Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 130.00 ACUITE BBB | Reaffirmed & Withdrawn -
Bank Loan Ratings 20.00 Not Applicable | Withdrawn -
Total Outstanding 0.00 - -
Total Withdrawn 150.00 - -
Rating Rationale

Acuité has reaffirmed and withdrawn the long-term rating of ‘ACUITE BBB’ (read as ACUITE triple B )  on the Rs. 130.00 crore bank facilities of Revanza Sullurpet Industrial Parks Private Limited (RSIPPL). Acuité has also withdrawn the long-term rating on the Rs. 20.00 crore bank facilities of Revanza Sullurpet Industrial Parks Private Limited (RSIPPL). The same is withdrawn without assigning any rating as it is a proposed facility. The rating is being withdrawn on account of the request received from the company and the NOC received from the banker’s as per Acuité’s policy on withdrawal of ratings as applicable to the respective facility/instrument.

Rational for Rating
The reaffirmation is driven by the steady revenue from the long term lease deed. The rating also considers the adequate coverage indicators, financial support from promoters in the form of unsecured loans and maintenance of DSRA thereby ensuring adequate liquidity against repayment obligations. Additionally, on account of the floating interest rates on debt the rating will remain susceptible to interest rate risks.

About the Company

­Revanza Sullurpet Industrial Parks Private Limited (RSIPPL) is Special purpose vehicle of Revanza Leasing India Private Limited (RLIPL). RLIPL is promoted by Lalwani Group of Companies. RLIPL is engaged in development and management of Industrial and Logistics assets on the basis of Build to Suit and eventually leasing the constructed properties to respective counter parties. The developed properties include 1.0 million sq.ft at 3 locations Mahindra World City, Echankaranai, Gudapakkam and Sriperumbudur. The operations of the company are managed by the directors, namely Mr. Nitin Aggarwal, Mr. Ramachandran Manikandan, Mr. Ramnath Subramaniam and Mr. Yogesh Bhargav.
Later in August 2023, the company has been acquired by TVS Industrial & Logistics Parks Private Limited (TVSILP). TVSILP is part of TVS mobility group. TVSILP offers Integrated Infrastructure Solutions, EPC Solutions, Warehouse Solutions. It's clientele includes Ather Energy, TVS motors, Flipkart, etc.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuité has considered the standalone business and financial risk profile of RSIPPL.

Key Rating Drivers


Experienced promoter and financial support
Recently RSIPPL has been acquired by TVS Industrial & Logistics Parks Private Limited (TVSILP), which is a part of the TVS Mobility group. TVSILP has 
experience of more than 15 years in the industry. TVSILP offers Integrated Infrastructure Solutions, EPC Solutions, Warehouse Solutions as per user specifications. Acuite believes the company shall benefit from the promoters timely support and experience.

Steady revenue under lease arrangement from the reputed tenant

RSIPPL derives its revenues by way of lease rental and maintenance from Indutch Composites Technology Private Limited. Indutch is an ISO 9001-certified manufacturer, exporter and trader of various composite products that find applications in sectors such as wind energy, railways, marine, industrial and aerospace. Indutch primarily derives its revenues from manufacturing windmill blades and ancillary products. The current clientele includes Nordex, Enercon, Siemens Gamesha, and LM Wind Power. In 2019, Mujjal Auto Industries Limited acquired 68 percent stake in Indutch and became its parent company. The strong tenant profile ensures stable and timely rental income during the lease period. Further, the lease period is 12-years from December 2021 to November 2033 with a lock in of 5-years, this warrants adequate cash flows against repayment of debt obligations.

Comfortable coverage metrics

The debt coverage ratio of the RSIPPL for FY2023 is 1.48 times. However, the rating draws comfort from the presence of escrow account, maintenance of debt service reserve account (DSRA) equivalent to 3-month of repayment obligations. 


­Customer concentration risk in revenue receipts
To serve the LRD loan, the company's revenues are entirely dependent on single customer i.e. Indutch. Acuité believes that any unprecedented stretch in receiving lease rental from Indutch is likely to impact RSIPPL's debt servicing ability. However, the risk is partially mitigated by the long-term agreement of 12 years and including a 5-year lock in period as per the lease agreement.

Vulnerability to volatility in interest rates
The floating interest rate on debt exposes the company to fluctuation in interest rates. Although the cash flow will be able to absorb the impact of moderate fluctuations in interest. rates. With moderate increase in interest rate the DSCR is expected to be above 1. 

Rating Sensitivities

­Not Applicable

Liquidity Position

­The company has an adequate liquidity position with stable rental income, which provides comfortable coverage over the scheduled debt repayment obligation. RSIPPL has unencumbered cash and bank balance of Rs. 1.75 Cr as on March 31, 2023. Further, it has DSRA (in form of FD) equivalent to three-month interest and principal obligation on SBI loans, which provides additional liquidity support.

Outlook: Not Applicable
Other Factors affecting Rating



Particulars Unit FY 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 15.44 0.79
PAT Rs. Cr. (8.41) (2.34)
PAT Margin (%) (54.47) (294.94)
Total Debt/Tangible Net Worth Times (13.74) (37.05)
PBDIT/Interest Times 1.45 (3.79)
Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any other information


Applicable Criteria
• Default Recognition :-
• Service Sector:
• Application Of Financial Ratios And Adjustments:
• Real Estate Entities:

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on


Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
05 Apr 2023 Lease Rental Discounting Long Term 130.00 ACUITE BBB | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 20.00 ACUITE BBB | Stable (Reaffirmed)
18 Aug 2022 Term Loan Long Term 79.06 ACUITE BBB | Stable (Assigned)
Term Loan Long Term 21.00 ACUITE BBB | Stable (Assigned)
Term Loan Long Term 8.40 ACUITE BBB | Stable (Assigned)
Proposed Long Term Bank Facility Long Term 41.54 ACUITE BBB | Stable (Assigned)

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
State Bank of India Not avl. / Not appl. Lease Rental Discounting Not avl. / Not appl. Not avl. / Not appl. 10 Mar 2034 100.00 Simple ACUITE BBB | Reaffirmed & Withdrawn
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple Not Applicable|Withdrawn
State Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 10 Mar 2027 30.00 Simple ACUITE BBB | Reaffirmed & Withdrawn


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