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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 41.08 | ACUITE BB+ | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 41.08 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE BB+’ (read as ACUITE double B plus) on the Rs.41.08 Cr bank facilities of Creo Developers Private Limited (CDPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information. |
| About the Company |
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Creo Developers Private Limited (CDPL) is a Mangalore based company incorporated in 2011. The company entered into an agreement with Karnataka State Road Transport Corporation (KSRTC) to design, develop, operate and transfer a multi-storey commercial building constructed on 1.06 acres land belonging to KSRTC. The company has entered into a long term lease agreement with Cognizant Technology Solutions India Private Limited (Cognizant) during March 2018 and has started lease rentals from September 2018. The company is currently headed by Mr. Yenepoya Mohammed Farhad, Mr. Yenepoya Abdulla Javeed, Mr. Yenepoya Moideen Rizwan, Mr. Moideen Noufal and Mr. Yenepoya Moideen Khurshid. |
| Non-cooperation by the issuer/borrower: |
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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. |
| Limitation regarding information availability: |
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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 due date. This rating is therefore being flagged as “Issuer not cooperating”, in line with prevailing SEBI regulations and Acuité’s policies. |
| Rating Sensitivity |
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No information provided by the issuer / available for Acuite to comment upon. |
| Material Covenants |
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Not Applicable |
| Liquidity Position |
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No information provided by the issuer / available for Acuite to comment upon. |
| Outlook |
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Not Applicable |
| Other Factors affecting Rating |
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Not Applicable |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 0.00 | 0.00 |
| PAT | Rs. Cr. | 1.50 | 0.88 |
| PAT Margin | (%) | 0.00 | 0.00 |
| Total Debt/Tangible Net Worth | Times | (56.20) | (20.38) |
| PBDIT/Interest | Times | 1.62 | 1.43 |
| Status of non-cooperation with previous CRA |
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Not Applicable |
| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups. |
| Applicable Criteria |
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• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • 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 |
| 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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