RATING RATIONALE
12Jan2024

RattanIndia Power Ltd.

Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 7617.99 Crs. of RattanIndia Power Ltd. based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(29 Dec 2022)
Present
Fund Based 6747.99 6747.99 Long Term BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
155.00 155.00 Short Term BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Non Fund Based 715.00 715.00 Short Term BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Grand Total 7617.99 7617.99 (Rupees Seven Thousand Six Hundred Seventeen Crores and Ninety Nine 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.
Note: Previous o/s amount of the rated term loans has been continued as neither the entity nor the banker confirmed the current o/s amount of the rated term loans.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

Brickwork Ratings (BWR) has consistently taken up with the company through emails to provide the requisite information for the review of the ratings. Despite the best efforts of BWR to get at least the minimum required information for a review, the company continues to be noncooperative. Further, the company has not been submitting the monthly ‘No Default Statement’ (NDS) in deviation from the extant guidelines.  Due to the continued lack of management cooperation and in the absence of adequate information from the company, BWR is unable to assess the company's financial performance and its ability to service its debt and maintain a valid rating. Hence, based on the best available information, continued lack of management cooperation and in terms of extant regulatory requirements, BWR has reaffirmed the rating at BWR D and continued the rating in the ISSUER NOT COOPERATING* category.

*Issuer did not cooperate; based on best available information

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 non-cooperation 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
Macro Economic Indicator Sector Industry Basic Industry
Utilities Power Power Power Generation

RattanIndia Power Ltd. (formerly known as Indiabulls Power Ltd.) (RPL) is one of the private power generation companies. RPL was incorporated in the year 2007 as Sophia Power Company Limited, originally as a part of the Indiabulls group. Post the split of the group, the business was hived off and the company was renamed as RattanIndia Power Limited. The company operates Amravati Thermal Power Project, located at the Amravati district, Maharashtra with a total power generation capacity of 2,700 MW comprising of two phases of 1,350 MW each.

Phase I of the Amravati Thermal Power Project with an installed generation capacity of 1350 MW (5*270 MW) was completed in March 2015. The Company sells power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL) through a Power Purchase Agreement (PPA). PPA is for a tenor of 25 years and is for a capacity of 507 MW capacity. Phase II of the project is currently stalled due to uncertainties associated with the PPA.

Note: As per the review in 2018.

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

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

There is no Non Cooperation with other CRAs.

ANY OTHER INFORMATION

NA

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2024) 2023 2022 2021
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 6747.99
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
29Dec2022
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
08Oct2021
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
Fund Based ST 155.00
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
29Dec2022
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
08Oct2021
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
Non Fund Based ST 715.00
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
29Dec2022
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
08Oct2021
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
Grand Total 7617.99 (Rupees Seven Thousand Six Hundred Seventeen Crores and Ninety Nine 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

Vidit Goel

Ratings Analyst vidit.g@brickworkratings.com

Saakshi Kanwar

Associate Director - Ratings saakshi.k@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
RattanIndia Power 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 Axis Bank Ltd. Term LoanOut-standing 207.05 _ 207.05
2 Axis Bank Ltd. Cash CreditOut-standing 65.00 _ 65.00
3 Bank of India Cash CreditOut-standing 75.00 _ 75.00
4 Bank of India Term LoanOut-standing 379.51 _ 379.51
5 Bank of India Bank GuaranteeOut-standing _ 150.00 150.00
6 Canara Bank Bank GuaranteeOut-standing _ 100.00 100.00
7 Canara Bank Term LoanOut-standing 223.72 _ 223.72
8 Canara Bank Term LoanOut-standing 150.78 _ 150.78
9 Canara Bank Cash CreditOut-standing 35.00 _ 35.00
10 Central Bank of India Term LoanOut-standing 217.93 _ 217.93
11 ICICI Bank Term LoanOut-standing 94.00 _ 94.00
12 IndusInd Bank Bank GuaranteeOut-standing _ 200.00 200.00
13 Life Insurance Corporation of India Term LoanOut-standing 202.90 _ 202.90
14 Power Finance Corporation Limited Term LoanOut-standing _ 155.00 155.00
15 Power Finance Corporation Limited Term LoanOut-standing 1816.74 _ 1816.74
16 Power Finance Corporation Limited Cash CreditProposed 135.00 _ 135.00
17 Punjab National Bank Bank GuaranteeOut-standing _ 165.00 165.00
18 Punjab National Bank Cash CreditOut-standing 215.00 _ 215.00
19 Punjab National Bank Cash CreditOut-standing 35.00 _ 35.00
20 Punjab National Bank Term LoanOut-standing 175.54 _ 175.54
21 Punjab National Bank Term LoanOut-standing 374.50 _ 374.50
22 RBL Bank Bank GuaranteeOut-standing _ 100.00 100.00
23 REC Limited Term LoanOut-standing 749.13 _ 749.13
24 State Bank Of India (SBI) Term LoanOut-standing 1000.36 _ 1000.36
25 State Bank Of India (SBI) Cash CreditOut-standing 340.00 _ 340.00
26 UCO Bank Term LoanOut-standing 255.83 _ 255.83
Total 6747.99 870.00 7617.99
TOTAL (Rupees Seven Thousand Six Hundred Seventeen Crores and Ninety Nine lakhs Only)
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