RATING RATIONALE
10Feb2023

Reliance Infrastructure Ltd

Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 82.61 Crs. of Reliance Infrastructure Ltd based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(05 Jan 2022)
Present
Fund Based 82.61 82.61 Long Term BWR D
Reaffirmation
BWR D
ISSUER NOT COOPERATING* /Reaffirmation
Grand Total 82.61 82.61 (Rupees Eighty Two Crores and Sixty One lakhs Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

Reaffirmed the long term rating at BWR D (Issuer Not Cooperating) based on best available information as the issuer did not cooperate. The rating was due for a review in Jan 2023. BWR took up with the issuer to provide the required information over emails and through telephone calls. Despite the best efforts of BWR to get the minimum required information for a review, the entity has not provided the same. In the absence of adequate information from the company, BWR is unable to assess the concern’s financial performance. Thus, BWR has reaffirmed the long-term rating at BWR D under “Issuer not Cooperating”.

The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack any projections or forward looking component as it is arrived at based on the best available information without any management/banker's interaction.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, noncooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account the possible deterioration in the credit quality of the rated entity arising from its non- transparency and withholding of information required for a review of the rating.

ABOUT THE ENTITY

R-Infra is the flagship company of group (Reliance ADAG group) and is promoted by Mr. Anil D. Ambani. The company has operations in the Engineering and Construction (E&C) segment in power, roads, metro and other infrastructure sectors, completed and present ongoing EPC projects, Power distribution companies in Delhi and road projects. It is one of the integrated service providers in the EPC and project management services for undertaking turnkey contracts including coal-based thermal projects, gas-based power projects, metro, rail, and road projects. Some of the major projects under EPC segment are Bithnok TPP (1x250 MW) & Barsingsar TPSE (1x250 MW), Rajasthan, worth of Rs.3675 Crs project on turnkey basis, Uppar Thermal Power Project (2x800) in Tamil Nadu, Kudankulam Nuclear Power (KKNP – 3&4) for Design & E&C of common services systems, Mumbai metro line 4, Versova – Bandra Sea link etc. It also has two subsidiary company i.e. BSES Rajdhani for supplying power to South and West Delhi, and BSES Yamuna for supplying power to East and Central Delhi. It also has toll road assets across India, most of which are in completed stage. Some of the major toll road projects are NK Toll, DS Toll, TD Toll, TK Toll, SU Toll, GF Toll, JR Toll, HK Toll, PS Toll and DA Toll Roads.

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2023) 2022 2021 2020
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 82.61
BWR D
(ISSUER NOT COOPERATING* /Reaffirmation)
05Jan2022
BWR D
(Reaffirmation)
NA
NA
05Oct2020
BWR D
(Reaffirmation)
Grand Total 82.61 (Rupees Eighty Two Crores and Sixty One lakhs Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

Hyperlink/Reference to applicable Criteria
Analytical Contacts

Yogesh Jangra

Rating Analyst yogesh.j@brickworkratings.com

Vidya Shankar

Principal Director - Ratings Board : +91 80 4040 9940 vidyashankar@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Reliance Infrastructure Ltd
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.)
1 Canara Bank Term Loan 82.61 _ 82.61
Total 82.61 0.00 82.61
TOTAL (Rupees Eighty Two Crores and Sixty One lakhs Only)
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About Brickwork Ratings

Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 12,000 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations.

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