Press Release June 03, 2024 SWAN ENERGY LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	60.00	Not Applicable | Withdrawn	-
Bank Loan Ratings	35.00	-	Not Applicable | Withdrawn
Total Outstanding	0.00	-	-
Total Withdrawn	95.00	-	-

Rating Rationale

­Acuite has withdrawn its long-term rating on Rs.60 Cr. bank facilities and short-term rating on Rs.35 Cr. bank facilities  without assigning any rating of Swan Energy Limited (SEL). 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 The rating is being withdrawn on account of request received from the company and No Dues Certificate received from the banker.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

Swan Energy Limited (SEL) was incorporated in the year 1909 as Swan Mills Limited by J.P. Goenka Group and taken over by Dave and Merchant families in 1992. SEL was originally in the textile business with mills located at Sewri & Kurla. The textile business was discontinued in 2002. SEL re-entered in textile business in 2011 by setting up a new plant at Ahmedabad, Gujarat for fabric processing with an annual capacity of 360 Lakh meter per annum. Later, SEL converted the existing land parcel units previously used for the textile business in real estate projects.  SEL completed a residential complex (Ashoka Garden) in Sewri and a commercial IT Park (Peninsula Techno Park) in Kurla by successfully monetizing its mill land bank. Currently, SEL has given out the unsold flats (12 flats (15,315 sq.ft.)) in Ashoka garden on rent and is receiving around 9 lakh/ month as rentals. The company has set up two wholly-owned subsidiaries; Cardinal Energy and Infrastructure Private Limited (CEIL) and Pegasus Ventures Private Limited (PVPL) in FY2008 and FY2013, respectively. CEIL and PVPL focus on development of commercial properties and residential properties, respectively. SEL through its subsidiaries, Swan LNG Pvt. Ltd. (SLPL) and Triumph Offshore Pvt. Ltd. (TOPL) is setting up a Floating Storage and Regasification Unit (FSRU) project in Jafrabad, Gujarat with a regasification capacity of 5MMTPA of LNG. The Project is based on a business model of ‘Tolling terminal’ and 4.5 MMTPA (out of 5 MMTPA) throughput capacity has been booked on ‘Use or Pay’ basis for a period of 20 years by state/ central PSU companies viz. GSPCL (1.5 MMTPA), IOCL (1 MMTPA), BPCL (1 MMTPA) and ONGC (1 MMTPA).

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

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 23 (Actual)	FY 22 (Actual)
Operating Income	Rs. Cr.	547.23	408.72
PAT	Rs. Cr.	3.64	3.18
PAT Margin	(%)	0.66	0.78
Total Debt/Tangible Net Worth	Times	0.22	0.09
PBDIT/Interest	Times	1.73	1.61

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 • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Trading Entities: https://www.acuite.in/view-rating-criteria-61.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.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 17 Oct 2023 Cash Credit Long Term 13.00 ACUITE BBB- (Reaffirmed (Rating Watch with Developing Implications)) Cash Credit Long Term 6.00 ACUITE BBB- (Reaffirmed (Rating Watch with Developing Implications)) Cash Credit Long Term 4.00 ACUITE BBB- (Reaffirmed (Rating Watch with Developing Implications)) Cash Credit Long Term 37.00 ACUITE BBB- (Reaffirmed (Rating Watch with Developing Implications)) Letter of Credit Short Term 18.50 ACUITE A3 (Reaffirmed (Rating Watch with Developing Implications)) Letter of Credit Short Term 2.00 ACUITE A3 (Reaffirmed (Rating Watch with Developing Implications)) Letter of Credit Short Term 6.00 ACUITE A3 (Reaffirmed (Rating Watch with Developing Implications)) Proposed Short Term Bank Facility Short Term 8.50 ACUITE A3 (Reaffirmed (Rating Watch with Developing Implications)) 22 Jul 2022 Cash Credit Long Term 37.00 ACUITE BBB- | Stable (Downgraded from ACUITE BBB | Stable) Cash Credit Long Term 4.00 ACUITE BBB- | Stable (Downgraded from ACUITE BBB | Stable) Cash Credit Long Term 6.00 ACUITE BBB- | Stable (Downgraded from ACUITE BBB | Stable) Cash Credit Long Term 13.00 ACUITE BBB- | Stable (Downgraded from ACUITE BBB | Stable) Letter of Credit Short Term 6.00 ACUITE A3 (Downgraded from ACUITE A3+) Letter of Credit Short Term 2.00 ACUITE A3 (Downgraded from ACUITE A3+) Letter of Credit Short Term 2.00 ACUITE A3 (Downgraded from ACUITE A3+) Letter of Credit Short Term 18.50 ACUITE A3 (Downgraded from ACUITE A3+) Proposed Short Term Bank Facility Short Term 6.50 ACUITE A3 (Downgraded from ACUITE A3+) 23 Apr 2021 Cash Credit Long Term 13.00 ACUITE BBB | Stable (Reaffirmed) Cash Credit Long Term 6.00 ACUITE BBB | Stable (Reaffirmed) Cash Credit Long Term 4.00 ACUITE BBB | Stable (Reaffirmed) Cash Credit Long Term 37.00 ACUITE BBB | Stable (Reaffirmed) Letter of Credit Short Term 8.50 ACUITE A3+ (Reaffirmed) Letter of Credit Short Term 18.50 ACUITE A3+ (Reaffirmed) Letter of Credit Short Term 2.00 ACUITE A3+ (Reaffirmed) Letter of Credit Short Term 6.00 ACUITE A3+ (Reaffirmed)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 13.00 Simple Not Applicable|Withdrawn Bank of Baroda Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.00 Simple Not Applicable|Withdrawn The Mehsana Urban Cooperative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.00 Simple Not Applicable|Withdrawn Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 37.00 Simple Not Applicable|Withdrawn Union Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 18.50 Simple Not Applicable|Withdrawn Punjab National Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple Not Applicable|Withdrawn The Mehsana Urban Cooperative Bank Ltd Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.00 Simple Not Applicable|Withdrawn Not Applicable Not avl. / Not appl. Proposed Short Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 8.50 Simple Not Applicable|Withdrawn

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Anush Shetty Associate - Rating Operations Tel: 022-49294065 anush.shetty@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Associate Vice President - Rating Operations Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.