Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Non Convertible Debentures (NCD) 91.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Total Outstanding 91.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­Acuité has reaffirmed its long-term rating of 'ACUITE D' (read as ACUITE D) on the Rs.91.00 crore Non Convertible Debentures (NCD) of Paranjape Spaces and Services Private Limited (PSSPL). The rating continues to be flagged as “Issue Not Cooperating” and is based on the best available information.


About the Company

­Paranjape Spaces and Services Private Limited (PSSPL) is incorporated as a Private Limited on December 04, 2020.The promoters of the company are Amit Paranjape and Rahul Paranjape. The Company is engaged in development of Residential Real Estate Projects. The company is a part of Paranjape Group, which have developed 204 projects with a developed area of 2.32 Cr sqft majorly in Pune. PSSPL is developing a project in Bandra east. It is a redevelopment project comprising of 14 floors. Out of the total 216 flats,81 flats would be given to the existing tenants and the remaining 135 flats are saleable. The construction of the project is expected to start by the December 2022.

 
Unsupported Rating

­Not Applicable

 
Non-cooperation by the issuer/borrower:

­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

 
Limitation regarding information availability
Rating Sensitivity

­"No information provided by the issuer / available for Acuite to comment upon."

 
All Covenants
Not Available
 
Liquidity Position

­"No information provided by the issuer / available for Acuite to comment upon."

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

­None

 

Particulars Unit FY 24 (Actual) FY 23 (Actual)
Operating Income Rs. Cr. 7.80 1.33
PAT Rs. Cr. (9.51) (0.07)
PAT Margin (%) (122.01) (5.03)
Total Debt/Tangible Net Worth Times (8.99) (13.73)
PBDIT/Interest Times (762.00) 1.07
Status of non-cooperation with previous CRA

­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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
05 Apr 2024 Non-Covertible Debentures (NCD) Long Term 65.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
06 Apr 2023 Non-Covertible Debentures (NCD) Long Term 65.00 ACUITE D (Downgraded from ACUITE B | Stable)
Non-Covertible Debentures (NCD) Long Term 2.00 ACUITE D (Downgraded from ACUITE B | Stable)
Non-Covertible Debentures (NCD) Long Term 24.00 ACUITE D (Assigned)
30 Dec 2022 Non-Covertible Debentures (NCD) Long Term 65.00 ACUITE B | Stable (Assigned)
Non-Covertible Debentures (NCD) Long Term 2.00 ACUITE B | Stable (Assigned)
Proposed Non Convertible Debentures Long Term 24.00 ACUITE Provisional B | Stable (Reaffirmed)
28 Apr 2022 Proposed Non Convertible Debentures Long Term 91.00 ACUITE Provisional B | Stable (Assigned)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Not Applicable INE0LLO07012 Non-Convertible Debentures (NCD) 07 Jul 2022 15 07 Jul 2026 65.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable INE0LLO07038 Non-Convertible Debentures (NCD) 28 Feb 2023 15 05 Jul 2026 26.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.

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