Energy Equipments. Plot No: 5208, Phase IV, G.I.D.C. Vatva, T-1 Road (Towards Ramol), Ahmedabad Profit sharing Ratio Mr.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Energy Equipments. Plot No: 5208, Phase IV, G.I.D.C. Vatva, T-1 Road (Towards Ramol), Ahmedabad- 382445 Profit sharing Ratio Mr."

Transcription

1 Fact Sheet Grading Drivers Energy Equipments ICRA has assigned a SP 4C grading 1 to Energy Equipments (EE), indicating the Weak Performance Capability and Moderate Financial Strength of the channel partner to undertake off-grid and on-grid solar projects. The grading is valid till June 26, 2018 after which it will be kept under surveillance. Strengths Extensive experience of the promoters in the renewable energy space (especially solar heater industry); promoters have been engaged in the solar heater business since 1986 Established relationship with reputed suppliers of solar water heater and PV components and other electrical hardware products Risk Factors Small scale of operations resulting in limited bargaining power with buyers and suppliers Large number of organized/ unorganized players indicating high level of competition; this may lead to difficulties in getting client contracts and may pressurize margins Limited order executions in solar PV segment; lower orders in hand provides limited revenue visibility for the near to medium term Slower debtor realization leads to stretched liquidity reflecting from high NWC/OI of 56% in FY2015 Risk inherent in partnership firm with respect to capital withdrawals and its potential impact on credit profile Year of Formation 1986 Office Address Plot No: 5208, Phase IV, G.I.D.C. Vatva, T-1 Road (Towards Ramol), Ahmedabad Profit sharing Ratio Mr. Kirit Patel 100% Energy Equipments was established as proprietary concern in the year 1986 by Mr. Kirit Patel. Initially, EE was engaged in manufacturing and marketing of solar thermal products. The firm is into manufacturing and installation of solar water heating system, solar distills water plants and solar dryers & air heating system. In FY2016, the firm diversified its business operation to the field of solar photovoltaic systems (PV) where it is engaged in installation of solar panels and solar street light. The scale of operation in PV systems is at nascent stage which will rise in the near to medium term on the back of 2 order on hands with cumulative installed capacity of 80 KW. Firm has an installed capacity to manufacture around 1.50 lakh liters per day s (LPD) of solar water heating systems per annum. EE has already installed around 30 lakh LPD solar water heating system over the last 30 years and served more than 2800 customers. In FY2016, the firm has executed four projects in solar PV systems of total installed capacity of 35 KW. 1 The grading is for Solar PV

2 Financial Strength - Moderate SI Related Business Weak Performance Capability Promoter Track Record: The promoter of Energy Equipments has been associated with the relevant field since more than three decades. EE has been present in solar water heating systems since 1986 and has commenced operations in solar photovoltaic (PV) systems from FY2016. The firm is also engaged in fabricating and installing solar distillation systems and solar dryer & air heating system however, the quantum of such installations is negligible. The promoter of the entity, Mr. Kirit Patel has been engaged in the solar and renewable energy space from more than three decades. Apart from EE, he handles another two group companies engaged in selling and marketing, installation and post installation services of solar water heating systems and solar PV systems (solar panels and solar street light). Mr. Kirit Patel is qualified as a Diploma Mechanical Engineer. He was awarded for his service in renewable energy sector by Ahmedabad Management Association in He also serves as a panel member on the platform of various reputed board and society. Technical competence and adequacy of manpower: The promoter of Energy Equipments has an extensive experience in the solar heater space that spans several years. The firm has well trained personnel for manufacturing and installation of solar water heaters with capacities ranging from 100 LPD s to 1000 LPD s used in domestic consumption while capacities in the range of 500 LPD to LPD used in industrial consumption. The firm also commenced execution of solar projects related to installation of solar panels with on and off grid connection and solar street lights. The firm procures raw material required for solar water heaters, solar panels, solar street lights etc. from local suppliers situated across pan India. The firm has in house design and installation teams who look after the various technical aspects of manufacturing, installation and post installation services. The firm has moderately experienced and qualified management team who looks after the project management, sales and marketing activities. Quality of suppliers and tie ups: Energy Equipments purchases raw materials from domestic vendors and enjoys healthy working relationship with these suppliers. The firm purchases raw material such as solar flat plate collectors, solar PV modules, solar inverter, electrical items, copper pipes among others from suppliers such as Solchrome, Greentek India Private Limited, Delta India, Kailash Corporation etc. on average credit of 60 to 90 days. Customer and O&M Network: Energy Equipments has installed solar water heating system in residential, industrial and commercial premises. For solar PV products, the clientele of the firm mainly consists of industrial and commercial units. The clientele of EE in solar water heating system include educational institutions, commercial establishments, hospitals, industrial units and residential premises. The firm provides O&M services to its clientele through its group concern Urmi Solar Services and other dealers. Firm s O&M network is spreads across Gujarat and also provides through dealers wherein two of them are located in Gujarat and one in Maharashtra. Revenues Return on Capital Employed (RoCE) Rs crore as on FY % as of FY Total Outside Liabilities / Tangible Net worth 0.21 times as on March 31, 2015 Interest Coverage Ratio 3.08 times as on March 31, 2015 Net-Worth Rs crore as on March 31, 2015 Current Ratio 2.06 times as on March 31, 2015 The banker is satisfied with performance of the Relationship with bankers accounts. The overall financial strength of the company is moderate, given healthy profit levels, and moderate coverage indicators. June 2016

3 For further details, please contact: Analyst Contacts: Mr. Sabyasachi Majumdar (Tel. No ) Relationship Contacts: (Tel. No ) Disclaimer: An ICRA SI grade reflects ICRA s opinion on the ability of the graded renewable energy service company to undertake off-grid solar projects. This grading does not constitute an audit by ICRA of the SI. The gradings are based on information provided by the company or obtained by ICRA from sources it considers reliable. ICRA does not guarantee the completeness or accuracy of the information on which the grading is based and therefore shall not be responsible for any liability incurred by the users of such grading. An ICRA SI grading is not a recommendation to use the services of the SI, or to invest in any project undertaken by the SI, or to lend to the SI or invest in any financial instrument issued by the SI. ICRA has the right to revise gradings as and when circumstances so warrant.

4 Copyright, 2016, 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 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.

5 Registered Office ICRA Limited 1105, Kailash Building, 11th Floor, 26, Kasturba Gandhi Marg, New Delhi Tel: , Fax: Corporate Office Mr. Vivek Mathur Mobile: Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon Ph: (D), / (B) Fax; Mumbai 3rd Floor, Electric Mansion Appasaheb Marathe Marg, Prabhadevi Mumbai , Board : ; Fax: Chennai 5th Floor, Karumuttu Centre 634 Anna Salai, Nandanam Chennai Tel: ; Fax: Ahmedabad 907 & 908 Sakar -II, Ellisbridge, Ahmedabad Tel: , , ; Fax: Hyderabad Kolkata Mr. Jayanta Roy Mobile: A-10 & 11, 3rd Floor, FMC Fortuna 234/3A, A.J.C. Bose Road Kolkata Tel / / , Fax Bangalore Bangalore 'The Millenia' Tower B, Unit No. 1004,10th Floor, Level , 1 & 2, Murphy Road, Bangalore Tel: ; Fax: Pune 5A, 5th Floor, Symphony, S.No. 210, CTS 3202, Range Hills Road, Shivajinagar,Pune Tel: ; Fax: th Floor, Shobhan, /A&B. Somajiguda, Raj Bhavan Road, Hyderabad Tel:

Durga Solar Enterprise

Durga Solar Enterprise Fact Sheet Grading Drivers Durga Solar Enterprise ICRA has assigned SP 3C grading * to Durga Solar Enterprise indicating the Moderate Performance Capability and Moderate Financial Strength of the channel

More information

Links to applicable Criteria Corporate Credit Rating A Note on Methodology. About the Company:

Links to applicable Criteria Corporate Credit Rating A Note on Methodology. About the Company: January 11, 2017 N G Projects Limited Instrument* Rated Amount Rating Action (in crore) Cash Credit 24.00 [ICRA]BBB- Reaffirmed; (Stable) outlook Bank Guarantees 99.00 [ICRA]A3 Reaffirmed Total 123.00

More information

Akums Drugs & Pharmaceuticals Limited

Akums Drugs & Pharmaceuticals Limited Akums Drugs & Pharmaceuticals Limited Instrument Amount (Rs. Crore) Rating Action Term Loans 30.00 (enhanced from 3.10) [ICRA]A+ (stable) assigned Cash Credit Facilities 125.00 (reduced from 145.00) [ICRA]A+

More information

(in crore) Non-Fund Based Limits 9.00 [ICRA]A4; reaffirmed. Fund Based Limits 5.75 [ICRA]B reaffirmed; Stable outlook assigned

(in crore) Non-Fund Based Limits 9.00 [ICRA]A4; reaffirmed. Fund Based Limits 5.75 [ICRA]B reaffirmed; Stable outlook assigned January 11, 2017 Instrument* Topline Lamination Private Limited Rated Amount (in crore) Rating Action Non-Fund Based Limits 9.00 [ICRA]A4; reaffirmed Fund Based Limits 5.75 reaffirmed; Stable outlook assigned

More information

Rating Action. Fund-Based Limits 2.20 [ICRA]B reaffirmed; Stable outlook assigned

Rating Action. Fund-Based Limits 2.20 [ICRA]B reaffirmed; Stable outlook assigned January 11, 2017 Suryansh Metal Alloys Instrument* Non Fund-Based Limits Rated Amount (in crore) 5.70 (enhanced from 5.00) Rating Action [ICRA]A4; reaffirmed Fund-Based Limits 2.20 [ICRA]B reaffirmed;

More information

(in crore) 6.32 (revised from 10.67)

(in crore) 6.32 (revised from 10.67) January 11, 2017 Abhi S.K. Hospital Private Limited Instrument* Long term: Fund Based Limits Term Loan Rated Amount (in crore) 6.32 (revised from 10.67) Rating Action Upgraded from to + Long term: Unallocated

More information

Rating Action (in crore) Fund Based Limits [ICRA]B+ (Stable) reaffirmed

Rating Action (in crore) Fund Based Limits [ICRA]B+ (Stable) reaffirmed January 09, 2017 Shri Ram Rolling Mill Instrument* Rated Amount Rating Action (in crore) Fund Based Limits 15.09 [ICRA]B+ reaffirmed Unallocated Limits 1.41 [ICRA]B+ reaffirmed Total 16.50 Instrument Details

More information

January 04, 2017 Shrimati Sulochna Devi Education Foundation. (in crore) Fund Based Limits [ICRA]B+ (Stable); Reaffirmed

January 04, 2017 Shrimati Sulochna Devi Education Foundation. (in crore) Fund Based Limits [ICRA]B+ (Stable); Reaffirmed January 04, 2017 Shrimati Sulochna Devi Education Foundation Instrument* Rated Amount (in crore) Rating Action Fund Based Limits 15.40 [ICRA]B+ ; Reaffirmed Total 15.40 *Instrument Details are provided

More information

ICICI Bank Limited. For complete rating scale and definitions please refer to ICRA s website or other ICRA rating publications

ICICI Bank Limited. For complete rating scale and definitions please refer to ICRA s website  or other ICRA rating publications ICICI Bank Limited Rating of [ICRA] AAA (pronounced ICRA triple A) with stable outlook has been assigned to the fresh Rs. 4000 crore Unsecured Redeemble Bonds of ICICI Bank Limited (IBL). ICRA has also

More information

ICICI Bank Limited. Sep 2025 Apr 2020 Dec 2019 Apr 2019. Apr 2019 Apr 2013 Jan 2018 LAAA LAAA LAAA

ICICI Bank Limited. Sep 2025 Apr 2020 Dec 2019 Apr 2019. Apr 2019 Apr 2013 Jan 2018 LAAA LAAA LAAA ICICI Bank Limited Rating History Amount Outstanding (Rs. crore) as on September 30, 2010 Maturity Date Rating Outstanding Previous Ratings Dec 2010 May 2010 Dec 2009 Rs 1000 crore Unsecured Redeemable

More information

January 11, 2017 Mahendra Roadlines Private Limited

January 11, 2017 Mahendra Roadlines Private Limited January 11, 2017 Mahendra Roadlines Private Limited Instrument* Rated Amount Rating Action (in crore) Fund Based Cash Credit 25.0 [ICRA]BB+ / Reaffirmed Outlook revised to positive Non- Fund Based Bank

More information

Rating Action (In Crore) Non Fund Based Limits 6.00 [ICRA]A4; (Reaffirmed)

Rating Action (In Crore) Non Fund Based Limits 6.00 [ICRA]A4; (Reaffirmed) January 02, 2017 United Brothers Multiplast LLP Instrument Rated Amount Rating Action (In Crore) Non Fund Based Limits 6.00 ; (Reaffirmed) Fund Based Limits Cash Credit 7.00 [ICRA]BB-(Stable); (Reaffirmed)

More information

Rating Action (in Rs crore) Non-Convertible Debentures [ICRA]A+ (stable); assigned Long-Term fund based limits 1, (enhanced from 750.

Rating Action (in Rs crore) Non-Convertible Debentures [ICRA]A+ (stable); assigned Long-Term fund based limits 1, (enhanced from 750. January 11, 2017 IFMR Capital Finance Private Limited Instrument* Rated Amount Rating Action (in Rs crore) Non-Convertible Debentures 100.00 [ICRA]A+ ; assigned Long- fund based limits 1,250.00 (enhanced

More information

INDIAN RETAIL INDUSTRY: An Update

INDIAN RETAIL INDUSTRY: An Update INDIAN RETAIL INDUSTRY: An Update Relaxation of FDI norms for the Indian Retail Sector a positive; albeit implementation challenges persist June 2016 Fver In an environment where the global retailers are

More information

Publications. January 11, 2017 Dharmesh Textiles Limited

Publications. January 11, 2017 Dharmesh Textiles Limited January 11, 2017 Dharmesh Textiles Limited Instrument* Rated Amount Rating Action (in crore) Long term fund based-cash credit 7.00 Upgraded to BBB- from and outlook reaffirmed at Stable Long term fund

More information

Indian Hotel Industry Industry waiting out one of the longest down-cycle

Indian Hotel Industry Industry waiting out one of the longest down-cycle Indian Hotel Industry Industry waiting out one of the longest down-cycle ICRA RESEARCH SERVICES Corporate Ratings Contacts: Subrata Ray +91 22 6179 6386 subrata@icraindia.com PavethraPonniah +91 44 4596

More information

Instruments* Amount (Rs. crore) Rating action Long term: Term loans 1.01 (revised from 3.55)

Instruments* Amount (Rs. crore) Rating action Long term: Term loans 1.01 (revised from 3.55) January 11, 2017 G R Thanga Maligai Instruments* Amount (Rs. crore) Rating action Long : Term loans 1.01 (revised from 3.55) [ICRA]A+ / reaffirmed *Instrument details are provided in Annexure-1 Rating

More information

January 11, 2017 Tamil Nadu Generation & Distribution Corporation Limited

January 11, 2017 Tamil Nadu Generation & Distribution Corporation Limited January 11, 2017 Tamil Nadu Generation & Distribution Corporation Limited Entity Instrument Amount Ratings (Rs. crore) TANGEDCO Non Convertible Bonds Program (Rs 4000 crore bond issue) * Instrument Details

More information

The [ICRA]B+ and [ICRA]A4 ratings assigned to the Rs.3.60 crore unallocated limits of the company have also been revised to [ICRA]D.

The [ICRA]B+ and [ICRA]A4 ratings assigned to the Rs.3.60 crore unallocated limits of the company have also been revised to [ICRA]D. January 03, 2017 Jeyenkay Petrogels Private Limited Instrument* Rated Amount Rating Action (In Crore) Long-term Fund Based Limit 3.40 Revised to [ICRA]D from [ICRA]B+ Short-term Non-Fund Based Limit 11.00

More information

January 12, 2017 Sri Matha Spinning Mills Private Limited

January 12, 2017 Sri Matha Spinning Mills Private Limited January 12, 2017 Sri Matha Spinning Mills Private Limited Instruments Amount (Rs. crore) Rating Action Long : Fund-based limits 40.00 + reaffirmed Short : Non-Fund based limits 20.00 / reaffirmed Long

More information

January 12, 2017 Sivaraj Spinning Mills Private Limited. Instruments Amount (Rs. crore) Rating Action (revised from 14.00)

January 12, 2017 Sivaraj Spinning Mills Private Limited. Instruments Amount (Rs. crore) Rating Action (revised from 14.00) January 12, 2017 Sivaraj Spinning Mills Private Limited Instruments Amount (Rs. crore) Rating Action Long : Term loans 12.25 (revised from 14.00) / reaffirmed Long : Fund-based limits 45.00 (revised from

More information

Fund Based Limits [ICRA]BBB- (Stable); reaffirmed

Fund Based Limits [ICRA]BBB- (Stable); reaffirmed January 11, 2017 D&H Secheron Electrodes Pvt. Ltd. Instrument* Rated Amount (in crore) Non-Fund Based Limits 4.00 (reduced from 5.00) Rating Action [ICRA]A3; reaffirmed Fund Based Limits 12.50 ; reaffirmed

More information

January 12, 2017 Vedha Spinning Mills Private Limited

January 12, 2017 Vedha Spinning Mills Private Limited January 12, 2017 Vedha Spinning Mills Private Limited Instruments Amount (Rs. crore) Rating action Long : Fund-based limits 35.00 + / reaffirmed Short : Non-Fund based limits 15.00 / reaffirmed Long /

More information

CBay Systems (India) Private Limited

CBay Systems (India) Private Limited CBay Systems (India) Private Limited Rating History Amount Outstanding Rating Outstanding Previous Ratings - February 2010 - - Rs. 216.5 million, term loans - LBBB- - - Rs. 10.0 million, long term, fund

More information

Indian Mortgage Finance Market Updated for Q1-FY16

Indian Mortgage Finance Market Updated for Q1-FY16 ICRA RESEARCH SERVICES Financial ICRA RATING FEATURE Sector Ratings Indian Mortgage Finance Market Updated for Q1-FY16 Performance Review of Housing Finance Companies and Industry Outlook Contacts: Vibha

More information

Indian General Insurance Industry

Indian General Insurance Industry ICRA RATING FEATURE Financial ICRA RATING Sector FEATURE Ratings Indian General Insurance Industry Industry Outlook and Performance Review Contacts: Karthik Srinivasan +91 22 6179 6365 karthiks@icraindia.com

More information

January 12, 2017 Sri Shanmugavel Mills Private Limited. Instruments Amount (Rs. crore) Rating Action (revised from 100.0)

January 12, 2017 Sri Shanmugavel Mills Private Limited. Instruments Amount (Rs. crore) Rating Action (revised from 100.0) January 12, 2017 Sri Shanmugavel Mills Private Limited Instruments Amount (Rs. crore) Rating Action Long : Fund-based limits 120.0 (revised from 100.0) + / reaffirmed Short : Non-Fund based limits 40.0

More information

Indian General Insurance Industry

Indian General Insurance Industry ICRA RATING FEATURE Financial Sector Ratings Indian General Insurance Industry Industry Outlook and Performance Review Contacts: Karthik Srinivasan +91 22 6114 3444 karthiks@icraindia.com Vibha Batra +91

More information

GST. Indian Textile Sector: GST Impact Analysis August 2016

GST. Indian Textile Sector: GST Impact Analysis August 2016 Indian Textile Sector: GST Impact Analysis August 2016 ndia remains GST ties up cotton-based textile value chain in knots; industry awaits final GST rates to determine impact ICRA RESEARCH SERVICES GST

More information

January 04, 2017 Laborate Pharmaceuticals India Limited

January 04, 2017 Laborate Pharmaceuticals India Limited January 04, 2017 Laborate Pharmaceuticals India Limited Instrument* Rated Amount (In Crore) Long-term Fund Based 42.0 (enhanced from Rs. 32 crore) Short-term Fund Based 33.0 (enhanced from Rs. 28 crore)

More information

SREI Equipment Finance Private Limited

SREI Equipment Finance Private Limited SREI Equipment Finance Private Limited RATING HISTORY Rs. 15 billion, short-term debt programme Amount Outstanding Maturity Rating Outstanding Previous Ratings Mar-10 (in Rs. million) May-2010 September-

More information

INDIAN CORPORATE SECTOR

INDIAN CORPORATE SECTOR ICRA RESEARCH SERVICES INDIAN CORPORATE SECTOR An Update on Q2 FY 2017 Financial Performance Contacts: Subrata Ray Shamsher Dewan +91 22 6114 3408 +91 124 4545 328 subrata@icraindia.com shamsherd@icraindia.com

More information

Indian Road Sector. January Contacts: K Ravichandran

Indian Road Sector. January Contacts: K Ravichandran si Indian Road Sector Monetisation of 75 projects through toll-operate-transfer route to fetch funding for NH execution; NHAI seems unlikely to meet the award and execution target for FY2017 ICRA RESEARCH

More information

Indian Gold Jewellery Retail Industry

Indian Gold Jewellery Retail Industry Indian Gold Jewellery Retail Industry Proposed launch of Gold Bond Scheme and Gold Monetization Scheme is expected to have a moderately positive effect on reducing gold imports over the medium term; impact

More information

Indian Two-Wheeler Industry

Indian Two-Wheeler Industry The si ICRA RESEARCH SERVICES Indian Two-Wheeler Industry Corporate Ratings Anjan Deb ICRA Ghosh RATING FEATURE +91 22 6179 6392 aghosh@icraindia.com Contacts: Subrata Ray +91 22 6179 6386 subrata@icraindia.com

More information

Svasti Microfinance Pvt. Ltd.

Svasti Microfinance Pvt. Ltd. Svasti Microfinance Pvt. Ltd. Conditional ratings of [ICRA]BBB+(SO) * has been assigned to non-convertible debentures (NCD) programme of Annapurna Microfinance Private Ltd. (AMPL), Asirvad Microfinance

More information

Wind Energy Sector: Re-introduction of Accelerated Depreciation benefit remains a key Fver

Wind Energy Sector: Re-introduction of Accelerated Depreciation benefit remains a key Fver Wind Energy Sector: Re-introduction of Accelerated Depreciation benefit remains a key positive Fver for the sector, though concerns on RPO compliance continue Summary February 2015 ICRA RESEARCH SERVICES

More information

January 11, 2017 Matrix Clothing Private Limited. Rating Action. (in crore) Term Loan 2.87 (revised from 3.73) Short Term Fund Based

January 11, 2017 Matrix Clothing Private Limited. Rating Action. (in crore) Term Loan 2.87 (revised from 3.73) Short Term Fund Based January 11, 2017 Matrix Clothing Private Limited Instrument^ Rated Amount (in crore) Term Loan 2.87 (revised from 3.73) Short Term Fund Based 83.53 Limits (same as earlier) Short Term Non Fund 10.00 Based

More information

ICICI Bank Limited. Amount Outstanding (Rs. crore) as on September 30, 2011

ICICI Bank Limited. Amount Outstanding (Rs. crore) as on September 30, 2011 ICICI Bank Limited Amount Outstanding (Rs. crore) as on September 30, 2011 Maturity Date Rating action Rs 1000 crore Unsecured Redeemable Bonds (Long- Term) To be placed Long-Term Subordinate Bonds (Lower

More information

Indian Two-Wheeler Industry

Indian Two-Wheeler Industry The si ICRA RESEARCH SERVICES Corporate Ratings Anjan Deb ICRA Ghosh RATING FEATURE +91 22 6179 6392 aghosh@icraindia.com Indian Two-Wheeler Industry Contacts: Subrata Ray +91 22 6179 6386 subrata@icraindia.com

More information

INDIAN BROKERAGE INDUSTRY

INDIAN BROKERAGE INDUSTRY ICRA RESEARCH SERVICES INDIAN BROKERAGE INDUSTRY Financial Sector Ratings ICRA RATING FEATURE Contacts: Karthik Srinivasan +91 22 6179 6365 karthiks@icraindia.com Vibha Batra +91 124 4545 302 vibha@icraindia.com

More information

Indian Steel Industry

Indian Steel Industry ICRA RESEARCH SERVICES Corporate Ratings Jayanta Roy +91 33 7150 1120 jayanta@icraindia.com Indian Steel Industry Safeguard duty likely to have a limited impact on domestic prices Priyesh Ruparelia +91

More information

TELECOM SECTOR. Telecom Sector: Trends & Outlook ICRA RATING FEATURE. Contacts: +91 124 4545 307 ICRA LIMITED 1

TELECOM SECTOR. Telecom Sector: Trends & Outlook ICRA RATING FEATURE. Contacts: +91 124 4545 307 ICRA LIMITED 1 TELECOM SECTOR F February 2015 Spectrum Auctions Incumbents to consolidate position; Debt metrics to deteriorate Fver Case for Payment Banks January 2015 ICRA RATING FEATURE Contacts: Sabyasach i Maju

More information

New Capital Adequacy Framework under Basel II Guidelines

New Capital Adequacy Framework under Basel II Guidelines New Capital Adequacy Framework under Basel II Guidelines ICRA s Line of Credit Rating Products ICRA Limited An Associate of Moody's Investors Service www.icra.in ABOUT ICRA ICRA Limited (formerly Investment

More information

IFMR Capital Finance Private Limited

IFMR Capital Finance Private Limited IFMR Finance Private Limited ICRA has upgraded/reaffirmed the ratings of PTCs (Pass Through Certificates) in case of 4 transactions backed by Multi-Originator micro loan pools. The rating upgrade reflects

More information

INDIAN SUGAR SECTOR. Sustained healthy sugar prices, moderate hike in cane costs sweeten sugar mills profitability outlook.

INDIAN SUGAR SECTOR. Sustained healthy sugar prices, moderate hike in cane costs sweeten sugar mills profitability outlook. INDIAN SUGAR SECTOR Sustained healthy sugar prices, moderate hike in cane costs sweeten sugar mills profitability outlook ICRA RESEARCH SERVICES Contacts: Sabyasachi Majumdar +91 124 4545304 sabyasachi@icraindia.com

More information

INDIAN BROKERAGE INDUSTRY

INDIAN BROKERAGE INDUSTRY ICRA RESEARCH SERVICES INDIAN BROKERAGE INDUSTRY Industry on its way to recovery; Rise in retail participation remains the key Financial Sector Ratings ICRA RATING FEATURE Contacts: Karthik Srinivasan

More information

Power Finance Corporation Limited

Power Finance Corporation Limited Power Finance Corporation Limited Rating History Instrument Rs. 43500 crore ( enhanced from 27,500 cror Long Term Borrowing Programme 20- #$ Rs. 5000 crore (enhanced from Rs. 3,000 cror Short Term Borrowing

More information

Tata Motors Limited. Rs. 2,500.0 crore [ICRA]AA reaffirmed; outlook revised to positive from stable Long-term/ short-term, nonfund based facilities*

Tata Motors Limited. Rs. 2,500.0 crore [ICRA]AA reaffirmed; outlook revised to positive from stable Long-term/ short-term, nonfund based facilities* Tata Motors Limited Instrument Amount Rating Action Long-term, fund-based facilities Rs. 9,000.0 crore [ICRA]AA reaffirmed; outlook revised to positive from stable Non-Convertible debenture programme Rs.

More information

CORPORATE CREDIT RATINGS A Note on Methodology

CORPORATE CREDIT RATINGS A Note on Methodology October 2009 ICRA Rating Feature CORPORATE CREDIT RATINGS A Note on Methodology The basic objective of credit rating is to provide an opinion on the relative credit risk associated with the instrument

More information

Claims Paying Ability Ratings for General Insurance Companies

Claims Paying Ability Ratings for General Insurance Companies Claims Paying Ability Ratings for General Insurance Companies ICRA's Claims Paying Ability Ratings (CPRs) for general insurance companies are opinions on their ability to honour policy-holder claims and

More information

New SEBI guidelines on sectoral investment caps for funds could impact funding costs for HFCs and NBFCs adversely

New SEBI guidelines on sectoral investment caps for funds could impact funding costs for HFCs and NBFCs adversely October 2012 ICRA RATING FEATURE OCT 2012 New SEBI guidelines on sectoral investment caps for funds could impact funding costs for HFCs and NBFCs adversely ICRA Rating Feature Contacts Karthik Srinivasan

More information

INDIAN PHARMACEUTICAL INDUSTRY: An Update

INDIAN PHARMACEUTICAL INDUSTRY: An Update INDIAN PHARMACEUTICAL INDUSTRY: An Update The proposed NPPP 2011: Price reductions imminent but industry dynamics to ensure relatively limited impact on most companies NOVEMBER 2011 ICRA RATING FEATURE

More information

Indian Oil & Gas Sector-Refining & Marketing Domestic petroleum products demand growth at multi-year highs; outlook healthy for the medium term

Indian Oil & Gas Sector-Refining & Marketing Domestic petroleum products demand growth at multi-year highs; outlook healthy for the medium term Indian Oil & Gas Sector-Refining & Marketing Domestic petroleum products demand growth at multi-year highs; outlook healthy for the medium term K. Ravichandran +91 44 4596 4301 ravichandran@icraindia.com

More information

Indian Commercial Vehicle Industry

Indian Commercial Vehicle Industry ICRA RESEARCH SERVICES Corporate Ratings Anjan Deb Ghosh +91 22 3047 0006 aghosh@icraindia.com Indian Commercial Vehicle Industry Near-term outlook remains subdued Profitability metrics of OEMs to remain

More information

GMR Hotels and Resorts Limited

GMR Hotels and Resorts Limited GMR Hotels and Resorts Limited ICRA has assigned an LBBB(SO) (pronounced as L Triple B Structured Obligation) rating to the Rs. 140 crore term loan programme of GMR Hotels and Resorts Limited (GHRL). The

More information

Rating Methodology for Domestic Primary Aluminium Producers

Rating Methodology for Domestic Primary Aluminium Producers October 2009 ICRA Rating Feature Rating Methodology for Domestic Primary Aluminium Producers Aluminium is a versatile non-ferrous metal with wide applications, especially in the electrical, construction,

More information

ICRA rates India s first Basel III compliant Tier I Bond programme

ICRA rates India s first Basel III compliant Tier I Bond programme FOR IMMEDIATE RELEASE December 30, 2013 ICRA rates India s first Basel III compliant Tier I Bond programme ICRA has assigned a rating of [ICRA]A(hyb) 1 with stable outlook to the Basel III compliant Rs

More information

Indian Mining and Construction Equipment Industry Demand revival still appears couple of quarters away

Indian Mining and Construction Equipment Industry Demand revival still appears couple of quarters away ICRA RESEARCH SERVICES Indian Mining and Construction Equipment Industry Demand revival still appears couple of quarters away Corporate Ratings Contacts: Subrata Ray +91 22 6169 3300 subrata@icraindia.com

More information

Indian Mortgage Finance Market Updated for H1-FY16

Indian Mortgage Finance Market Updated for H1-FY16 \ RESEARCH SERVICES Financial Sector Ratings Indian Mortgage Finance Market Updated for H1-FY16 Performance Review of Housing Finance Companies and Industry Outlook Contacts: Vibha Batra +91 124 4545 302

More information

INDIAN BROKERAGE INDUSTRY

INDIAN BROKERAGE INDUSTRY ICRA RESEARCH SERVICES INDIAN BROKERAGE INDUSTRY Financial Sector Ratings ICRA RATING FEATURE Contacts: Karthik Srinivasan +91 22 6179 6365 karthiks@icraindia.com Vibha Batra +91 124 4545 302 vibha@icraindia.com

More information

INDIAN HOTEL INDUSTRY

INDIAN HOTEL INDUSTRY ICRA RESEARCH SERVICES Corporate Ratings ` INDIAN HOTEL INDUSTRY Impact of Goods & Services Tax (GST) on The Hotel Industry IMPACT ANALYSIS Contacts: Subrata Ray +91 22 6169 3300 subrata@icraindia.com

More information

Rating Methodology for Fast Moving Consumer Goods Industry

Rating Methodology for Fast Moving Consumer Goods Industry October 2015 ICRA Rating Methodology ICRA RATING FEATURE Rating Methodology for Fast Moving Consumer Goods Industry Overview The following note identifies the key factors considered by ICRA in assessing

More information

Indian Aviation Industry

Indian Aviation Industry Indian Aviation Industry Upswing in industry performance driven by robust demand and favourable input costs airlines must use this opportunity for sustainable improvement in structural viability ICRA RESEARCH

More information

Revised coal price mechanism: Sponge Iron, Cement units expected to be significantly affected; impact on power sector likely to be mixed

Revised coal price mechanism: Sponge Iron, Cement units expected to be significantly affected; impact on power sector likely to be mixed January 2012 ICRA Rating Feature Revised coal mechanism: Sponge Iron, Cement units expected to be significantly affected; impact on power sector likely to be mixed Contacts Anjan Ghosh aghosh@icraindia.com

More information

K. Ravichandran Prashant Vasisht

K. Ravichandran Prashant Vasisht Indian Oil & Gas Sector-Refining & Marketing Gross Under-recoveries to stay flat in FY2017 at current crude prices; any sharp spike in crude oil prices would be key risk factor K. Ravichandran +91 44 4596

More information

ICRA. Group ICRA. Enhancing Business Value through Intellectual Leadership

ICRA. Group ICRA. Enhancing Business Value through Intellectual Leadership ICRA Enhancing Business Value through Intellectual Leadership Group ICRA Credit Rating, Grading Equity Research Management Consulting Software Solutions and Services Knowledge Process Outsourcing Research

More information

IMPACT OF CRUDE OIL PRICE ON INFLATION

IMPACT OF CRUDE OIL PRICE ON INFLATION IMPACT OF CRUDE OIL PRICE ON INFLATION Impact of crude oil price rise to be relatively muted in CPI inflation as compared to WPI inflation OVERVIEW JUNE 216 The price of the Indian crude oil basket has

More information

Indian Telecommunication Equipment Market- Opportunities for US Companies

Indian Telecommunication Equipment Market- Opportunities for US Companies Indian Telecommunication Equipment Market- Opportunities for US Companies Overview With more than 638 million-line telephone network (fixed plus cellular) India is among the top 4 networks in the world.

More information

Claims Paying Ability Rating Methodology for Insurance Companies

Claims Paying Ability Rating Methodology for Insurance Companies Claims Paying Ability Rating Methodology for Insurance Companies CARE s Claims Paying Ability (CPA) rating is an opinion on an insurance company s financial strength and measures its ability to honour

More information

ICRA Credit Perspective June 2016

ICRA Credit Perspective June 2016 RELIANCE CHEMOTEX INDUSTRIES LIMITED Rating Action Long-term rating [ICRA]BBB- (Negative)/ Downgraded from [ICRA]BBB (Stable) Short-term rating [ICRA]A3/Downgraded from [ICRA]A3+ Total Limits Rated Rs.

More information

NEW CERC REGULATIONS TO ENCOURAGE INVESTMENT, EFFICIENCY IN POWER SECTOR

NEW CERC REGULATIONS TO ENCOURAGE INVESTMENT, EFFICIENCY IN POWER SECTOR ICRA Rating Feature January 2009 NEW CERC REGULATIONS TO ENCOURAGE INVESTMENT, EFFICIENCY IN POWER SECTOR Contact Anjan Ghosh Head, Corporate Ratings aghosh@icraindia.com +91-22-30470006 Sabyasachi Majumdar

More information

RATING METHODOLOGY FOR TRADING COMPANIES

RATING METHODOLOGY FOR TRADING COMPANIES RATING METHODOLOGY FOR TRADING COMPANIES This rating methodology explains ICRA s approach in analyzing business and financial risk for trading and processing companies. ICRA defines such trading companies

More information

Indian Automobile Industry

Indian Automobile Industry Indian Automobile Industry CCI s proposed penalty on Passenger Vehicle OEMs not materially credit negative Special Comment September 2014 ICRA RESEARCH SERVICES ICRA Comments Corporate Ratings Anjan Deb

More information

Sphere Global Services Limited

Sphere Global Services Limited Sphere Global Services Limited Date: 13 th January, 216 Stock Performance Details Shareholding Details September 215 Current Price : ` 3.95^ Face Value : ` 1 per share 52 wk High / Low : ` 9.35 / 31.1

More information

June 2016

June 2016 www.pwc.in June 2016 Background The Ministry of Corporate Affairs (MCA) vide notification dated 30 March 2016 issued the Companies (Indian Accounting Standards) Amendment Rules, 2016. The amendment rules

More information

GODREJ INDUSTRIES LIMITED

GODREJ INDUSTRIES LIMITED Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Fundamental Assessment ICRA EQUITY RESEARCH SERVICE GODREJ INDUSTRIES LIMITED Q2, FY12 Results Update Industry: Diversified November 14, 2011 Strong operating

More information

Brickwork Ratings assigns BWR BBB- & BWR A3 for the Bank Loan Facilities of 111.84Cr of Balasore Alloys Limited.

Brickwork Ratings assigns BWR BBB- & BWR A3 for the Bank Loan Facilities of 111.84Cr of Balasore Alloys Limited. Rating Rationale Brickwork Ratings assigns BWR BBB- & BWR A3 for the Bank Loan Facilities of 111.84Cr of Balasore Alloys Limited. Brickwork Ratings (BWR) has assigned the following Ratings 1 for the Bank

More information

ICRA RESEARCH SERVICES. INDIAN PHARMACEUTICAL INDUSTRY New Pricing Policy: An Update

ICRA RESEARCH SERVICES. INDIAN PHARMACEUTICAL INDUSTRY New Pricing Policy: An Update ICRA RESEARCH SERVICES Corporate Ratings Subrata Ray +91 22 3047 0027 subrata@icraindia. com Shamsher Dewan +91 124 4545 328 shamsherd@icraindia. com INDIAN PHARMACEUTICAL INDUSTRY New Pricing Policy:

More information

ICRA Rating Methodology: Construction Companies

ICRA Rating Methodology: Construction Companies February 2013 ICRA Rating Feature ICRA Rating Feature ICRA Rating Methodology: Construction Companies The Indian construction industry has evolved significantly over the past decade, with the evolution

More information

Initial Application Form for new projects Modified Special Incentive Package Scheme (M-SIPS)

Initial Application Form for new projects Modified Special Incentive Package Scheme (M-SIPS) Initial Application Form for new projects Modified Special Incentive Package Scheme (M-SIPS) 1. Introduction 1.1. The application shall be duly signed by the applicant for individuals or authorized signatory

More information

Alpha Insurance Company Limited

Alpha Insurance Company Limited Rating Report RATING REPORT REPORT DATE: December 15, 2015 RATING ANALYSTS: Talha Iqbal talha.iqbal@jcrvis.com.pk RATING DETAILS Latest Rating Previous Rating Rating Category Long-term Long-term IFS A

More information

Roadmap for Ind-AS implementation

Roadmap for Ind-AS implementation Tax Insights from India Tax & Regulatory Services Roadmap for Ind-AS implementation January 7, 2015 In brief In his maiden Budget speech, the Finance Minister indicated that the Indian Accounting Standards

More information

July Union Budget Impact on the Energy sector

July Union Budget Impact on the Energy sector July 2014 Union Budget 2014-15 Impact on the Energy sector Union Budget 2014-15 Impact on the Energy sector Contents 03 Overview 04 Key policy initiatives 05 Direct tax proposals 07 Indirect tax proposals

More information

Payroll Services. kpmg.com/in

Payroll Services. kpmg.com/in Payroll Services kpmg.com/in Payroll is a very important function for any organization after all, it determines the take home pay of its employees! Due to its sheer sensitivity, it is a service with no

More information

Roof top Solar PV Systems

Roof top Solar PV Systems Roof top Solar PV Systems Mr. Rakesh Kumar, Director (Power Systems) Solar Energy Corporation of India 4 th Floor, Tower 1, NBCC plaza Sector V, Pushp Vihar Saket, New Delhi-110017 Solar Energy Corporation

More information

Rating Methodology for Rating of Mutual Fund-Infrastructure Debt Funds- (MF-IDF)

Rating Methodology for Rating of Mutual Fund-Infrastructure Debt Funds- (MF-IDF) Rating Methodology for Rating of Mutual Fund-Infrastructure Debt Funds- (MF-IDF) I] Definition and Rating Process CARE s ratings of infrastructure debt fund schemes are an opinion on the asset selection

More information

Sharing insights. News Alert 8 June, 2012. Weighted deduction available for R&D expenditure incurred outside the approved facility;

Sharing insights. News Alert 8 June, 2012. Weighted deduction available for R&D expenditure incurred outside the approved facility; www.pwc.com/in Sharing insights News Alert 8 June, 2012 Weighted deduction available for R&D expenditure incurred outside the approved facility; Profit of tax holiday unit computed by considering actual

More information

Oil & Gas scenario in India

Oil & Gas scenario in India KPMG IN INDIA Oil & Gas scenario in India INFRASTRUCTURE & GOVERNMENT in.kpmg.com KPMG in India Mumbai KPMG House, Kamala Mills Compound 448, Senapati Bapat Marg, Lower Parel,

More information

Sharing insights. News Alert 8 June, 2011

Sharing insights. News Alert 8 June, 2011 www.pwc.com/in Sharing insights News Alert 8 June, 2011 Reimbursement of salary costs to Group company pertaining to seconded employees is taxable as fee for included services. In brief In a recent ruling,

More information

...and at the same time adversely impacting the profitability of Upstream gas producers

...and at the same time adversely impacting the profitability of Upstream gas producers ICRA Rating Feature October 2015 Second consecutive reduction in domestic gas price: Positive for user industries, however dampener for gas production Analyst Contacts K. Ravichandran ravichandran@icraindia.com

More information

Mobile Advertising Market - India

Mobile Advertising Market - India Mobile Advertising Market - India February 2015 Executive Summary Market Overview Global market size of mobile advertising stood at INR a1 bn in 20--, growing at a CAGR of a2% from the previous year Market

More information

Merger of ING Vysya Bank with Kotak Mahindra Bank

Merger of ING Vysya Bank with Kotak Mahindra Bank Merger of ING Vysya Bank with Mahindra Bank Significant Complementarity and Growth Potential Benefits To All Stakeholders November 20, 2014 The Transaction The Board of Directors of ING Vysya and have

More information

Software Testing Market India

Software Testing Market India Software Testing Market India July 2014 Executive Summary Market Software Testing market in India was valued at ~ INR xx bn in 20-- and is projected to grow at a CAGR of ~ x1% between 20--- and 20-- Over

More information

Online Travel Agents: Boon or bane?

Online Travel Agents: Boon or bane? Online Travel Agents: Boon or bane? ICRA RESEARCH SERVICES Contacts: Subrata Ray +91 22 6114 3408 subrata@icraindia.com Pavethra Ponniah +91 44 4596 4314 pavethrap@icraindia.com Shreekiran Rao +91 22 6169

More information

Indian Maritime Landscape - A Background note

Indian Maritime Landscape - A Background note KPMG IN INDIA Indian Maritime Landscape - A Background note February 2008 INFRASTRUCTURE & GOVERNMENT in.kpmg.com KPMG in India Mumbai KPMG House, Kamala Mills Compound

More information

CBDT notifies rules for computation of fair market value and reporting requirements in relation to indirect transfer provisions

CBDT notifies rules for computation of fair market value and reporting requirements in relation to indirect transfer provisions 30 June 2016 CBDT notifies rules for computation of fair market value and reporting requirements in relation to indirect transfer provisions Section 9(1)(i) of the Income-tax Act, 1961 (the Act) provides

More information

KPMG Flash News 10 August 2011

KPMG Flash News 10 August 2011 KPMG IN INDIA KPMG Flash News 10 August 2011 TAX Expenditure incurred on in-house scientific research and development activity are deductible under Section 35(1)(i) or under Section 37(1) of the Income-tax

More information

Rating Methodology for Auto Component Manufacturers

Rating Methodology for Auto Component Manufacturers June 2016 June 2016 ICRA Rating Feature Rating Methodology for This rating methodology updates and supersedes ICRA's earlier methodology note on the sector, published in August 2009. While this revised

More information

Indian Rooftop Solar Photovoltaic Landscape - Business Models & Opportunities. Page 1

Indian Rooftop Solar Photovoltaic Landscape - Business Models & Opportunities. Page 1 Indian Rooftop Solar Photovoltaic Landscape - Business Models & Opportunities Page 1 Content Rationale for Promoting Rooftop Solar Photovoltaic Projects Business Models & Opportunities Regulatory Aspects

More information