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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 150.00 | Not Applicable | Withdrawn | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 150.00 | - | - |
| Rating Rationale |
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Acuite has withdrawn the rating on Rs.150.00 Cr Non Convertible Debentures (NCD) of Alekhya Property Developments Private Limited (APDPL).
The rating has been withdrawn on account of request received from the company and NDC received from Debenture Trustee as per Acuité's policy on withdrawal of ratings. |
| About the Company |
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Alekhya Property Development Private Limited is a SPV floated by Adarsh Developers. It is currently developing an apartment project “Lake Front” in Kaikondrahalli, North Bangalore. Earlier the project was launched in 2014, however due to some environmental issue the project was stalled and again relaunched in 2020. The project has a total of 344 units with 0.68 mn sqft of builtup area out of which APDPL has a share of full 344 villas with 0.68 mn sqft. Out of total 344 units, 337 units has already been sold.
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| About the Group |
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Established in 1988, by Mr. BM Jayeshankar and Mr. BM Karunesh, Adarsh Developers (AD) is a partnership firm engaged in carrying out the business of development and construction of residential and commercial projects. AD is the flagship as well as holding company of the Adarsh Group. Further, the group has ventured into hospitality business also.
Shreshta Infra Projects Pvt Ltd. is a SPV floated by Adarsh Developers. It is developing a residential villa project “Sanctuary” in Kodati, Bangalore. The project has a total of 172 units with 0.58 mn sqft of builtup area out of which SIPPL has a share of 118 Villas with 0.41 mn sqft. The project will be completed by February, 2024. Out of total 118 units in “Adarsh Sanctuary”, 109 units has already been sold with 0.38 mn sqft. The company is also developing “Adarsh Savana”, a plotted development project with saleable area of 2.84 mn sqft in Shreshta Infra Projects Pvt Ltd. Out of total 2.84 mn sqft, 1.63 mn sqft has been sold. |
| Analytical Approach |
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Not Applicable
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Key Rating Drivers
| Strengths |
| Not applicable. |
| Weaknesses |
| Not applicable. |
| Rating Sensitivities |
| Not applicable. |
| Material covenants |
| None. |
| Liquidity Position |
| Not applicable. |
| Outlook: |
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Not applicable.
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| Other Factors affecting Rating |
| None. |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 10.67 | 14.65 |
| PAT | Rs. Cr. | (83.29) | (26.99) |
| PAT Margin | (%) | (780.83) | (184.26) |
| Total Debt/Tangible Net Worth | Times | 542.89 | 89.78 |
| PBDIT/Interest | Times | 0.27 | 0.51 |
| Status of non-cooperation with previous CRA (if applicable) |
| None. |
| Any other information |
| None. |
| Applicable Criteria |
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• 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 • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Real Estate Entities: https://www.acuite.in/view-rating-criteria-63.htm |
| Note on complexity levels of the rated instrument |
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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.
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