Press Release September 29, 2025 RDB REAL ESTATE CONSTRUCTIONS LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	11.10	ACUITE BBB | Stable | Assigned	-
Bank Loan Ratings	13.90	-	ACUITE A3+ | Assigned
Total Outstanding	25.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuite has assigned long-term rating of 'ACUITE BBB' (read as ACUITE triple B) on the Rs. 11.10 Cr. bank facilities and short-term rating of 'ACUITE A3+' (read as ACUITE A three plus) on the Rs. 13.90 Cr. bank facilities of RDB Real Estate Constructions Limited. The outlook is 'Stable'. Rationale for rating The rating derives strength from experienced management, diversified sources of revenues from lease rentals of commercial properties, plotting of land and real estate property sales, long standing relations with lessee and adequate liquidity through presence of DSRA and escrow mechanism. However, it is constrained by risk of non-renewals of the lease rental agreements and customer concentration risk.

About the Company

­West Bengal based, RDB Real Estate Constructions Limited was incorporated in 2018. It is engaged in business development of real estate (commercial/residential) for renting, leasing and further sale. The company has two properties that are leased to tenants namely, Regent Star Mall, Uttarpara and Millenuim Towers, Haldia. Mr Vinod Dugar being the managing director. Additionally, the other directors of the company are Mr. Pradeep Kumar Pugalia, Mrs. Neera Chakravarty, Mr. Sharad Bachhawat, Mr. Abhay Doshi, Mr. Ashok Kumar Jain, Mr. Ravi Prakash Pincha and Mr. Samprati Kamdar.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuite has taken standalone business and financial risk profile of RDB Real Estate Constructions Limited to arrive at its rating.

Key Rating Drivers

Strengths

Experienced management and reputed clientele base The operations are managed by Mr. Vinod Dugar who holds prior experience in this real estate industry. The company has reputed lessees namely Air Plaza retail holdings private limited, State Bank of India among others. Acuite believes that the benefits derived from the management and long standing relations with the lessees will help the company going forward. Presence of Escrow mechanism and DSRA with bank The company has availed an Lease Rental Discounting (LRD) term loan. The lease rentals are directly deposited into escrow account and the debt obligation is deducted from the same. In addition to this, the company has already created 1 month EMI instalment and interest as DSRA in other group entity i.e RDB Infrastructure and Power Limited. Acuite believes that the presence of escrow account and DSRA provides comfort on the cash flow management of the company.

Weaknesses

­Customer Concentration Risk Since there are two properties, at Regent Star Mall, Uttarpara there is customer concentration risk as Air Plaza retail holdings private limited holds 71.44% of the total area. The risk is however, mitigated as it has long term lease agreement with the company. At Millenium Towers, Haldia, that there is customer concentration risk as Manoj Enterprise which holds 88.36%. The risk is however, mitigated as it has long standing relation with the company and renewals are done annually. Acuité believes that any change in the business plan of the lesses along with their non-renewal or early exit might impact the revenues and margins of the company.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)

­The company maintains a Debt Service Reserve Account (DSRA) equivalent to 1 month EMI instalments and interest debt servicing obligation along with the ESCROW mechanism. Stress Case scenario  Acuite believes that, given the presence of DSRA in other group entity equivalent to 1 month EMI instalments and interest debt servicing obligation, they will be able to service its debt on time, even in a stress scenario.

Rating Sensitivities

­­Improvement in lease rental and cash flows  Any significant decline in lease rentals on account of discontinuation of lease agreement Exposure to group companies

Liquidity Position

Adequate

­The liquidity of the company is adequate by steady cash inflows expected to be Rs. 2.77 Cr. in FY 26. The company is maintaining escrow accounts and has created 1 month EMI instalment and interest DSRA in the other group company i.e. RDB Infrastructure and Power Limited. Acuite believes that the liquidity of the firm will remain adequate in the near to medium term.

Outlook: Stable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	18.53	16.17
PAT	Rs. Cr.	1.61	1.25
PAT Margin	(%)	8.70	7.71
Total Debt/Tangible Net Worth	Times	1.15	1.49
PBDIT/Interest	Times	1.26	1.12

Status of non-cooperation with previous CRA (if applicable)

­None

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Real Estate Entities: https://www.acuite.in/view-rating-criteria-63.htm • Lease Rental Discounting : https://www.acuite.in/view-rating-criteria-106.htm

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 www.acuite.in.

Rating History:Not Applicable

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Axis Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 13.90 Simple ACUITE A3+ | Assigned Axis Bank Not avl. / Not appl. Lease Rental Discounting 19 Apr 2025 Not avl. / Not appl. 01 Jun 2034 8.50 Simple ACUITE BBB | Stable | Assigned Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.50 Simple ACUITE BBB | Stable | Assigned Axis Bank Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.10 Simple ACUITE BBB | Stable | Assigned

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Vedika Lahoti Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.