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    Parmarth Wind Energy Private Limited: Rating withdrawn


    May 31, 2022 - SeeNews Debt

     

      Parmarth Wind Energy Private Limited: Rating withdrawn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      [ICRA]BBB+ (Stable); withdrawn Total 13.89 13.89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      The rating assigned to Parmarth Wind Energy Private Limited (PWEPL) has been withdrawn at the request of the company and based on the no-due certificate received from the lender, and in accordance with ICRA's policy on withdrawal and suspension.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position, rating sensitivities, key financial indicators have not been captured as the rated instrument is being withdrawn.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

      www.icra .in

      Page | 2

      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

      www.icra .in

      Page | 3

      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

      www.icra .in

      Page | 4

      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.

      For more information, visit www.icra.in

      ICRA Limited

      Registered Office

      B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001

      Tel: +91 11 23357940-45

      Branches

      © Copyright, 2022 ICRA Limited. All Rights Reserved.

      Contents may be used freely with due acknowledgement to ICRA.

      ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA's current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided 'as is' without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.

      Agency Website: http://www.icra.in

      ******

      SeeNews does not endorse in any way, the views, opinions or recommendations expressed above. The use of the information is subject to the terms and conditions as published by the original source, which you have to read and accept in full prior to the execution of any actions taken in reliance on information contained herein.

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