Brickwork Ratings downgrades and withdraws the ratings for the Bank Loan Facilities of Rs. 7.15 Crs. of KKV Agro Powers Ltd.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (02 Sep 2021) |
Present | ||
Fund Based | 7.15 | 7.15 | Long Term |
BWR BBB- /Stable
Assignment |
BWR BB +
/Stable Downgrade/Withdrawal |
Grand Total | 7.15 | 7.15 | (Rupees Seven Crores and Fifteen lakhs Only) |
Brickwork ratings (BWR) has downgraded and withdrawn the bank loan ratings based on the company's request for withdrawal of its ratings and receipt of the No Objection Certificate (NOC) from its lender. Hence, in accordance with extant regulatory guidelines and BWR Rating Withdrawal Policy, the ratings for the bank loan facilities of Rs.7.15 Crs are downgraded and simultaneously withdrawn at BWR BB+/Stable.
ABOUT THE ENTITYKKV Agro Power Limited was incorporated in June 2012 at Coimbatore TN as Nachas Wind Energy Private Limited to develop and operate power generating assets, particularly in the renewable energy space. The company was converted from a Private limited company to a Public limited company and was rechristened as KKV Agro Powers Limited during the FY16.The company is a part of Chennai Silks group which is an established player in the textile and jewellery segments in Tamil Nadu. Additionally, it operates nine wind power generating assets with a combined capacity of 7,600 KW located at (2) Tirunelveli, (5) Coimbatore districts in Tamil Nadu and (2) Ananthapuram district in Andhra Pradesh. The company also operates a 1000 KW Solar Power plant at Tirupur district in Tamil Nadu. Power generated from these assets located in TamilNadu is for captive needs of the group companies viz, The KTM Jewellery Limited, Space Textiles Private Limited (STPL) etc and power generated from assets located in Andhra pradesh unit is sold to Government of Andhra Pradesh. Mr. T. K. Chandiran and Ms. C Selvi. A.C. Vineeth Kumar, Arunkumar Chandrasekaran, B Mohan and VN Chandrasekaran are the directors in this company.The company shares are listed on the SME platform of the National Stock Exchange of India Ltd.
(As per information available with BWR in September 2021)
STATUS OF NON-COOPERATION WITH PREVIOUS CRANA
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)Facilities | Current Rating (2022) | 2021 | 2020 | 2019 | |||||
---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
Fund Based | LT | 7.15 |
BWR BB+/Stable
(Downgrade/Withdrawal) |
02Sep2021 |
BWR BBB- Stable
(Assignment) |
NA |
NA
|
NA |
NA
|
Grand Total | 7.15 | (Rupees Seven Crores and Fifteen lakhs Only) |
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 CriteriaAnalytical Contacts | |
---|---|
Vineetha Ann Varughese Senior Ratings Analyst vineetha.v@brickworkratings.com |
Saakshi Kanwar Senior Manager Ratings saakshi.k@brickworkratings.com |
1-860-425-2742 | media@brickworkratings.com |
SL.No. | Name of the Bank/Lender | Type Of Facilities | Long Term(Rs.Crs.) | Short Term(Rs.Crs.) | Total(Rs.Crs.) | |
---|---|---|---|---|---|---|
1 | HDFC Bank | Term LoanSanctioned | 5.90 | _ | 5.90 | |
2 | HDFC Bank | Cash CreditSanctioned | 1.25 | _ | 1.25 | |
Total | 7.15 | 0.00 | 7.15 | |||
TOTAL (Rupees Seven Crores and Fifteen lakhs Only) |
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About Brickwork RatingsBrickwork 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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