Original T emplate123

Rating Update
January 11, 2024 | Mumbai

Baidyanath Power Private Limited

Update as on January 11, 2024

This update is provided in continuation of the rating rational below.

The key rating sensitivity factors for the rating include:

Upward factor:

• Improvement in receivable collection on back of steady collection with reduction in more than 6
months debtors resulting in better cash flow from operations
• Improvement in DSCR backed by steady revenue from sale of power and operating margin of
over 60% on sustained basis

Downward factor:

• Significant drop in the performance below P90 PLF resulting in DSCR to be below 1.2 times
• Further delays in collection of receivables or in case of any unexpected fund support to
subsidiaries or group entities thereby weakening its debt servicing ability.

CRISIL Ratings has a policy of keeping its accepted ratings under constant and ongoing monitoring and
review. Accordingly, CRISIL Ratings seeks regular updates from companies on the business and financial
performance. CRISIL Ratings is, however, awaiting adequate information from Baidyanath Power Private
Limited (BPPL) which will enable us to carry out the rating review. CRISIL Ratings will continue provide
updates on relevant developments from time to time on this credit.

CRISIL Ratings also identifies information availability risk as a key credit factor in the rating assessment
as outlined in its criteria ‘Information Availability Risk in Credit Ratings’.

About the Company

BPPL, earlier known as Central Ayurved Drugs Pvt Ltd, was incorporated in 2009 by Mr Suresh Sharma
and his sons, Mr Pranav Sharma and Mr Siddhesh Sharma. The company is part of the Baidyanath
group, with interests in ayurvedic medicines, wind power, coal mining, hospitality, and advertising. The
company operates wind mills in Karnataka and Maharashtra with an installed capacity of 36.2 MW and a
solar rooftop of 800 Kw in Karnataka. Baidyanath Renewables Private Limited has been amalgamated
with BPPL.

Please note: This advisory should not be construed as a rating reaffirmation.

Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating
rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings.
However, CRISIL Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or
otherwise through any media including websites and portals.

About CRISIL Ratings Limited (A subsidiary of CRISIL Limited, an S&P Global Company)

CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical
rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt
instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially
convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-
backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and
mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating
business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment
trusts (InvITs).

CRISIL Ratings Limited ('CRISIL Ratings') is a wholly-owned subsidiary of CRISIL Limited ('CRISIL'). CRISIL
Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India
("SEBI").

For more information, visit www.crisilratings.com

About CRISIL Limited

CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets
function better.

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of
growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers
through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks,
analytics and data to the capital and commodity markets worldwide.

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Please note: This advisory should not be construed as a rating reaffirmation.

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ratings and other content forming part of the report. The report is intended for the jurisdiction of India only.
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CRISIL Ratings and its affiliates do not act as a fiduciary. While CRISIL Ratings has obtained information from
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Please note: This advisory should not be construed as a rating reaffirmation.

Rating criteria by CRISIL Ratings are generally available without charge to the public on the CRISIL Ratings public
website, www.crisilratings.com. For latest rating information on any instrument of any company rated by CRISIL
Ratings, you may contact the CRISIL Ratings desk at [email protected], or at (0091) 1800 267 1301.

This report should not be reproduced or redistributed to any other person or in any form without prior written
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All rights reserved @ CRISIL Ratings Limited. CRISIL Ratings is a wholly owned subsidiary of CRISIL Limited.

CRISIL Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD)
with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured
Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a
change in the rating of the subject instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the
notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following
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Please note: This advisory should not be construed as a rating reaffirmation.

1/11/24, 5:32 PM Rating Rationale

Rating Rationale
October 27, 2022 | Mumbai

Baidyanath Power Private Limited

Ratings downgraded to 'CRISIL BBB+/Stable/CRISIL A2'

Rating Action
Total Bank Loan Facilities Rated Rs.102.49 Crore
CRISIL BBB+/Stable (Downgraded from 'CRISIL
Long Term Rating
A-/Negative')
Short Term Rating CRISIL A2 (Downgraded from 'CRISIL A2+')
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any
ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale
CRISIL Ratings has downgraded its ratings on the bank facilities of Baidyanath Power Private Limited (BPPL) to ‘CRISIL
BBB+/Stable/CRISIL A2’ from ‘CRISIL A-/Negative/CRISIL A2+’.

Rating downgrade reflects deterioration in BPPL's credit profile on account of delays in realizing receivables resulting in
moderation in debt service coverage ratio and cash flow from operations in near term. BPPL is facing delays of over 12
months in receiving payments from power Distribution Company in Maharashtra which account for its major revenue as well
as PPA. While company has received partial amount in October 2022, steady inflow of same remains to be seen.
Outstanding for company was around Rs 14.24 crore as of September 2022 with Rs 5.6 crore outstanding for over 45
months. While operating performance improved during fiscal 2022 with operating margin at around 72% on back of better
plant load factor (PLF) and receipt of around Rs 10 crore from REC and carbon credit unit’s sustenance of it remains to be
seen. While company continues to have debt service reserve account, cash flow to adequately meet repayments will remain
sensitive to realization from customers.

The ratings continue to reflect BPPL's locational diversity in BPPL's assets along with diversity in customer profile and
moderate offtake risk with steady revenue visibility owing to the long-term Power Purchase Agreements (PPAs) with
customers. Rating also factors in presence of escrow mechanism and debt service reserve account (DSRA). These
strengths are partially offset by exposure to inherent risks associated with renewable energy generation and risk associated
with delay in realization from the customers.
Analytical Approach
CRISIL Ratings has treated preference shares (Rs 72.44 crore as on March 31, 2022) as equity as they have residual
maturity of around 15 years with low coupon rate of 0.01% and raised from promoters.
Key Rating Drivers & Detailed Description
Strengths:
Locational and customer diversity in revenue profile: BPPL's capacity of 36.2 MW is spread across 23 wind mills
located at Sangli and Nandurbar districts of Maharashtra State and at Gadag and Bellary districts of Karnataka
underpinning its presence across wind zones. The diversified presence across wind zones is likely to mitigate any concerns
regarding shift in wind patterns. Further the company also benefits from a diversified customer base comprising of three dis-
coms apart from corporate customer.

Moderate offtake risk with steady revenue visibility owing to long term PPA's with customers: BPPL has PPAs with
Maharashtra State Electricity Distribution Company Limited (MSEDCL), Bangalore Electricity Supply Company Ltd.
(BESCOM), and Hubli Electricity Supply Company Limited (HESCOM) for wind power generated in 23.35 MW's of its assets
which accounts for 65 percent of the company's installed capacity. While one of PPA is expected to end in March 2023,
company has a track record of on boarding new customers from open access segment. Currently company has tied up with
single customer, under open access scheme.

Presence of escrow mechanism and DSRA: Presence of DSRA equivalent to 6 months of maturing debt and interest
obligations supports liquidity. Also escrow-backed waterfall mechanism for debt servicing ensures prioritisation of cash flows
for debt servicing.

Weakness:
Exposure to inherent risks associated with renewable energy generation: Wind power projects cash flow is dependent
on PLF during the year. PLF may change as per wind patterns and are which varies as per climatic conditions. A change in
weather conditions could result in a decline in PLF and consequently the wind project's cash flows. A significant proportion
of wind power generation (60-70%) takes place during the summer and monsoon. Hence, BPPL's cash flows are highly
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1/11/24, 5:32 PM Rating Rationale
sensitive to the local wind conditions and the technical performance of its wind assets. PLF saw dip in fiscal 2021 which had
impacted the operating performance of the company.

Risk associated with delay in realization from the customers: Cash flow to meet repayments obligations depends on
realization from the customers. Significant delay in receipts from customers mainly Maharashtra State Electricity Distribution
Company Limited (MEDCL) who is major customer could impact BPPL's liquidity. There are ongoing delays in receipts from
customers. However, this risk is partly mitigated by customer diversification with track record of timely receipts from 2 of its
customers and a six-month debt service reserve account.
Liquidity: Adequate
Company has liquid investments (including encumbered and unencumbered) of around Rs.9.3 crore in cash, cash
equivalents, and mutual funds as on March 31, 2022. Company’s DSRA is expected to average around 1.42-1.45 times
over the tenure of the term debt. Further, receipts from MSEDCL to remain monitorable. Company has no major capex
plans over the medium term. Company’s advances to group companies/subsidiary had reduced during fiscal 2023. Any
further exposure in the group companies, impinging its own cash accrual may impact liquidity and will remain a rating
sensitivity factor.
Outlook: Stable
CRISIL Ratings believes that BPPL will continue to benefit from its diversified location of windmill portfolio and customer
base
Rating Sensitivity Factors
Upward factor:
Improvement in receivable collection on back of steady collection with reduction in more than 6 months debtors resulting
in better cash flow from operations
Improvement in DSCR backed by steady revenue from sale of power and operating margin of over 60% on sustained
basis

Downward factor:
Significant drop in the performance below P90 PLF resulting in DSCR to be below 1.2 times
Further delays in collection of receivables or in case of any unexpected fund support to subsidiaries or group entities
thereby weakening its debt servicing ability.
About the Company
BPPL, earlier known as Central Ayurved Drugs Pvt Ltd, was incorporated in 2009 by Mr Suresh Sharma and his sons, Mr
Pranav Sharma and Mr Siddhesh Sharma. The company is part of the Baidyanath group, with interests in ayurvedic
medicines, wind power, coal mining, hospitality, and advertising. The company operates wind mills in Karnataka and
Maharashtra with an installed capacity of 36.2 MW and a solar rooftop of 800 Kw in Karnataka. Baidyanath Renewables
Private Limited has been amalgamated with BPPL.
Key Financial Indicators
Particulars Unit 2022 2021
Revenue Rs.Crore 31.75 25.81
Profit After Tax (PAT) Rs.Crore 6.63 -3.34
PAT Margin % 20.88 -13.28
Adjusted debt/adjusted networth Times 0.73 0.85
Interest coverage Times 3.3 1.6
Any other information: Not applicable

Note on complexity levels of the rated instrument:

CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where
applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on
available information. The complexity level for instruments may be updated, where required, in the rating rationale
published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the
Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

Name of Date of Coupon Maturity Issue Size Complexity Rating Assigned
ISIN
instrument Allotment Rate (%) date (Rs.Cr) Level with Outlook
Bank
NA NA NA NA 36.66 NA CRISIL A2
Guarantee
NA Term Loan NA NA Mar-29 65.83 NA CRISIL BBB+/Stable
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1/11/24, 5:32 PM Rating Rationale

Annexure - Rating History for last 3 Years

Start of
Current 2022 (History) 2021 2020 2019
2019
Outstanding
Instrument Type Rating Date Rating Date Rating Date Rating Date Rating Rating
Amount
Fund Based CRISIL CRISIL CRISIL CRISIL CRISIL
Facilities LT 65.83 BBB+/Stable -- 27-08-21 A-/Negative 06-05-20 A-/Stable 06-05-19 A-/Stable A-/Stable
Non-Fund CRISIL
Based Facilities ST 36.66 CRISIL A2 -- 27-08-21 CRISIL A2+ 06-05-20 A2+ -- --

All amounts are in Rs.Cr.

Annexure - Details of Bank Lenders & Facilities

Facility Amount (Rs.Crore) Name of Lender Rating
Bank Guarantee 36.66 IndusInd Bank Limited CRISIL A2
Term Loan 4.2 Aditya Birla Finance Limited CRISIL BBB+/Stable
Term Loan 61.63 India Infradebt Limited CRISIL BBB+/Stable

This Annexure has been updated on 20-Apr-2023 in line with the lender-wise facility details as on 17-Apr-2023 received from the rated
entity.

Criteria Details

Links to related criteria

CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Power Generation Utilities
Criteria for rating wind power projects
Understanding CRISILs Ratings and Rating Scales

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Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating rationale may be
used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings. However, CRISIL Ratings alone has
the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites and portals.

About CRISIL Ratings Limited (A subsidiary of CRISIL Limited, an S&P Global Company)

CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and
innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans,
certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual
bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured
debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted
several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and
infrastructure investment trusts (InvITs).

CRISIL Ratings Limited ('CRISIL Ratings') is a wholly-owned subsidiary of CRISIL Limited ('CRISIL'). CRISIL Ratings Limited is
registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").

For more information, visit www.crisilratings.com

About CRISIL Limited

CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better.

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of
innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses
that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and
data to the capital and commodity markets worldwide.

For more information, visit www.crisil.com

Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK

CRISIL PRIVACY NOTICE

CRISIL respects your privacy. We may use your contact information, such as your name, address and email id to fulfil your request and service your
account and to provide you with additional information from CRISIL. For further information on CRISIL's privacy policy please visit www.crisil.com.

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forming part of the report. The report is intended for the jurisdiction of India only. This report does not constitute an offer of
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1/11/24, 5:32 PM Rating Rationale
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issue. CRISIL Ratings assumes no obligation to update its opinions following publication in any form or format although CRISIL
Ratings may disseminate its opinions and analysis. The rating contained in the report is not a substitute for the skill, judgment
and experience of the user, its management, employees, advisors and/or clients when making investment or other business
decisions. The recipients of the report should rely on their own judgment and take their own professional advice before acting
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information may be available for subscription at a fee - more details about ratings by CRISIL Ratings are available here:
www.crisilratings.com.

CRISIL Ratings and its affiliates do not act as a fiduciary. While CRISIL Ratings has obtained information from sources it believes
to be reliable, CRISIL Ratings does not perform an audit and undertakes no duty of due diligence or independent verification of
any information it receives and/or relies on in its reports. CRISIL Ratings has established policies and procedures to maintain
the confidentiality of certain non-public information received in connection with each analytical process. CRISIL Ratings has in
place a ratings code of conduct and policies for managing conflict of interest. For details please refer to:
https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html.

Rating criteria by CRISIL Ratings are generally available without charge to the public on the CRISIL Ratings public website,
www.crisilratings.com. For latest rating information on any instrument of any company rated by CRISIL Ratings, you may
contact the CRISIL Ratings desk at [email protected], or at (0091) 1800 267 1301.

This report should not be reproduced or redistributed to any other person or in any form without prior written consent from
CRISIL Ratings.

All rights reserved @ CRISIL Ratings Limited. CRISIL Ratings is a wholly owned subsidiary of CRISIL Limited.

CRISIL Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect
from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked
Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject
instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and
Structured Finance Instruments at the following link: https://www.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html

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