Ambuthirtha Power Private Limited: Continues to remain under issuer Non-Cooperating category, Rating downgraded based on best available information

Ambuthirtha Power Private Limited: Continues to remain under issuer Non-Cooperating category, Rating downgraded based on best available information

Summary of rating action

Instrument^

Previous Rated Amount (Rs. crore)

Current Rated Amount (Rs. crore)

Rating Action Long Term - Fund Based - Term Loan

87.00

87.00

[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

Rationale

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

Long Term

87.00

84.31

[ICRA]BB+(Stable); ISSUER NOT COOPERATING

[ICRA]BBB(Stable); ISSUER NOT COOPERATING

[ICRA]BBB (Stable)

[ICRA]BBB- (Stable)

[ICRA]BBB- (Stable)

[ICRA]BB+ (Stable)

*Amount Outstanding as on March 31, 2023 not available.

Complexity level of the rated instruments

Instrument Complexity Indicator

Long-term 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 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

87.00

[ICRA]BB+ (Stable); ISSUER NOT COOPERATING

Source: Company

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%

Full Consolidation

*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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ANALYST CONTACTS

Sabyasachi Majumdar

+91 124 4545304

sabyasachi@icraindia.com

Surabhi Jhaveri

+91 40 40676528

Surabhi.jhaveri@icraindia.com

Siddhartha Kaushik

+91 124 4545323

Siddhartha.kaushik@icraindia.com

RELATIONSHIP CONTACT

L. Shivakumar

+91 22 6114 3406

shivakumar@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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