Ambuthirtha Power Private Limited: Continues to remain under issuer Non-Cooperating category, Rating downgraded based on best available information
Summary of rating action
Previous Rated Amount (Rs. crore)
Current Rated Amount (Rs. crore)
Rating Action Long Term - Fund Based - Term Loan
[ICRA]BB+(Stable); ISSUER NOT COOPERATING*; Rating downgraded from [ICRA]BBB (Stable) and continues to remain under 'Issuer Not Cooperating' category. Total 87.00 87.00
*Issuer did not cooperate; based on best available information. ^Instrument details are provided in Annexure-I
ICRA has downgraded the rating for the bank facilities of Ambuthirtha Power Private Limited and the ratings continue to remain under the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]BB+ (Stable); ISSUER NOT COOPERATING".
The rating downgrade is because of lack of adequate information regarding Ambuthirtha Power Private Limited performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. The rating is based on the best available information.
As part of its process and in accordance with its rating agreement with Ambuthirtha Power Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative.
Please refer to the following link for the previous detailed rationale that captures Key rating drivers and their description, Liquidity position, Key financial indicators, Rating sensitivities: Click here. ICRA is unable to provide the latest information because of non-cooperation by the entity.
Analytical approach Analytical Approach Comments Applicable rating methodologies
Corporate Credit Rating Methodology
Policy in respect of non-co-operation by the rated entity Rating Approach - Consolidation Parent/Group support
Not Applicable Consolidation/Standalone
The rating is based on the consolidated financial statements of the issuer which considers the company's:
a) wholly-owned subsidiary, Soham Mannapitlu Power Private Limited
b) parent company, Soham Renewable Energy India Private Limited and
c) sister company, Soham Phalguni Renewable Energy Private Limited
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About the company
APPL is an independent power producer promoted by the Soham Group, which operates 53.5 MW of hydropower projects in Karnataka. It operates a 22-MW small containment run-of-the-river hydel power plant near Jog falls in the Shimoga district of Karnataka. The project commenced operations in 2007.
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 (FY2024) Chronology of rating history for the past 3 years Type Amount rated (Rs. crore) Amount outstanding as on March 31, 2022* (Rs. Crore) Date & rating in FY2024 Date & rating in FY2023 Date & rating in FY2022 Date & rating in FY2021 Sep 15, 2023 Mar 29, 2023 Aug 05, 2022 Mar 09, 2022 Dec 11, 2020 Apr 08, 2020 1 Fund Based - Term Loan
[ICRA]BB+(Stable); ISSUER NOT COOPERATING
[ICRA]BBB(Stable); ISSUER NOT COOPERATING
*Amount Outstanding as on March 31, 2023 not available.
Complexity level of the rated instruments
Instrument Complexity Indicator
Long-term fund-based- Term Loan
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 are available on ICRA's website: Click Here
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Annexure I: Instrument details ISIN Instrument Name Date of Issuance Coupon Rate Maturity Amount Rated (Rs. crore) Current Rating and Outlook NA Term Loan
October 2014 - December 2021
October 2023 - March 2029
[ICRA]BB+ (Stable); ISSUER NOT COOPERATING
Please click here to view details of lender-wise facilities rated by ICRA
Annexure II: List of entities considered for consolidated analysis: Company Name Ownership Consolidation Approach Ambuthirtha Power Private Limited Rated entity
Full Consolidation Soham Renewable Energy (India) Private Limited (Parent) -*
Full Consolidation Soham Phalguni Renewable Energy Private Limited 48.27%
Full Consolidation Soham Mannapitlu Power Private Limited 100.00%
*Rating of APPL is based on full consolidation of financials of all Soham group entities; Soham Renewable Energy (India) Private Limited is the parent entity of APPL
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+91 124 4545304
+91 40 40676528
+91 124 4545323
+91 22 6114 3406
MEDIA AND PUBLIC RELATIONS CONTACT
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