Parmarth Wind Energy Private Limited: Rating withdrawn

Parmarth Wind Energy Private Limited: Rating withdrawn

Summary of rating action

Instrument*

Previous Rated Amount (Rs. crore)

Current Rated Amount (Rs. crore)

Rating Action

Fund-based - Term Loan

13.89

13.89

[ICRA]BBB+ (Stable); withdrawn Total 13.89 13.89

*Instrument details are provided in Annexure-1

Rationale

The rating assigned to Parmarth Wind Energy Private Limited (PWEPL) has been withdrawn at the request of the company and based on the no-due certificate received from the lender, and in accordance with ICRA's policy on withdrawal and suspension. ICRA is withdrawing the rating and it does not have information to suggest that the credit risk of the company has changed since the time the rating was last reviewed. The key rating drivers, liquidity position, rating sensitivities, key financial indicators have not been captured as the rated instrument is being withdrawn.

The previous detailed rating rationale is available at the following link: Click here

Analytical approach Analytical Approach Comments Applicable Rating Methodologies

Corporate Credit Rating Methodology

Rating Methodology for Wind Energy Projects

ICRA Policy on Withdrawal of Credit Ratings Parent/Group Support

The rating derives comfort from the support available to PWEPL from the holding company of the Group's renewable assets - LNB Renewable Energy Private Limited - should there be a need in future Consolidation/Standalone

The rating is based on the standalone financial profile of the company.

About the company

PWEPL, incorporated in February 2013, is a special purpose vehicle (SPV) promoted by the Lakshmi Niwas Bangur (LNB) Group for setting up a wind power project in Maharashtra. PWEPL operates a 10.2-MW wind power project in Kolhapur, Maharashtra. The project was commissioned on March 29, 2014. It has a long-term PPA with MSEDCL for 13 years from the date of commercial operation date (COD) at a fixed tariff of Rs. 5.81/Kwh. The project was set up at a total cost of Rs. 66.59 crore and was funded through a debt of Rs. 45 crore and promoters' contribution. The LNB Group, headquartered at Kolkata, has a diversified business interest across textiles, tea plantations, corporate farming, agriculture, supply chain management solutions, renewable energy, financial services, health and wellness services.

Status of non-cooperation with previous CRA: Not applicable

Any other information: None

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Rating history for past three years Instrument Current Rating (FY2023) Chronology of Rating History for the Past 3 Years Type Amount Rated (Rs. crore) Amount Outstanding as on April 30, 2022 (Rs. crore) Date & Rating on Date & Rating in FY2022 Date & Rating in FY2021 Date & Rating in FY2020 May 31, 2022 August 13, 2021 July 31, 2020 July 17, 2019 1

Fund-based - Term Loan

Long-term

13.89

-

[ICRA]BBB+ (Stable); withdrawn

[ICRA]BBB+

(Stable)

[ICRA]BBB+ (Stable)

[ICRA]BBB+ (Positive)

Complexity level of the rated instruments

Instrument Complexity Indicator

Fund-based - Term Loan

Simple

The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or complexity related to the structural, transactional, or legal aspects. Details on the complexity levels of the instruments, is available on ICRA's website: www.icra.in

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Annexure-1: Instrument details ISIN Instrument Name Date of Issuance Coupon Rate Maturity Date Amount Rated (Rs. crore) Current Rating and Outlook NA

Fund-based - Term Loan

July 2014

-

Mar 2022*

13.89

[ICRA]BBB+ (Stable); withdrawn

Source: Company; *loan prepaid

Annexure-2: List of entities considered for consolidated analysis - Not Applicable

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ANALYST CONTACTS

Sabyasachi Majumdar

Girish Kumar Kadam

+91 124 4545 304

+91 22 6114 3441

sabyasachi@icraindia.com

girishkumar@icraindia.com

Vikram V

Vinayak Ramesh

+91 40 4067 6518

+91 40 4067 6535

vikram.v@icraindia.com

r.vinayak@icraindia.com

RELATIONSHIP CONTACT

Jayanta Chatterjee

+91 80 4332 6401

jayantac@icraindia.com

MEDIA AND PUBLIC RELATIONS CONTACT

Ms. Naznin Prodhani

Tel: +91 124 4545 860

communications@icraindia.com

Helpline for business queries

+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)

info@icraindia.com

About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency.

Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit Rating Agency Moody's Investors Service is ICRA's largest shareholder.

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