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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 1000.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 1000.00 | - | - |
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Rating Rationale |
| Acuite has withdrawn its long-term on Rs.1000 Cr. of Non-Convertible Debentures (NCDs) of Nam Estates Private Limited (NEPL) without assigning any rating. The same is withdrawn without assigning any rating since rated NCD's are repaid. The rating is being withdrawn on account of the request received from the company and the NDC received from the trustee’s as per Acuité’s policy on withdrawal of ratings as applicable to the respective facility/instrument. |
| About the Company |
| Nam Estates Private Limited (NEPL) is a group company of Embassy Group. The company was established in 1995 and is based out of Bangalore. The company holds the Embassy Springs project in its books. |
| About the Group |
| Embassy Group was incorporated in 1993 by Mr. Jitendra Virwani. The group is one of the leading real estate dev elopers. The group has developed 55+ Million Sq. Ft. In its legacy of expertise spanning 25 years, Embassy Group has cov ered 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 and is developing industrial parks and warehouses across India. It also has an extensiv e land bank of 1000+ acres across India. The operation spread across Indian and international markets that include Bangalore, Chennai, Pune, Coimbatore, Triv andrum, Serbia and Malaysia. The group from time to time partners wit h sev eral established market players Like, Blackstone, Warburg Pincus, Taurus Inv estments as well as different financial institutions to execute projects. |
| 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 |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 826.42 | 396.54 |
| PAT | Rs. Cr. | (696.07) | (609.47) |
| PAT Margin | (%) | (84.23) | (153.70) |
| Total Debt/Tangible Net Worth | Times | (9.02) | 13.90 |
| PBDIT/Interest | Times | (0.59) | (0.13) |
| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• 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 • Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.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. |
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