Acuite has withdrawn its long-term rating on Rs.1000.00 Cr. bank facilities without assigning any rating as it is a proposed facility of Magnite Developers Private Limited (MDPL). The rating is being withdrawn on account of request received from the company. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.
About the Company
Incorporated on January 5, 2022, Magnite Developers Private Limited (MDPL) is a part of the Solitaire and VTP group engaged in real estate development at Pune, Maharashtra. The company in March 2022 had launched a residential project namely “VTP Bellissimo” in Pune.
About the Group
The Solitaire group is promoted by Mr. Ashok Dhanraj Chordia and has been in the business of real estate development in Pune for almost four decades. The group is engaged into construction of real estates in which affordable residential housing are constructed under VTP brand, whereas the premium residential housing and commercial projects are constructed under Solitaire brand. The group has successfully completed and delivered various residential and commercial projects in Pune city with total aggregating area of around 10.5 million sq. ft.
Unsupported Rating
Not Applicable
Analytical Approach
Extent of Consolidation-Not Applicable
Rationale for Consolidation or Parent / Group / Govt. Support
Not Applicable
Key Rating Drivers
Strengths
Not Applicable
Weaknesses
Not Applicable
Rating Sensitivities
Not Applicable
Liquidity Position
Not Applicable
Outlook : Not Applicable
Other Factors affecting Rating
None
Particulars
Unit
FY 23 (Actual)
FY 22 (Actual)
Operating Income
Rs. Cr.
1139.52
77.03
PAT
Rs. Cr.
(109.09)
(29.51)
PAT Margin
(%)
(9.57)
(38.31)
Total Debt/Tangible Net Worth
Times
(11.42)
68.83
PBDIT/Interest
Times
0.67
0.79
Status of non-cooperation with previous CRA (if applicable)
