Press Release

Press Release

March 19, 2026

PLATINUM HOLDINGS PRIVATE LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	80.00	ACUITE BBB- \| Stable \| Assigned	-
Bank Loan Ratings	350.00	ACUITE BBB- \| Stable \| Reaffirmed	-
Total Outstanding	430.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has reaffirmed its long term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) on the Rs.350.00 Cr. bank facilities of Platinum Holdings Private Limited (PHPL). The outlook is "Stable".
Further, Acuite has assigned its long term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) on the Rs.80.00 Cr. bank facilities of Platinum Holdings Private Limited (PHPL). The outlook is "Stable".

Rationale for Rating:

The Rating reaffirmation factors the company's strong tenant profile comprising established corporates, ensuring low counterparty risk and stable occupancy, supported by a fully leased property. Its debt-servicing ability is adequate, backed by healthy cash flows and strong liquidity, further strengthened through an escrow-controlled rental mechanism and DSRA maintenance. However, the profile is moderated by high tenant concentration, with a major portion of the area leased to a single occupier, though the long-term extension options partially mitigate this risk. The rating also remains sensitive to timely rent collections, potential cost escalations, and inherent lease renewal risks.

About the Company

Tamil Nadu Based, Platinum Holdings Private Limited was incorporated in 2006. The company is engaged in the business of real estate and it is Leasing of Commercial Asset - Ozone Techno Park based in Chennai. The directors of company are Mr. Yerram Vikranthreddy, and Ms. Apoorva Reddy Yerram.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has considered the standalone business and financial risk profile of Platinum Holdings Private Limited.

Key Rating Drivers

Strengths

Experienced management and established track record of operations
Platinum Holdings Private Limited (PHPL) was incorporated in the year 2006 as a subsidiary of True Living Spaces Pvt ltd. It was subsequently was acquired by Viko Infra Projects LLP (promoted and managed by Mr.Yerram Vikrant Reddy) in April 2023. PHPL owns and operates commercial property in Chennai named as ‘Ozone Techno Park’ located along side Chennai IT expressway, Rajiv Gandi Salai (Old Mahabalipuram road). Ozone Techno park is built on land of 7 acres of land with total leasable area of 9,74,428 Sq fts occupied by anchor tenants like TCS, HCL Technologies Ltd, and First Source Solutions Ltd. The promoter of the Company have experience in real estate business. Acuite believes that PHPL will continue to benefit from its experienced management and established track record of operations.

Strategic location of the property and healthy cash flows supported by healthy occupancy rate
Ozone Techno Park is located at major IT office destination Rajiv Gandhi Salai, it is in close proximity to SIPCOT IT park with a concentration of large number of employees engaged in IT and allied services, conducive eco system with schools, hospitals and retail outlets. The building is equipped with modern amenities and ‘Grade A’ infrastructure meeting the criteria requirement for Blue Chip companies. Major tenants for the company includes TCS, HCL Technologies ltd, First Source Solutions Ltd . The company's occupancy levels remains at 100 percent level. Source of income for the company includes lease rental income, CAM income and Utility income. Company's long term lease agreements with tenants includes built in revenue escalation clause and lock in period thereby providing stability to business risk profile of the company.

Weaknesses

Average Financial Risk Profile:

PHPL’s financial risk profile is assessed as average, supported by a significant improvement in its net worth, which stood at Rs. 76.35 crore as on March 31, 2025, compared to a Rs. (16.84) crore as on March 31, 2024. The improvement is primarily driven by the infusion of quasi-equity amounting to Rs. 94.62 crore in the form of unsecured loans from promoters and related parties, which have been subordinated to the facilities with Canara Bank. The gearing of the company stood modest at 4.50 times as on 31 March, 2025. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 5.13 times as on March 31, 2025, as compared to -27.51 times as on March 31, 2024. The debt protection metrices of the company remain satisfactory, marked by Interest coverage ratio (ICR) of 1.29 times and debt service coverage ratio (DSCR) of 1.07 times for FY2025. The net cash accruals to total debt (NCA/TD) stood healthy at 0.03 times in FY2025.Acuite believes the financial risk profile of the company is likely to improve in the near to medium term on account of healthy rental income and no major debt funded capital expenditure.

Customer concentration risk along with occupancy and renewal risk

The firm’s primary revenue source is income from lease rentals, with around 92% of the property currently leased to two tenants i.e TCS & HCL, resulting in high tenant concentration. Consequently, PHPL remains highly dependent on the timely renewal of lease and license agreements with its tenants. Any adverse events such as delays in rental receipts, early exits, or renegotiation by lessees due to weaker-than-expected business performance could disrupt cash flow stability and adversely impact the company’s debt-servicing ability. Additionally, the presence of intense competition from other large real estate players in a competitive market like Chennai may further heighten lease renewal risks.

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)

PHPL maintains a Debt Service Reserve Account (DSRA) equivalent to 3 months of interest and instalment repayment obligation along with the ESCROW mechanism.

Stress Case scenario :
Acuite believes that, given the presence of DSRA mechanism, PHPL will be able to service its debt on time, even in a stress scenario.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Sustainability in the financial risk profile with avg DSCR more than 1.60 times and maintaining adequate liquidity
Timely collection of rental and timely renewal of agreements

Potential triggers (individual or collective) for a downward rating action:

Weaking financial risk profile if avg DSCR falls below 1
Any significant loss of rental income

Liquidity Position

Adequate

PHPL has adequate liquidity marked by adequate net cash accruals of Rs. 8.64Cr. as on March 31, 2025 as against Rs. 5.85 Cr. long term debt obligations over the same period. Also, the DSCR for the tenure of the loan is expected to be more than sufficient to repay the debt obligations. The debt repayment is being serviced via rentals received from property. The rental inflows are managed through ESCROW mechanism along with DSRA maintenance of 3 months of interest and instalment repayment obligations. As of now, the Company has created around Rs.10.20 crores DSRA with Canara Bank. The cash and bank balance stood at Rs.12.27 Cr. for FY2025. Further they have got a sanction of secured OD of Rs.30 crores which provides additional liquidity. Acuité believes that the liquidity of the Company is likely to remain adequate over the medium term on account of comfortable cash accruals against long debt repayments over the medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	56.46	71.88
PAT	Rs. Cr.	(1.43)	6.79
PAT Margin	(%)	(2.54)	9.45
Total Debt/Tangible Net Worth	Times	4.50	(26.93)
PBDIT/Interest	Times	1.29	1.83

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

Not Applicable

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
16 May 2025	Term Loan	Long Term	350.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
14 Apr 2025	Term Loan	Long Term	350.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
29 Jan 2024	Term Loan	Long Term	350.00	ACUITE BBB- \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Canara Bank	Not avl. / Not appl.	Lease Rental Discounting	30 Sep 2025	Not avl. / Not appl.	30 Sep 2040	350.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Lease Rental Discounting	30 Sep 2025	Not avl. / Not appl.	30 Sep 2040	50.00	Simple	ACUITE BBB- \| Stable \| Assigned
Canara Bank	Not avl. / Not appl.	Secured Overdraft	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE BBB- \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Shreya Banerjee
Analyst-Analytical 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.

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