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    Bhadreshwar Vidyut Private Limited

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    Jagan
    Bvpl power plant gu

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    © All Rights Reserved
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    Bhadreshwar Vidyut Private Limited

    Uploaded by

    Jagan
    32 views5 pages
    Bvpl power plant gu

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

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    Bvpl power plant gu

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    32 views5 pages

    Bhadreshwar Vidyut Private Limited

    Uploaded by

    Jagan
    Bvpl power plant gu

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    October 11, 2021

    Bhadreshwar Vidyut Private Limited: Continues to remain under issuer Non-


    Cooperating category
    Summary of rating action
    Previous Rated Current Rated
    Instrument^ Amount Amount Rating Action
    (Rs. crore) (Rs. crore)
    Long term- Term 1497.40 1497.40 [ICRA]D; ISSUER NOT COOPERATING*; Rating continues to
    Loans remain under ‘Issuer Not Cooperating’ category
    Long term- Cash 135.00 135.00 [ICRA]D; ISSUER NOT COOPERATING*; Rating continues to
    Credit remain under ‘Issuer Not Cooperating’ category
    Short term - 430.00 430.00 [ICRA]D; ISSUER NOT COOPERATING*; Rating continues to
    Nonfund based remain under ‘Issuer Not Cooperating’ category
    limits – LC / BG
    Total 2062.40 2062.40

    *Issuer did not cooperate; based on best available information.


    ^Instrument details are provided in Annexure-1

    Rationale
    ICRA has retained the ratings for the bank facilities of Bhadreshwar Vidyut Private Limited in the ‘Issuer Not Cooperating’
    category. The rating is denoted as “[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING”

    ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by
    ICRA, the entity’s management has remained non-cooperative. The current rating action has been taken by ICRA basis best
    available/dated/ limited information on the issuers’ performance. Accordingly, the lenders, investors and other market
    participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the
    credit risk profile of the entity. The rating action has been taken in accordance with ICRA’s policy in respect of non-cooperation
    by a rated entity available at www.icra.in.

    Please refer to the following link for the previous detailed rationale that captures Key rating drivers and their description,
    Liquidity position, Rating sensitivities, Key financial indicators: Click Here ICRA is unable to provide the latest information
    because of non-cooperation by the entity.

    Analytical approach
    Analytical Approach Comments

    Policy in respect of non-cooperation by the rated entity


    Applicable Rating Methodologies
    Corporate Credit Rating Methodology

    Parent/Group Support NA

    Consolidation/Standalone Standalone

    www.icra .in
    Page | 1
    About the company
    Bhadreshwar Vidyut Private Limited (BVPL, formerly known as OPGS Power Gujarat Private Limited) was incorporated in April
    2007 as a special purpose vehicle (SPV) promoted by the OPG Group, which has substantial experience in the power and steel
    sectors. The company had initially planned to setup a 270 MW (2x135 MW) coal-based power plant but subsequently revised
    its plant capacity to 300 MW (2x150 MW). The plant is based in Kutch, Gujarat and had a scheduled COD of February 2013.
    However, the project witnessed delays due to litigation over the coastal regulatory zone (CRZ) clearance granted to it and
    subsequently, due to delay in setting up of evacuation infrastructure. The first unit achieved COD in February 2015 and the
    second unit achieved COD in February 2016. The total cost incurred for the project is Rs. 2,026 crore (Rs. 6.75 crore/MW),
    which was funded through Rs. 1,497 crore of debt and Rs. 529 crore of equity.

    Status of non-cooperation with previous CRA: NA

    Any other information: None

    Rating history for past three years


    Instrument Current Rating (FY2022) Chronology of Rating History
    for the past 3 years
    Type Amount Amount Date & Rating in Date & Rating in Date & Rating in Date & Rating in
    Rated Outstanding FY2021 FY2020 FY2019
    (Rs. crore) (Rs. crore)
    October 11, 2021, July 29, 2020, April 30, 2019, -

    1 Term Loan Long Term 1497.40 1487.64* [ICRA]D; ISSUER NOT [ICRA]D; ISSUER [ICRA]D; ISSUER -
    COOPERATING NOT COOPERATING NOT COOPERATING

    2 Cash Credit Long Term 135.00 - [ICRA]D; ISSUER NOT [ICRA]D; ISSUER [ICRA]D; ISSUER -
    COOPERATING NOT COOPERATING NOT COOPERATING

    3 Letter of Short Term 430.00 - [ICRA]D; ISSUER NOT [ICRA]D; ISSUER [ICRA]D; ISSUER -
    Credit/Bank COOPERATING NOT COOPERATING NOT COOPERATING
    Guarantee
    *As on August 31,2018
    Complexity level of the rated instrument

    Bank limits Complexity Indicator

    Long Term - Fund Based Term Loan Simple

    Long Term - Fund Based Cash Credit Simple

    Short Term - Non Fund Based Very 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 analyzing 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, is
    available on ICRA’s website: www.icra.in

    www.icra .in
    Page | 2
    Annexure-1: Instrument details
    ISIN No Instrument Name Date of Issuance Coupon Maturity Amount Rated Current Rating and Outlook
    / Rate Date (RS Crore)
    Sanction

    NA Term Loan FY2014 13.25% FY2036 1497.40 [ICRA]D; ISSUER NOT


    COOPERATING

    NA Cash Credit - - - 135.00 [ICRA]D; ISSUER NOT


    COOPERATING

    NA Letter of - - - 430.00 [ICRA]D; ISSUER NOT


    Credit/Bank COOPERATING
    Guarantee
    Source: Bhadreshwar Vidyut Private Limited

    Annexure-2: List of entities considered for consolidated analysis: Not applicable

    www.icra .in
    Page | 3
    ANALYST CONTACTS

    Sabyasachi Majumder Subhechha Banerjee


    91-124-4545300 +91 33 7150 1151
    [email protected] [email protected]

    Susmita Biswas
    +91 33 7150 1182
    [email protected]

    RELATIONSHIP CONTACT

    Jayanta Chatterjee
    +91 80 4332 6401
    [email protected]

    MEDIA AND PUBLIC RELATIONS CONTACT


    Ms. Naznin Prodhani
    Tel: +91 124 4545 860
    [email protected]

    Helpline for business queries


    +91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)

    [email protected]

    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.

    For more information, visit www.icra.in

    www.icra .in
    Page | 4
    ICRA Limited

    Registered Office
    B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001
    Tel: +91 11 23357940-45

    Branches

    © Copyright, 2021 ICRA Limited. All Rights Reserved.


    Contents may be used freely with due acknowledgement to ICRA.
    ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance,
    which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer concerned to
    timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest
    information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable,
    including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been
    taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no
    representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group
    companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of
    opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.

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