Press Release

Press Release

March 18, 2026

BPTP INTERNATIONAL TRADE CENTRE LIMITED
Rating Reaffirmed & Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	355.00	ACUITE A \| Reaffirmed & Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	355.00	-	-

Rating Rationale

Acuité has reaffirmed and withdrawn the long-term rating of ‘ACUITE A’ (read as ACUITE A) to the Rs.355.00 Cr. bank facilities of BPTP International Trade Centre Limited (BITCL). The rating has been withdrawn on account of the request received from the issuer along with no objection certificate from the banker. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

Rational for Rating
The reaffirmation of the ratings factors in the improvement in lease rentals and the healthy occupancy level of 97.42%, supported by long-term lease agreements with a marquee and diversified tenant base comprising Siemens, CAD, Coldwell Banker Richard Ellis (CBRE), Diablo, Costa Coffee, Clearwater, ZS, Schueco, Dassault, One 8 Restaurant, among others.

The ratings continue to derive comfort from the established track record and financial profile of the promoter entity, BPTP Limited (rated Acuité A-/Stable), along with the presence of a well-defined escrow mechanism and a stipulated Debt Service Reserve Account (DSRA), which provides additional cash flow visibility and credit support.

Acuité notes that the company has already executed letters of intent (LOIs) for 0.67% of the total leasable area, while the remaining 1.91% continues to remain vacant. Timely conversion of these LOIs into definitive lease agreements is expected to support occupancy levels and cash flow stability over the near to medium term.

Renewal terms with respect to lease tenure and rental rates, along with the company’s presence in a highly competitive and fragmented real estate industry remain key constraining factors to the rating.

About the Company

BPTP International Trade Centre Limited (BITCL), incorporated in 2007, is primarily engaged in providing lease rental and maintenance services for real estate projects and also undertakes real estate development activities. The company’s registered office is located in Faridabad, Haryana. The current directors of the company include Mr. Inderjeet, Mr. Ramanjit Sahni, and Mr. Shiv Shankar Prasad. BITCL is a subsidiary of BPTP Limited, the flagship entity of the BPTP Group. At present, the company owns and operates a commercial project named BPTP Capital City. The project is developed over a land parcel of approximately 14.14 acres and comprises a commercial tower with Ground plus 15 floors. The ground floor is earmarked for retail commercial spaces, the first floor houses a clubhouse, while the remaining floors are utilized as commercial office space. The project has a total leasable area of approximately 7,00,000 sq. ft. Additionally, the building has received a Platinum-rated Green Building certification from the Indian Green Building Council (IGBC) for the period 2023 to 2026, reflecting adherence to sustainability and energy-efficiency standards.

Unsupported Rating

Not Applicable.

Analytical Approach

Acuite has considered standalone business and financial risk profile of BPTP International Trade Centre Limited to arrive at this rating.

Key Rating Drivers

Strengths

Experienced promoters
The company is a subsidiary of BPTP Limited, a reputed real estate developer with an established presence in the Delhi NCR region. The promoters of the company possess over two decades of experience in real estate development, with a demonstrated track record of successful project execution across the region. The company remains closely linked to its parent through commonality in the board of directors, centralized treasury operations, and alignment in business activities. Acuité notes that the BPTP Capital City project holds strategic importance for the group, as it is expected to generate stable and sustainable lease rental cash flows, underscoring the parent entity’s continued commitment to the project. Further, the project is being marketed under the “BPTP” brand, which benefits from strong brand recall and market acceptance. Acuité believes that the company will continue to benefit from promoter strength, managerial expertise, and operational support from the parent group over the medium to long term.

Locational Advantage
The project is strategically located in Sector 94, Noida, at the junction of the Kalindi Kunj Bridge and the Noida–Greater Noida Expressway, offering strong connectivity to key commercial hubs. It is within walking distance of the Okhla Bird Sanctuary Metro Station (Magenta Line), providing direct access to major business districts in South Delhi and extending up to Huda City Centre, Gurugram. Further, the upcoming Jewar International Airport and connectivity to the Delhi–Mumbai Investment Corridor via the Expressway are expected to enhance the region’s long-term growth prospects. The location is supported by a well-developed road and highway network, ensuring seamless connectivity to Delhi, Noida, Greater Noida, Ghaziabad, Faridabad, Gurugram, and Agra. Acuite believes that the project’s strong locational attributes will continue to support demand and benefit the company over the long term.

Presence of DSRA and escrow mechanism
The company has availed an LRD loan, wherein the lease rentals from tenants are directly routed through an escrow account, and debt servicing obligations are met from the same, ensuring timely servicing of debt. Additionally, the company is required to maintain a Debt Service Reserve Account (DSRA) of Rs. 25 crore, which provides additional comfort to the lender and enhances the overall debt protection structure.

Weaknesses

Presence in a highly competitive and fragmented industry
The real estate market in the Noida–Greater Noida region remains highly competitive and fragmented, with the presence of multiple developers offering comparable commercial office spaces. The sector is inherently cyclical and remains exposed to risks such as demand–supply imbalances, volatility in property prices, and interest rate movements, which could adversely impact leasing activity and operating performance.

Rating Sensitivities

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

Not Applicable

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

Not Applicable.

Liquidity Position

Adequate

The liquidity profile of the company is adequate marked by healthy lease rentals routed through escrow mechanism and presence of DSRA resulted into additional cushion. Further, the company has a comfortable DSCR in the range from 1.51 to 1.75 times from FY 26 to FY 29.

Outlook - Not Applicable

Other Factors affecting Rating

None.

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	69.67	45.11
PAT	Rs. Cr.	(78.76)	(217.22)
PAT Margin	(%)	(113.04)	(481.48)
Total Debt/Tangible Net Worth	Times	2.41	(1.56)
PBDIT/Interest	Times	1.07	(2.42)

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
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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
23 Jan 2025	Lease Rental Discounting	Long Term	355.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
26 Oct 2023	Lease Rental Discounting	Long Term	355.00	ACUITE A- \| 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
State Bank of India	Not avl. / Not appl.	Lease Rental Discounting	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	355.00	Simple	ACUITE A \| Reaffirmed & Withdrawn

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Kartik Arora
Senior 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.