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Brickwork Ratings Reaffirms the Ratings for the Bank Loan Facilities of ₹

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Brickwork Ratings Reaffirms the Ratings for the Bank Loan Facilities of ₹ Rating Rationale Goodwatts Solar Modasa Pvt Ltd 16 May 2019 Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of ₹. 14.06 Crores of Goodwatts Solar Modasa Pvt Ltd. Particulars Amount (₹ Crs) Rating* Facility Tenure Previous** Previous Present Present (Dec, 2017) Fund based 0.00 10.06 BWR BBB-, SO BWR BBB-, (SO)*** Pronounced as BWR Pronounced as BWR Triple Triple B Minus, B Minus, Structured Long Term Structured Obligation Fund Based 15.60 4.00 (Proposed) Obligation Reaffirmed Outlook:Stable Outlook:Stable Total 15.60 14.06 INR Fourteen Crores and Six Lakhs Only *Please refer to BWR website www.brickworkratings.com/ for definition of the ratings ​ ​ Complete details of Bank facilities is provided in Annexure-I **Rating moved to rating not reviewed category in March 2019 ***The Suffix ‘Structured Obligation’ indicates the credit enhancement derived from the Corporate Guarantee provided by the parent – Abellon Cleanenergy Ltd. (Rated BWR BBB- (Stable) (ACEL) to the bank facilities of Goodwatts Solar Modasa Pvt. Ltd. (GSMPL). Ratings: Reaffirmed Rationale/Description of Key Rating Drivers/Rating sensitivities: BWR has essentially relied upon the financial results of ACEL and GSMPL up to FY19, projections of the company, publicly available information and information/clarification provided by the company. 16 May 2019 ​ 1 The rating has factored, inter alia, GSMPL being part of reputed Abellon Group of Ahmedabad - Gujarat, experienced & professional management team, revenue visibility for the next 20 years with 25 years PPA with GUVNL and creation of DSRA aiding timely servicing of debt. The rating is however constrained by, First generation entrepreneur to start the renewable energy business, inherent risk associated with solar power business and revenues being susceptible to delays, as the buyer is a State Government entity. Description of Key Rating Drivers ● Part of Abellon Group: Goodwatts Solar Modasa Pvt Ltd is a special purpose vehicle created by Abellon Cleanenergy Limited (Abellon Group), with a purpose of owning and running the operative 3MW solar plant on a standalone basis. ● Experienced Management: Mr. Aditya Handa, Managing Director of Abellon Group, is well experienced in renewable energy business. Abellon group, promoted by Mr. Aditya Handa, is currently focussed on Waste-to-Energy projects, and implementing multiple projects in the State of Gujarat. He is supported by professional and qualified management team. ● Revenue Visibility: The power of the 3 MW solar power plant is sold to GUVNL under long term PPA agreement valid upto 25 years. ● DSRA: As per sanction terms, DSRA equivalent to two quarters installment and interest has been ​ created up-front from the date of disbursement. This will help in timely servicing of debt, in the event of any eventualities ● Inherent risk associated with solar power business: The various risk factors which can impact ​ the operations of the company are volatility in solar radiation levels, decline in power generation due to change in temperature and climatic conditions, inverter inefficiency, module degradation due to aging, etc. Analytical Approach BWR has reviewed GSMPL along with Corporate Guarantee provided by ACEL. The above ratings address the servicing of the bank facilities to happen as per the terms of the underlying loan and the guarantee arrangement, and the rating assumes that the guarantee will be duly invoked, as per the terms of the underlying loan and guarantee agreements, in case there is a default in payment by the borrower. Rating Outlook:Stable BWR believes the Goodwatts Solar Modasa Pvt Ltd business risk profile will be maintained over the ​ ​ medium term. The ‘Stable’ outlook indicates a low likelihood of rating change over the medium term. The rating outlook may be revised to 'Positive' in case the revenues and profit show sustained improvement. The rating outlook may be revised to 'Negative' if the revenues go down and profit margins show lower than expected figures. About the Guarantor- ACEL: Abellon CleanEnergy Ltd. (ACEL) is a 100% subsidiary of Altheon Enterprise Ltd. promoted by Mr. Aditya Handa and Mr. Arjun Handa. BWR is informed that the Networth of AEL is Rs. 1019 Crores as on 16 May 2019 ​ 2 March 31, 2018. ACEL on standalone level will be having the business of SKY (Surya Shakti Kisan Yojana) scheme which was launched by the government in June 2018 for farmers enabling them to generate electricity for captive consumption and to sell surplus power to the grid to earn extra income. Other business under ACEL will be that of supplying bio-fuel to its power plants. Through various SPVs, company operates 45 MW Regional Waste Based Power Plant in Gujarat and 5MW Solar Power Plant at Modasa, North Gujarat. The company is also venturing into Waste to Energy Power Plants out of which one of the plants is expected to become operational this fiscal. About the GSMPL: Goodwatts solar Modasa Pvt Ltd (GSMPL) is a SPV by Abellon Cleanenergy Limited (ACEL), incorporated with the purpose of owning and running a 3 MW solar power plant in Modasa, Gujarat on a stand alone basis.The site is located at a distance of 11 kms from National Highway No. 8 and 5 kms from the state Highway connecting Modasa with Shamlaji. It is approximately 110 kms from Ahmedabad and 160 km from Udaipur in Rajasthan. The company has signed a long term PPA for 25 years with Gujarat Urja Vikas Nigam Limited (GUVNL) at fixed tariff rate of Rs. 15 / Kwh for first 12 years and thereafter Rs. 5 / Kwh from 13th year to 25th year. Company Financial Performance- GSMPL ACEL has successfully transferred its 3 MW Solar Project (along with its Assets and Liabilities) to its wholly owned subsidiary, GSMPL in January 2019. Hence a revenue worth Rs 1.18 Crs has been recognized in FY19 (provisional, Feb) for a span of 2 months. PAT is reported at Rs 0.66 Crs in FY19 (provisional, Feb). Rating History for the last three years S.No Facility Current Rating (2019) Rating History Amount March, Type Rating Dec, 2017 2015 (₹ Crs) 2019 BWR BBB-, 1. Fund Based 10.06 BWR BBB-, (SO) SO Pronounced as Pronounced as BWR Triple B BWR Triple B Minus, Fund Based Minus, 2. 4.00 Structured Rating Not (Proposed) Long Term Structured NA Obligation Reviewed Obligation Reaffirmed Outlook:Stable Outlook:Stable Total 14.06 ₹ Fourteen Crores and Six Lakhs Only 16 May 2019 ​ 3 Status of non-cooperation with previous CRA (if applicable)-NA Key Financial Indicators Key Parameters Units ACEL GSMPL FY19 FY18 FY19 FY18 Result Type Provisional Audited Provisional, Audited Feb Operating Revenue ₹ Cr 97.73 43.89 1.18 0.00 EBITDA ₹ Cr 16.15 10.32 1.06 (0.01) Tangible Net worth ₹ Cr 127.10 163.32 12.69 0.04 Total Debt/Tangible Net Times 0.3 0.5 1.13 4.27 worth Current Ratio Times 1.8 4.8 0.23 1.23 Hyperlink/Reference to applicable Criteria ● General Criteria ● Approach to Financial Ratios ● Infrastructure Sector ● Short Term Debt For any other criteria obtain hyperlinks from website 16 May 2019 ​ 4 Analytical Contacts Investor Contacts Jayraj Bhatt Director - Ratings B: +91 79 66174046/47 Satish Nair [email protected] Kalgi Director - Global Market Development & Investor Mehta Ratings Analyst Relations ​ M: +91 7738875550 B: +91 80 6745 6666 [email protected] B: +91 79 66174046/47 [email protected] 1-860-425-2742 For print and digital media The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media. Note on complexity levels of the rated instrument: 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 [email protected]. ​ ​ ​ ​ ​ ​ ​ About Brickwork Ratings Brickwork Ratings (BWR), a SEBI registered Credit Rating Agency, accredited by RBI and empaneled by NSIC, offers Bank Loan, NCD, Commercial Paper, MSME ratings and grading services. NABARD has empaneled Brickwork for MFI and NGO grading. BWR is accredited by IREDA & the Ministry of New and Renewable Energy (MNRE), Government of India. Brickwork Ratings has Canara Bank, a leading public sector bank, as its promoter 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. DISCLAIMER Brickwork Ratings (BWR) has assigned the rating based on the information obtained from the issuer and other reliable sources, which are deemed to be accurate. BWR has taken considerable steps to avoid any data distortion; however, it does not examine the precision or completeness of the information obtained. And hence, the information in this report is presented “as is” without any express or implied warranty of any kind. BWR does not make any representation in respect to the truth or accuracy of any such information. The rating assigned by BWR should be treated as an opinion rather than a recommendation to buy, sell or hold the rated instrument and BWR shall not be liable for any losses incurred by users from any use of this report or its contents. BWR has the right to change, suspend or withdraw the ratings at any time for any reason. 16 May 2019 ​ 5 .
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