Press Release. Thermal Powertech Corporation India Limited. October 09, Ratings
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- Reynard Bradford
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1 Thermal Powertech Corporation India Limited October 09, 2017 Ratings Amount Long-term Bank (Reduced from ) Total (Rs. Nine Thousand Fifty Five crore and Eight lakh only) Details of facilities in Annexure-1 Ratings 1 CARE A; (Single A; Outlook: ) Rating Action Reaffirmed Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of Thermal Powertech Corporation India Limited (TPCIL) continues to factor in strong parentage, commencement of operation for full year from FY17 (FY refers to the period April 1 to March 31)onwards, fuel supply agreement in place for majority of coal requirement, long-term Power Purchase Agreement (PPA) tied up for power off-take for 86% plant capacity, experienced project management team, strategic coastal location of the plant and receipt of duty drawback pursuant to Mega power certificate awarded for its thermal power plant. The rating strengths are, however, partially offset by moderate counter party risk, absence of pass through clause for coal price for around 47% of tied up PPA and negative industry outlook. The rating also factors in subdued financial performance in FY17 on account of initial teething trouble associated with plant stabilization phase and subsequent improvement witnessed during 5MFY18. The ability of the company to manage the input price fluctuation risk, recover billings from DISCOMs in a timely manner and ability to get financial assistance from the promoters as and when required are the key rating sensitivities. Key rating Strengths Strong promoter group TPCIL has been promoted by Sembcorp Utilities P. Limited (SUPL) and Gayatri group. SUPL is a wholly-owned subsidiary of Sembcorp Industries Limited (Sembcorp) of Singapore. Sembcorp is a leading diversified conglomerate having a decade of experience in the energy (power generation and retail, natural gas import and supply, etc.), water & marine engineering sector and development of industrial parks. In India Sembcorp owns and operates two supercritical thermal power plants in Andhra Pradesh, through TPCIL and Sembcorp Gayatri Power Limited, each having a capacity of 1,320 MW. Sembcorp has a strong financial position with total revenue of S$ 7907 mn with PAT of S$ 437 mn in CY16. Experienced project management team The company has a strong project management team comprising representatives of Sembcorp Industries, actively engaged in the management of the company along with adequate support from other professionals. Feedstock arrangement in place TPCIL utilizes blended coal as the main feedstock. The annual coal requirement during FY17 was about 5.25 MTPA which was met through blend of domestic and imported coal in the ratio of 80:20. TPCIL had entered into FSA with Mahanadi Coalfields Limited (MCL) for 4.27 MTPA coal for the period of 20 years from COD of plant. For imported coal, TPCIL has tied-up with Pt. Bayan Resources TBK of Indonesia for supply of imported coal for 1 MTPA for a period of 10 years. Strategic coastal location of plant 1 Complete definition of the ratings assigned are available at and other CARE publications. 1 CARE Ratings Limited
2 The plant is spread in an area of around 1400 acres located in proximity to Krishnapatnam Port (at a distance of 8 km) which facilities the procurement of both domestic and imported coal and water. PPA arrangement for power off-take and moderate counter party risk The company has tied up for sale of power on both long-term basis and short term basis. TPCIL has 86% of the plant capacity tied up under long term PPA with Andhra Pradesh (500 MW) and Telangana State (570 MW) Discom. While the company has been receiving the payments from the DISCOMs in a timely manner, the continuance of the same remains important given the moderate credit profile of the off-takers Receipt of mega power certificate for its thermal power plant TPCIL had received Mega Power Certificate for its thermal power plant of capacity of 1320 MW (2X660 MW) in the month of January 2017 and in line with the SOPs available under the \scheme, amounting to Rs.722 crore has been returned to the company by the Customs Authority towards eligible duty draw back,. Negative Industry outlook The outlook on thermal power is negative. Subdued power demand, softer merchant prices, lack of long term PPAs, less access to coal at reasonable prices and weak discoms shall continue to weigh on the credit profile of generation companies in the near to medium term. Post implementation of UDAY, the liquidity position of various DISCOMs has marginally improved which is largely driven by savings of interest cost. However, long term prospects of the thermal segment would be driven by improvement in the power demand, availability of Long term PPAs and improvement in DISCOMs financial and operational performance. Key rating weakness Risk associated with absence of coal price increase pass through TPCIL has tied up PPA for 86% of the capacity with Telangana DISCOM and A.P. DISCOM. While the PPA with Telangana DISCOM covers full pass through for domestic coal and for imported coal to the extent of nonavailability of domestic coal; the PPA with AP DISCOM (for 500 MW, net capacity) lacks pass through both for the domestic coal and imported coal. Subdued financial performance in FY17: FY17 was the first full year of operation for both the units put together. During the initial months, Unit II faced several technical issues like boiler tube leakage, clinker formation issues etc. resulting in revenue loss. Further, the unit was shut down for a period of 45 days on account of Rotor Earth failure which again lead to loss of income. This apart, the company incurred heavy prepayment expenses of Rs. 170 crore on account of refinancing coupled with increase in fuel cost which ultimately resulted in net loss of Rs crore in FY17. The performance, however, improved in 5MFY18 with stabilization of operations and during the said period the plants operated at a PLF of 89%. Analytical approach: Standalone Applicable criteria CARE s methodology for Infrastructure sector ratings CARE s methodology for private power producers Criteria on assigning Outlook to Credit Ratings Financial ratios Non-Financial Sector CARE s Policy on Default Recognition About the company TPCIL has been promoted by Sembcorp Utilities Pte Limited (SUPL holding 87% equity stake as on March 31, 2017) & Gayatri Group of Hyderabad (holding 13% equity stake), as a SPV for setting up 1,320 MW (2X660 MW) capacity thermal power plant, based on super critical technology, at Muthukur Mandal, Nellore District, A.P. Total cost of the project was Rs.9,403 crore which was funded through debt of Rs.6,705 crore and equity of Rs.2,698 crore, i.e., in a ratio of 2.49:1. The plant site is spread in an area of around 1,400 acres located in proximity to Krishnapatnam Port (at a distance of 8 km), which facilitates the procurement of coal (both domestic and imported) and water. The project was completed during FY16 wherein Unit I has achieved commercial operation date (COD) on April 11, 2015, and unit II on September 15, (Rs. Crore) Brief Financials FY16 (Audited) FY17 (Audited) 2 CARE Ratings Limited
3 Total operating income PBILDT PAT Overall gearing (times) Interest coverage (times) Status of non-cooperation with previous CRA: NA Any other information: NA Rating History for last three years: Annexure 2 Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity. This classification is available at Investors/market intermediaries/regulators or others are welcome to write to care@careratings.com for any clarifications. Analyst Contact: Name: Mr. Vidhyasagar L Tel: Mobile: vidhy.sagar@careratings.com **For detailed Rationale Report and subscription information, please contact us at About CARE Ratings: CARE Ratings commenced operations in April 1993 and over two decades, it has established itself as one of the leading credit rating agencies in India. CARE is registered with the Securities and Exchange Board of India (SEBI) and also recognized as an External Credit Assessment Institution (ECAI) by the Reserve Bank of India (RBI). CARE Ratings is proud of its rightful place in the Indian capital market built around investor confidence. CARE Ratings provides the entire spectrum of credit rating that helps the corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own risk-return expectations. Our rating and grading service offerings leverage our domain and analytical expertise backed by the methodologies congruent with the international best practices. Disclaimer CARE s ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings/outlooks on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is based on the capital deployed by the partners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors. 3 CARE Ratings Limited
4 Annexure-1: Details of Instruments/ Name of the Instrument Fund-based - LT-Term Loan Non-fund-based - LT- Fund-based - LT- Working Capital Limits Non-fund-based - LT- Date of Issuance Coupon Rate Maturity Date Size of the Issue Rating assigned along with Rating Outlook - - September 30, CARE A; CARE A; CARE A; CARE A; Annexure-2: Rating History of last three years Sr. No. Name of the Instrument/Bank 1. Fund-based - LT-Term Loan Type Current Ratings Amount Rating Outstanding LT CARE A; Rating history )Suspended (06-Jan-16) )CARE BBB (24-Nov-14) 2. Non-fund-based - LT- LT CARE A; 1)Suspended (06-Jan-16) 1)CARE BBB (24-Nov-14) 3. Fund-based - LT- Working Capital Limits LT CARE A; Non-fund-based - LT- LT CARE A; CARE Ratings Limited
5 CONTACT Head Office Mumbai Ms. Meenal Sikchi Mr. Ankur Sachdeva Cell: Cell: meenal.sikchi@careratings.com ankur.sachdeva@careratings.com Ms. Rashmi Narvankar Mr. Saikat Roy Cell: Cell: rashmi.narvankar@careratings.com saikat.roy@careratings.com CARE Ratings Limited (Formerly known as Credit Analysis & Research Ltd.) Corporate Office: 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai Tel: Fax: care@careratings.com AHMEDABAD Mr. Deepak Prajapati 32, Titanium, Prahaladnagar Corporate Road, Satellite, Ahmedabad Cell: Tel: deepak.prajapati@careratings.com BENGALURU Unit No , 11th Floor, Prestige Meridian II, No. 30, M.G. Road, Bangalore Cell: Tel: , CHANDIGARH Mr. Anand Jha SCF No , First Floor, Phase 11, Sector 65, Mohali Chandigarh Cell: Tel: / 09 anand.jha@careratings.com CHENNAI Unit No. O-509/C, Spencer Plaza, 5th Floor, No. 769, Anna Salai, Chennai Cell: Tel: / 0811 COIMBATORE T-3, 3rd Floor, Manchester Square Puliakulam Road, Coimbatore Tel: / Mr. Nikhil Soni 304, Pashupati Akshat Heights, Plot No. D-91, Madho Singh Road, Near Collectorate Circle, Bani Park, Jaipur Cell: Tel: / 14 nikhil.soni@careratings.com KOLKATA Ms. Priti Agarwal 3rd Floor, Prasad Chambers, (Shagun Mall Bldg.) 10A, Shakespeare Sarani, Kolkata Cell: Tel: priti.agarwal@careratings.com NEW DELHI Ms. Swati Agrawal 13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi Cell: Tel: swati.agrawal@careratings.com PUNE Mr.Pratim Banerjee 9th Floor, Pride Kumar Senate, Plot No. 970, Bhamburda, Senapati Bapat Road, Shivaji Nagar, Pune Cell: Tel: pratim.banerjee@careratings.com CIN - L67190MH1993PLC HYDERABAD Mr. Ramesh Bob 401, Ashoka Scintilla, , Himayat Nagar, Hyderabad Cell : Tel: ramesh.bob@careratings.com JAIPUR 5 CARE Ratings Limited
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