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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 255.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 255.00 | - | - |
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Rating Rationale |
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Acuité has withdrawn its long-term rating on Rs.240.31 Cr. non-convertible debentures (NCD) of Ecobox Industrials Asset I Private Limited (EIAPL-I) without assigning any rating as the NCDs are fully redeemed. The rating is being withdrawn on account of request received from the issuer and redemption confirmation of the NCDs received from the debenture trustee.
Further, Acuité has also withdrawn its long-term on Rs.14.69 Cr. non-convertible debentures of Ecobox Industrials Asset I Private Limited (EIAPL-I) without assigning any rating as the facility is proposed non-convertible debentures. The rating is being withdrawn on account of request received from the issuer. Further, the rating withdrawal is in accordance with Acuité’s policy on withdrawal of rating as applicable to the respective facility / instrument. |
| About the Company |
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Incorporated in July 2024, Ecobox Industrials Asset I Private Limited (EIAPL-I) is a special purpose vehicle formed for acquiring two warehousing assets at Ranjangaon, Pune. The company is a part of the Ecobox Group which is promoted by Rava Partners; Singapore based fund house. In FY25, EIAPL-I acquired warehouse of KVR Industrial Park Private Limited and RVK Industrial Park Private Limited from Indospace Group. The company is currently managed by Mr. Abhay Goyal and Mr. Ashish Shah.
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| About the Group |
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Formed in 2024, Ecobox Group (group) is an investment venture of Rava Partners (RP), indulged in operation of acquired warehouses. The sponsors i.e Rava Partners vide this group has acquired four operational industrial warehousing assets from Indospace group in FY25, two at Pune and other two in Andhra Pradesh with asset size of ~3.53 Mn Sq. ft. at an acquisition value of ~Rs. 811.04 Cr and housed these assets under its SPV’s namely- EIAPL-I/ Indospace Chittoor Private Limited (Erstwhile Ecobox Industrials Asset II Private Limited) and Indospace Chittoor II Private Limited (Erstwhile Ecobox Industrials Asset III Private Limited) respectively.
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| Unsupported Rating |
| Not applicable. |
| Analytical Approach |
| Extent of Consolidation-Not Applicable |
| Rationale for Consolidation or Parent / Group / Govt. Support |
| Not Applicable
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| Key Rating Drivers |
| Strengths |
| Not applicable. |
| Weaknesses |
| Not applicable. |
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 |
| Not applicable. |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None. |
| Particulars | Unit | FY 25 (Actual) | FY 24 (Actual) |
| Operating Income | Rs. Cr. | 22.56 | 0.00 |
| PAT | Rs. Cr. | (100.23) | 0.00 |
| PAT Margin | (%) | (444.30) | 0.00 |
| Total Debt/Tangible Net Worth | Times | 16.86 | 0.00 |
| PBDIT/Interest | Times | 0.32 | 0.00 |
| Status of non-cooperation with previous CRA (if applicable) |
| Not applicable. |
| Any Other Information |
| The consolidated financial performance presented is from the formation/ acquisition date to the period ended 31st March, 2025. |
| Applicable Criteria |
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• 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 • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm |
| Note on complexity levels of the rated instrument |
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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||||
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