Press Release January 19, 2024 ESSEN REALTORS Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	40.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	40.00	-	-

Rating Rationale

­Acuite has withdrawn its long term rating from Rs.40.00 Cr bank facilities of Essen Realtors without assiging any rating as the instruments are fully repaid. The rating has been withdrawn as per Acuite's policy of withdrawal of rating as applicable to the respective instrument/facility. The rating has been withdrawn on account of the request received from the company, and the NDC received from the banker.

About the Company

­ER is a Pune based firm established in 2002 by Mr. Satish Agrawal, Mr. Nitin Agrawal and others. The firm is engaged in development of residential and commercial projects. ER has successfully completed about 9 projects in the past since 2006. Currently, the firm has one ongoing project i.e. Aishwaryam Comfort Gold at Akurdi (Pune) with total saleable area of 2.56 lakh square feet and sanction to construct 184 units. The project includes total of 228 units comprising of two BHK and three BHK and 13 shops. The total project cost is Rs.83.65 crore and the total sale proceeds expected is around Rs.143.24 crore.

Unsupported Rating

­Not Applicable

Analytical Approach

­Not Applicable

Key Rating Drivers

Strengths

­­Not Applicable

Weaknesses

­­Not Applicable

Rating Sensitivities

­Not Applicable

Liquidity Position : Not Applicable

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Outlook: Not Applicable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 23 (Actual)	FY 22 (Actual)
Operating Income	Rs. Cr.	69.52	5.62
PAT	Rs. Cr.	15.62	1.97
PAT Margin	(%)	22.47	35.14
Total Debt/Tangible Net Worth	Times	0.74	8.70
PBDIT/Interest	Times	7.94	1.81

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 • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Real Estate Entities: https://www.acuite.in/view-rating-criteria-63.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 22 Oct 2022 Term Loan Long Term 35.00 ACUITE B+ | Stable (Reaffirmed) Secured Overdraft Long Term 5.00 ACUITE B+ | Stable (Reaffirmed) 26 Jul 2021 Term Loan Long Term 35.00 ACUITE B+ | Stable (Reaffirmed) Secured Overdraft Long Term 5.00 ACUITE B+ | Stable (Reaffirmed)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Kotak Mahindra Bank Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 5.00 Simple Not Applicable|Withdrawn Kotak Mahindra Bank Not Applicable Term Loan Not available Not available 22 Jun 2023 35.00 Simple Not Applicable|Withdrawn

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Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Pradeep Singh Senior Analyst - Rating Operations Tel: 022-49294065 pradeep.singh@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in Tel: 022-49294011 rating.desk@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.