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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Total Withdrawn | 0.00 | - | - |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. |
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 |
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* The issuer did not co-operate; based on best available information. |
Contacts |
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