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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 200.00 | Not Applicable | Withdrawn | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 200.00 | - | - |
| Rating Rationale |
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Acuité has withdrawn its long term rating on the issue of non-convertible debentures of Rs.200.00 Cr of Ridgecraft Homes Private Limited. The oustanding NCDs have been paid off and the rating has been withdrawn on account of the request received from the company along with no dues received from the debenture holders as per Acuité's policy on withdrawal of ratings.
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| About the Company |
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Incorporated in 2018 and based in Faridabad (Haryana), Ridgecraft Homes Private Limited (RHPL) is engaged in the real estate industry as a real estate developer engaged primarily in construction of residential floors and development of land and sale of plots. RHPL is a familyowned business and promoted by Ms. Anjali Chawla (wife of Mr. Kabul Chawla, Managing Director and Chairman of BPTP Limited). The promoters of the company have been engaged in the Indian real estate industry for more than 2 decades. RHPL’s upcoming projects are located in Sector 81 (17.5 acres), Sector 84 (5.82 acres), Sector 84 (14.44 acres), Sector 85 (5.57 acres) and Sector 86 (7.76 acres) of Faridabad (Haryana). The business plan of the RHPL’s management is to generate cash flows through sale of land as developed plots and constructed floors (flats). However, the proportion of sales through plot and floors will be dependent to the customer demand and property prices of plotted land in the given region. The expected total saleable area stands at 1,27,583 sq. yds. (in terms for development of plotted land) and 44.04 lakhs sq. ft. (in terms for development of floors). The property located at Sector 81 and part of Sector 84 has been developed, resulting in expected project cost of ~ Rs. 42.60 Cr for plotted land development of Sector 84 (14.44 acres), Sector 85 and Sector 86.
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| About the Group |
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BPTP Limited (BPTP) (rated ACUITE BBB+/Stable/ACUITE A2+) was incorporated in 2003 by Mr. Kabul Chawla in Faridabad (Haryana). BPTP (Business park town planners) is one of the largest real estate developer in terms of units delivered in the National Capital Region (NCR) and is engaged in development of real estate with presence in verticals like Residential, Commercial projects ranging from Integrated Township, Group Housing, Low Rise plotted development, Villas, Retail, Office Space, Cyber Parks and plotted land. BPTP is presently developing 16 residential projects across Faridabad and Gurugram and 1 commercial project in Noida.
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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 |
| ESG Factors Relevant for Rating |
| Not Applicable |
| Rating Sensitivities |
| Not Applicable |
| All Covenants |
| Not Applicable |
| Liquidity Position: Not Applicable |
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| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| Not Applicable |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 141.13 | 0.00 |
| PAT | Rs. Cr. | 0.75 | (18.77) |
| PAT Margin | (%) | 0.53 | (1786254.33) |
| Total Debt/Tangible Net Worth | Times | (13.62) | (20.70) |
| PBDIT/Interest | Times | 1.03 | (0.25) |
| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable |
| Any other information |
| Not Applicable |
| 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. Acuité'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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