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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 425.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 425.00 | - | - |
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Rating Rationale |
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Acuité has withdrawn the long-term rating on Rs.425.00 crore bank facilities of Phoenix Financial District Private Limited(PFDPL). The rating withdrawal is in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective instrument/facility. The rating is being withdrawn on the account of request received from the company as all their facilicties are paid off and No Dues Certificate received from the banker.
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| About the Company |
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Incorporated in 2018, Phoenix Financial District Private Limited (PFDPL) has entered into a registered long term perpetual lease arrangement with Phoenix Spaces Private Limited (PSPL) which is a 100% subsidiary of Phoenix Infratech (India) Private Limited. PFDPL has currently carried out office space development under Project 285 Financial District, Hyderabad of Tower 1 with a total leasable area of ~1.16 million Sft in land admeasuring 3 acres at Survey No. 285, Puppalaguda Village, Rajendranagar Mandal, Ranga Reddy District, Hyderabad, and Telangana. The total project cost is of about Rs.607.00 Cr. The project is funded out of promoter's contribution of Rs.182 Cr. (~30 percent of project cost) and bank funding of Rs.425 Cr (~70 percent).
Mr. Gopi Krishna Patibanda and Mr. Avinash Chukkapalli are directors of the company. |
| Unsupported Rating |
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Not Applicable
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| Analytical Approach |
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Not Applicable
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| 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. | 0.00 | 0.00 |
| PAT | Rs. Cr. | (0.15) | (0.01) |
| PAT Margin | (%) | 0.00 | 0.00 |
| Total Debt/Tangible Net Worth | Times | 2.60 | 4.95 |
| PBDIT/Interest | Times | 0.65 | 0.00 |
| 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 • Real Estate Entities: https://www.acuite.in/view-rating-criteria-63.htm |
| Note on complexity levels of the rated instrument |
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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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