India Ratings & Research has assigned ‘IND A/ Stable’ rating for its debt facilities of IntelliSmart Infrastructure, a leading smart metering and digital solutions provider.
The joint venture company of Energy Efficiency Services and National Infrastructure Investment Fund, IntelliSmart Infrastructure has received the rating for its rupee term loan, fund-based and non-fund-based working capital.
The rating reflects IntelliSmart’s long-term contract with a strong counter-party such as Assam Power Distribution, minimal payment risk due to a dedicated payment security mechanism with minimum clearing balance of 1.1 times the monthly payment fee, minimal equity infusion risk and moderate debt structure.
The rating also draws comfort from the company’s strong sponsor-led backing and experienced key management personnel with considerable experience in the smart metering sector.
Smart meter project
Anil Rawal, Managing Director & CEO, IntelliSmart, said the company has established itself as a leader with a proven record of project implementation and long with EESL it has implemented over 60 per cent of the total volume of the smart meter rolled out in the country
“We are now possibly the only smart meter company in India to have a stable and dependable creditworthiness, duly ratified by a leading credit ratings agency,” he added.
IntelliSmart won the first smart meter project rolled out under the aegis of the Government’s Revamped Distribution Sector Scheme in Assam for the implementation of 6.2 lakh smart meters under the DBFOOT (Design, Build, Finance, Own, Operate & Transfer) arrangement.
So far, IntelliSmart has completed over 25 per cent of the project, and India Ratings found comfort in the fact that at the current rate of installation, the project will be completed ahead of schedule. IntelliSmart has already achieved ‘go-live’ for the project – a critical milestone in its commercialisation process.