Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Non Convertible Debentures (NCD) 7.50 ACUITE D | Reaffirmed | Issuer not co-operating* -
Non Convertible Debentures (NCD) 2.50 Provisional | ACUITE C | Reaffirmed | Issuer not co-operating* -
Total Outstanding 10.00 - -
Rating Rationale

Acuite has reaffirmed the long-term rating of 'ACUITE D' (read as ACUITE D) on Rs.7.50 crore Non-Convertible Debentures (NCDs). Acuite has further reaffirmed long term rating  of Provisional ACUITE C (read as Provisional ACUITE C) on Rs. 2.50 crore proposed Non- Convertible Debentures of Pride Properties Private Limited (PPPL). This rating is now an indicative rating and is based on best available information.

The rating on Rs. 2.50 Cr. NCD is provisional and the final rating is subject to:
  1. Receipt of final term sheet
  2. Confirmation from trustee regarding the compliance with all terms and conditions.
Rationale for reaffirmation:

As per the information from the public domain and debenture trustee the NCD is paid in full however there is no withdrawal request and additional information from the issuer regarding the same and hence the rating is reaffirmed and flagged as Issuer Non Cooperation.

About the Company
­Pride Properties Private Ltd was incorporated on 01 December 1987 by Mr. Munish Mahajan & Amit  Mahajan  located  at  Okhla,  New  Delhi.  The  company  was  initially  involved  in construction of buildings till 2000. The company has in past developed 4 residential projects in Delhi & NCR. However, as on date, the company has not engaged in any business since then. During the FY22, the company has planned to invest in real-estate development, undertaken by an individual; Mr. Jayesh Madhavji Parmar , for which, the company had raised Non-Convertible  debenture (NCD)  of  Rs. 7.5  crores.  The  project  involves  construction of commercial complex in Vile Parle East, Mumbai. The complex comprises of 5 floors (including ground floor). The total estimated cost of the project is Rs. 40.0 crores, of which Rs.26.0 crores have already been incurred as on March 2022. Post the completion of project, the entire project is expected to be sold to High Net-worth Individuals.
Unsupported Rating
­Not Applicable
Non-cooperation by the issuer/borrower
­Acuité has been requesting for information critical for rating exercise from  the rated entity. However, the issuer / borrower failed to submit such information before 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
­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavoured to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.
Rating Sensitivities
­No information provided by the issuer / available for Acuite to comment upon.
Liquidity Position
No information provided by the issuer / available for Acuite to comment upon.
Not Applicable
Other Factors affecting Rating

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 0.00 0.00
PAT Rs. Cr. (0.02) 0.00
PAT Margin (%) 0.00 0.00
Total Debt/Tangible Net Worth Times 4.05 0.00
PBDIT/Interest Times (23.91) (22.49)
Status of non-cooperation with previous CRA
­Not Applicable
Any other information
Supplementary Disclosures for provisional ratings
­A. Risks associated with the provisional nature of the credit rating

Absence of any entity to take appropriate measures to protect the interest of the debenture holders in case of any breach of the trust deed or law.
In case there are material changes in the terms of the transaction after the initial assignment of the provisional rating and post the completion of the issuance (corresponding to the part that has been issued) Acuite will withdraw the existing provisional rating and concurrently, assign a fresh final rating in the same press release, basis the revised terms of the transaction.
B.Rating that would have been assigned in absence of the documentation
The rating would be equated to the standalone rating of the entity : ACUITE C
C.Timeline for conversion to Final Rating for a debt instrument proposed to be issued:
The provisional rating shall be converted into a final rating within 90 days from the date of issuance of the proposed debt instrument. Under no circumstance shall the provisional rating continue upon the expiry of 180 days from the date of issuance of the proposed debt instrument.
Applicable Criteria
• Application Of Financial Ratios And Adjustments:
• Default Recognition:
• Real Estate Entities:

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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
03 Apr 2023 Non-Covertible Debentures (NCD) Long Term 7.50 ACUITE D | Not Applicable (Downgraded from ACUITE B | Stable)
Proposed Non Convertible Debentures Long Term 2.50 ACUITE Provisional C | Not Applicable (Downgraded from ACUITE Provisional B | Stable)
16 Sep 2022 Non-Covertible Debentures (NCD) Long Term 7.50 ACUITE B | Stable (Assigned)
Proposed Non Convertible Debentures Long Term 2.50 ACUITE Provisional B | Stable (Reaffirmed)
16 Mar 2022 Proposed Non Convertible Debentures Long Term 8.00 ACUITE Provisional B | Stable (Assigned)
Proposed Non Convertible Debentures Long Term 2.00 ACUITE Provisional B | Stable (Assigned)

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Not Applicable INE0L9G07010 Non-Convertible Debentures (NCD) 28 Mar 2022 15 27 Mar 2029 7.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.50 Simple Provisional | ACUITE C | Reaffirmed | Issuer not co-operating*


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