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CRISIL has assigned its rating of ‘A/Stable’ to the term loan facility of Atria Power Corporation Ltd (APCL). The rating reflects APCL’s healthy financial risk profile, and the benefits it derives from the assured off-take of power by Bangalore Electricity Supply Company (BESCOM). These strengths are partially offset by APCL’s exposure to risks relating to availability of water, and to any delay in realising its receivables from BESCOM.
Outlook: Stable
CRISIL believes that APCL will maintain its healthy financial risk profile backed by steady off-take of power by BESCOM. The outlook may be revised to ‘Positive’ in case of an increase in plant load factor, which will improve the company’s cash flows. Conversely, the outlook may be revised to ‘Negative’ if the company extends financial support to weaker group companies, or faces delays in realising its receivables from BESCOM.
About the Company
Established in 1995, APCL is a hydroelectric power generating company with an 18 mega watt (MW) plant, on the Shimsha river in Mandya district, Karnataka. APCL is setting up an additional 6 MW plant near the existing unit.
APCL reported a profit after tax (PAT) of Rs.199 million on net sales of Rs.239 million for 2007-08 (refers to financial year, April 1 to March 31), as against a PAT of Rs.222 million on net sales of Rs.274 million for 2006-07.
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CRISIL Rating Desk
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Tanuja Abhinandan
Market Development & Communications
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Tel: +91-22-6758-8046
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Jyoti Parmar
Market Development & Communications
CRISIL Ltd.
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Email: jparmar@crisil.com
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Gurpreet S Chhatwal
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Email: gchhatwal@crisil.com
Vasudevan R
Head - CRISIL Ratings
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Email: rvasudevan@crisil.com
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Email: CRISILratingdesk@crisil.com
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Disclaimer: A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (+91 22) 6691 3001 - 09.
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