Mac Charles India Limited (MCIL) incorporated in 1979 is based out of Bangalore. MCIL is in the business of real estate development and wind power generation. The company is promoted by Embassy Group which holds 73.41 percent of the shares of MCIL through Embassy Property Developments Private Limited (EPDPL). The company owns commercial real estate assets in Bangalore, Kerala and 5 wind power generation units in Bellary. Currently, the Company has redeveloped the erstwhile Le Meriden Hotel site in CBD Bangalore into a landmark A-Grade commercial office building under the project named – Embassy Zenith. MCIL, has recently initiated another project under its 100 percent wholly owned subsidiary named ‘Mac Charles Hub Projects Private Limited’ to acquire land parcels (a mix of outright acquisition and JDA) followed by construction of residential and commercial space for leasing.

Embassy Group was incorporated in 1993 by Mr. Jitendra Virwani. The group is one of the leading real estate developers. The group has developed 55+ Million Sq. Ft. In its legacy of expertise spanning 25 years, Embassy Group has covered the entire value chain of real estate from land acquisition to the development, marketing and operation of assets. In addition, the Embassy group owns properties in the hospitality segment as well. It also has an extensive land bank of 1000+ acres across India. The operation spread across Indian and international markets that include Bangalore, Chennai, Pune, Trivandrum, Serbia and Malaysia. The group from time-to-time partners with several established market players like, Blackstone, Warburg Pincus, Taurus Investments as well as different financial institutions to execute projects.

­­­Acuité has considered the standalone business and financial risk profiles of MCIL to arrive at the credit rating.

­MCIL undertakes multiple CSR activities and has an existing CSR policy. Previously, the company has supported for implementing holistic health and hygiene program with focus on preventive healthcare, nutrition and sanitation at government schools in Bangalore. Further, Embassy Group is engaged in multiple ESG initiatives including supporting government schools in Bangalore, public spaces clean up in Bangalore, installation of segregated garbage bins in Bangalore CBD, transformation of 101 under fly-over pillars, among others. Additionally, all the projects undertaken by Embassy Group have IGBC Green Gold Certification or higher.
Embassy group has an active engagement towards improvising education, sustainable infrastructure, community engagement and corporate connect. The group aims to facilitate students of Government Schools with a safe learning environment for skill development through holistic interventions in Education, Health and Infrastructure. It has supported more tha 85 government schools through educational and infrastructure interventions, build around 10 new government schools amongst others.
Embassy group drives positive change by providing infrastructure-based solutions with new frontline services for environmental sustainability and community healthcare, it promotes grassroot results to global problems in the communities it is a part of. Embassy group is a proud partner of TAICT’s (The Anonymous Indian Charitable Trust) Ecogram Waste Management Project, which aims to catalyse communities to develop and implement strategic infrastructure for sustainable environmental management. It has completed several initiatives of public spaces clean-up, installation of segregated garbage, mobile cancer detection unit amongst others.

• Successfully leasing of the vacant space ensuring steady cash flows

• Timely disbursal of loans and repayment of existing NCD's

• The Company shall supply financial statements to the Debenture Trustee as soon they become available.
• The Company shall supply to the Debenture Trustee, with each set of financial statements of Embassy Property Developments Private Limited (EPDPL), a compliance certificate setting out (in reasonable detail) computations as to compliance Financial Covenants, along with the relevant valuation reports which have been relied upon to determine the fair value of the assets of EPDPL.
• The Company shall ensure that until the Final Settlement Date the Guarantor Net Worth shall, at all times in relation to EPDPL be not less than INR 10,000,000,000.
• The Loan to Value (LTV) Ratio as at the Pay In Date for the Debentures for all traches will not be more than 66.66 percent.

The Zenith project is already completed and are expected to generate cashflows from September 2025 from the lease rentals which would be adequate to serve the debt obligation towards repayment of LRD+LAP loan taken for refinancing of existing NCD’s. The average DSCR for the project stood above unity for the entire tenure of the loan. The Average DSCR stood at 2.33 times.