India Ratings and Research (Ind-Ra) has migrated Vivaan Solar Private Limited’s Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as ‘IND BBB-(ISSUER NOT COOPERATING)’ on the agency’s website. The instrument-wise rating actions are as follows:
|Instrument Type||Date of Issuance||Coupon Rate (%)||Maturity Date||Size of Issue (million)||Rating||Rating Action|
|Long term loans||–||–||June 2026||INR68.75||IND BBB-(ISSUER NOT COOPERATING)||Migrated to non-cooperating category|
|Fund-based working capital limits||–||–||–||INR25||IND BBB-(ISSUER NOT COOPERATING)/IND A3(ISSUER NOT COOPERATING)||Migrated to non-cooperating category|
|Non-fund-based working capital limits||–||–||–||INR125||IND A3(ISSUER NOT COOPERATING)||Migrated to non-cooperating category|
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 24 October 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.
Incorporated in August 2012, VSPL undertakes engineering procurement and construction activities for the installation of solar power plants located in Madhya Pradesh, Uttar Pradesh, Uttarakhand, Delhi, Karnataka and Punjab.
|Instrument Type||Current Rating||Historical Rating/Outlook|
|Rating Type||Rated Limits (million)||Rating||24 October 2017|
|Issuer rating||Long-term||–||IND BBB-(ISSUER NOT COOPERATING)||IND BBB-/Stable|
|Long-term loans||Long-term||INR68.75||IND BBB-(ISSUER NOT COOPERATING)||IND BBB-/Stable|
|Fund-based working capital limits||Long-term/Short-term||INR25||IND BBB-(ISSUER NOT COOPERATING)/IND A3(ISSUER NOT COOPERATING)||IND BBB-/Stable/IND A3|
|Non-fund-based working capital limits||Short-term||INR125||IND A3(ISSUER NOT COOPERATING)||IND A3|
COMPLEXITY LEVEL OF INSTRUMENTS
For details on the complexity level of the instruments, please visit https://www.indiaratings.co.in/complexity-indicators.
Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings.
Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.
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