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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 130.00 | ACUITE D | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 130.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
| Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 130.00 crore NCDs of Saha Estate Developers Private Limited (SEDPL). The rating is assigned on the basis of default confirmation by the debenture trustee of the company. The rating is now flagged as Issuer Non Cooperation and factors in the information risk. |
| About the Company |
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Saha Estate Developers Private Limited (SEDPL) is a private limited company incorporated on 05 February 2014. SEDPL was incorporated in February 2014 at New Delhi to undertake real estate development activities in the city. SEDPL is constructing a residential project under the name “Opulence” at Sector 150, Noida. The entire project of the company is divided into three phases with a total saleable area of 16.30 Lac sq. ft. The land of the project belongs to the Lotus Group. SEDPL has entered into a Joint Development Agreement (JDA) with Wishland Buildzone Pvt Ltd to develop the project. Further SEDPL has entered in PMC agreement with ATS Nirman Pvt. Ltd. (ATS Group Company) to develop and sell the project. Mr. Aniel Kuumar Saha, Mr. Aunirban Saha & Mr. Ashok Kumar Saha are the promotors.
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| Non-cooperation by the issuer/borrower |
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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 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.
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| Limitation regarding information availability |
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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.
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| Rating Sensitivities |
| No information provided by the issuer/available for Acuite to comment upon. |
| Material Covenants |
| None |
| Liquidity Position |
| No information provided by the issuer/available for Acuite to comment upon. |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
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None
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| Particulars | Unit | FY 21 (Provisional) | FY 20 (Actual) |
| Operating Income | Rs. Cr. | 0.00 | 0.00 |
| PAT | Rs. Cr. | (0.04) | (0.18) |
| PAT Margin | (%) | 0.00 | 0.00 |
| Total Debt/Tangible Net Worth | Times | 618.15 | 728.54 |
| PBDIT/Interest | Times | 0.99 | 0.99 |
| Status of non-cooperation with previous CRA |
| The company is flagged Issuer Not Cooperating by Brickwork Ratings as per the report dated 07 March 2022. |
| Any other information |
| Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups. |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.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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