­Mumbai based Alpine Infraheights LLP is a limited liability partnership. The entity was converted from Partnership firm to Limited liability partnership firm in September 2021. Prior to that it was a partnership firm under the name Alpine properties, incorporated in July 2019. Alpine Infraheights LLP is developing a project called Alpine primo. It is a society redevelopment project in Andheri, Mumbai comprising of 3 wing towers of 13 floors having a total builtup area of 1,30,019 sqft with both residential and commercial development. The ground floor will be occupied by the retail shops, the first floor will be occupied by the commercial area, two floors will be occupied by the parking area and ten floors will be occupied by the residential area. Out of the total 136 units available in residential space, 89 units are saleable and out of the total 72 units available in commercial space, 21 units are saleable. The redevelopment agreement was signed in February 2021; existing structure was demolished in April 2021 and the construction started in October 2021.The commercial space is expected to be completed by August 2022 whereas the residential space is expected to be completed by March 2024.

­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is therefore being flagged as “Issuer not cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavoured to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

­No information provided by the issuer / available for Acuite to comment upon

­None

­No information provided by the issuer / available for Acuite to comment upon

­Not Applicable

Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-up

­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.