|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 50.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 50.00 | - | - |
|
Rating Rationale |
|
Acuité has withdrawn its long-term rating on Rs. 50.00 crore Non-Convertible Debentures of Shivakar Developers Private Limited (SDPL) without assigning any rating as the oustanding facilities have been paid off and the rating has been withdrawn on account of the request received from the company along with no due certificate received from the lender as per Acuité's policy on withdrawal of ratings as applicable to the respective facility / instrument. |
| About the Company |
|
Established in 2008, Shivakar Developers Private Limited, headquartered in Bangalore, specializes in executing residential and commercial construction projects. The leadership comprises Mr. Bilidale Madaiah Jayeshankar, Ms. Sudha Shankerv, and Mr. Bangalore Visweswara Ravi Kumar. Presently, the company is involved in a development venture encompassing Halanayakanahalli Plotting and Apartment, covering a total area of 10.17 lac square feet. |
| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
|
Not Applicable |
| 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 24 (Actual) | FY 23 (Actual) |
| Operating Income | Rs. Cr. | 1.61 | 7.76 |
| PAT | Rs. Cr. | (0.37) | (2.71) |
| PAT Margin | (%) | (22.86) | (34.95) |
| Total Debt/Tangible Net Worth | Times | 16.31 | 9.05 |
| PBDIT/Interest | Times | 1.01 | (3.43) |
| Status of non-cooperation with previous CRA (if applicable) |
| 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 |
|
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. |
|
| |
|
|
||||||||||||||||||
|
|
Contacts |
|
|
|
About Acuité Ratings & Research |
