.77 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 14.95 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 9.43 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
29 Jul 2021 Proposed Long Term Loan Long Term 14.95 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan Long Term 0.09 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan Long Term 0.03 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan Long Term 0.03 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan Long Term 7.46 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan Long Term 0.07 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan Long Term 0.12 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan Long Term 0.05 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan Long Term 9.43 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
Proposed Cash Credit Long Term 25.77 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
Cash Credit Long Term 10.00 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Tamilnad Mercantile Bank Limited Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple Not Applicable|Withdrawn
Not Applicable Not avl. / Not appl. Proposed Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.77 Simple Not Applicable|Withdrawn
Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 14.95 Simple Not Applicable|Withdrawn
Tamilnad Mercantile Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.43 Simple Not Applicable|Withdrawn
Tamilnad Mercantile Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.05 Simple Not Applicable|Withdrawn
Tamilnad Mercantile Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.12 Simple Not Applicable|Withdrawn
Tamilnad Mercantile Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.07 Simple Not Applicable|Withdrawn
Tamilnad Mercantile Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.46 Simple Not Applicable|Withdrawn
Tamilnad Mercantile Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.03 Simple Not Applicable|Withdrawn
Tamilnad Mercantile Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.03 Simple Not Applicable|Withdrawn
Tamilnad Mercantile Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.09 Simple Not Applicable|Withdrawn

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