Press Release

August 25, 2026

SUNNY VIEW ESTATES PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	147.00	ACUITE BB+ \| Stable \| Reaffirmed	-	RBI
Total Outstanding	147.00	-	-	-
Total Withdrawn	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuite has reaffirmed the long term rating of 'ACUITE BB+' (read as ACUITE double B plus) on the long term bank facilities of Rs.147.00 Crore of Sunny View Estates Private Limited (SVEPL). The Outlook is 'Stable'.

Rationale for Rating

The rating derives strength from the experienced management, established track record of operations, and long-standing relationships with tenants, which have supported healthy occupancy levels across the company's leased-out towers. The company's revenue increased to Rs. 27.78 Cr. in FY2026 (Prov.) from Rs. 25.53 Cr. in FY2025, driven by contractual rental escalations under existing lease agreements. The company's debt servicing ability remains adequate, supported by stable rental cash flows and sufficient cash surplus as against its debt repayment obligations in the same period. Further, the lease rentals are expected to generate an average DSCR of over 1.3 times during FY2027-FY2035, indicating adequate debt coverage. The rating, however, remains constrained by tenant concentration risk, dependence on timely renewal of lease agreements, and susceptibility of occupancy levels to adverse economic conditions.

About the Company

Incorporated in 1998, Mohali based, Sunny View Estates Private Limited operates two towers, namely the IT Building and SEZ Building, located in Mohali, Punjab. The property has a total leasable area of 5.11 lakh sq. ft. and has mainly been leased out to corporate entities. The directors of the company are Mr. Sanjay Dhanuka and Mr. Mayyank Dhanuka.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has taken the standalone view on the business and financial risk profile of Sunny View Estates Private Limited (SVEPL).

Key Rating Drivers

Strengths

Experienced and resourceful management
SVEPL operates two commercial towers, namely the IT Building and SEZ Building, located in Mohali, Punjab, with a total leasable area of approximately 5.11 lakh sq. ft. which is 100% occupied as on date. The company was acquired by the Dhanuka Group in FY2023 from Shapoorji Pallonji. The Dhanuka Group has an established presence in organized retail and retail infrastructure management through entities such as Mayur Sales Private Limited and PFH Mall & Retail Management Private Limited. The company is managed by Mr. Sanjay Dhanuka and Mr. Mayyank Dhanuka, who have been associated with SVEPL since November 2022. Acuité derives comfort from the promoters' industry experience and expects the company to continue benefiting from their management expertise and established track record over the medium term.

Improved operating performance with healthy occupancy levels
The company's business profile is supported by stable and growing rental income from its leased-out towers. Revenue increased to Rs. 27.78 Cr. in FY2026 (Prov.) from Rs. 25.53 Cr. in FY2025, driven by contractual rental escalations under existing lease agreements. The company benefits from the maintenance of 100% occupancy levels and long-standing relationships with the tenants. Acuite expects the strong occupancy levels and presence of periodic rent escalation clauses to support steady improvement in operating performance and debt servicing capability over the medium term.

Weaknesses

Below Average Financial Risk Profile
The tangible net worth of the company improved albeit remained negative at Rs. 30.53 Cr. in FY2026 (Prov.) as against Rs. 40.62 Cr. in FY2025. The improvement is on account of accretion of profits into reserves. The total debt of the company stood at Rs. 135.48 Cr. as on March 31, 2026 (Prov.) as against Rs. 149.28 Cr. as on 31^st March 2025. The debt majorly comprises of term loans (LRD Loan) and Optionally Convertible Debentures (OCDs) wherein the company had availed term loan for the development of the property ~ IT tower and SEZ building. The interest coverage ratio and debt service coverage ratio stood at 2.36 times and 1.03 times, respectively, as on 31st March 2026 (Prov.) as against 1.73 times as on 31st March 2025. Further, Debt-EBITDA also improved to 5.79 times as on 31st March 2026 (Prov.) as against 6.20 times as on 31st March 2025. Acuite expects the financial risk profile to improve over the medium term backed by steady accruals and gradual repayment of term loans. However, the same will remain a key monitorable factor.

Tenant Concentration Risk
The company's revenue profile remains exposed to tenant concentration risk, as the entire occupied area in the IT Building and a significant portion of the occupied area in the SEZ Building are leased to a single tenant. Consequently, a substantial proportion of the company's rental income is derived from one tenant, making cash flows susceptible to any adverse changes in the tenant's business profile, space requirements, or lease renewal decisions. Acuité believes that the company's ability to diversify its tenant base and reduce concentration in rental income sources will remain a key monitorable factor.

Renewal risk of lease contracts and susceptibility to lower occupancy due to economic downturns
The company’s ability to meet its repayment obligations will depend on the continued and timely flow of rentals as per the agreed terms. Events such as increase in interest rates, delays in receipt of rentals, early exits, or renegotiations by lessees due to lower-than-expected business performance may disrupt cash flow streams, thereby affecting the entity’s debt-servicing ability. Moreover, the occupancy levels for the entity are highly dependent on timely renewal of lease agreements, which shall remain a key rating monitorable. Nevertheless, Acuité derives comfort from the company's long-standing relationships with its tenants and the demonstrated continuity of lease arrangements beyond the contractual lock-in period, which provides comfort to some extent.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Sustained increase in rental income leading to improvement in cash accruals and debt coverage metrics.
Improvement in DSCR and liquidity beyond expectations on a sustained basis.
Maintenance of occupancy levels above 95%-100% for a sustained period.

Potential triggers (individual or collective) for a downward rating action:

Sharp decline in rental income owing to lease termination or non-renewal of lease agreements.
Vacancy levels exceeding 15%, thereby adversely impacting rental cash flows and liquidity.
Average DSCR remains below unity on a sustained basis.

Liquidity Position

Adequate

The liquidity profile of the company is adequate, wherein the cash surplus is expected to be about Rs. 17.81 Cr. in FY2027 as against debt repayment obligations of around Rs. 12.64 Cr. in the same period. Further, the lease rentals are expected to generate an average DSCR of over 1.2 times during FY2027-FY2035, indicating adequate debt coverage. The company’s cash and cash bank balance is estimated at Rs. 0.09 crore as on 31st March 2026 (Prov.). Going forward, the gradual rental income ramp-up supported by the presence of contractual rental escalation clauses is expected to provide steady cash inflows and support the company's liquidity profile over the medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	27.78	25.53
PAT	Rs. Cr.	10.09	3.25
PAT Margin	(%)	36.33	12.75
Total Debt/Tangible Net Worth	Times	(4.44)	(3.67)
PBDIT/Interest	Times	2.36	1.73

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
• Lease Rental Discounting : https://www.acuite.in/view-rating-criteria-106.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.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
27 May 2025	Lease Rental Discounting	Long Term	7.48	ACUITE BB+ \| Stable (Upgraded from ACUITE BB \| Stable)
	Lease Rental Discounting	Long Term	4.58	ACUITE BB+ \| Stable (Upgraded from ACUITE BB \| Stable)
	Lease Rental Discounting	Long Term	5.13	ACUITE BB+ \| Stable (Upgraded from ACUITE BB \| Stable)
	Lease Rental Discounting	Long Term	6.00	ACUITE BB+ \| Stable (Upgraded from ACUITE BB \| Stable)
	Lease Rental Discounting	Long Term	123.81	ACUITE BB+ \| Stable (Upgraded from ACUITE BB \| Stable)
13 May 2025	Lease Rental Discounting	Long Term	6.00	ACUITE BB \| Stable (Reaffirmed)
	Lease Rental Discounting	Long Term	7.48	ACUITE BB \| Stable (Reaffirmed)
	Lease Rental Discounting	Long Term	123.81	ACUITE BB \| Stable (Reaffirmed)
	Lease Rental Discounting	Long Term	5.13	ACUITE BB \| Stable (Reaffirmed)
	Lease Rental Discounting	Long Term	4.58	ACUITE BB \| Stable (Reaffirmed)
13 Feb 2024	Lease Rental Discounting	Long Term	5.13	ACUITE BB \| Stable (Assigned)
	Lease Rental Discounting	Long Term	6.00	ACUITE BB \| Stable (Assigned)
	Lease Rental Discounting	Long Term	123.81	ACUITE BB \| Stable (Assigned)
	Lease Rental Discounting	Long Term	7.48	ACUITE BB \| Stable (Assigned)
	Lease Rental Discounting	Long Term	4.58	ACUITE BB \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Federal Bank Limited	Not avl. / Not appl.	Lease Rental Discounting	Unlisted	RBI	22 Mar 2023	Not avl. / Not appl.	31 Aug 2028	2.76	Simple	ACUITE BB+ \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Lease Rental Discounting	Unlisted	RBI	22 Mar 2023	Not avl. / Not appl.	28 Feb 2030	3.88	Simple	ACUITE BB+ \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Lease Rental Discounting	Unlisted	RBI	22 Mar 2023	Not avl. / Not appl.	30 Jul 2034	101.71	Simple	ACUITE BB+ \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Lease Rental Discounting	Unlisted	RBI	22 Mar 2023	Not avl. / Not appl.	30 Sep 2028	2.44	Simple	ACUITE BB+ \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	36.21	Simple	ACUITE BB+ \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Archita Sharma
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:

A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹ ⁶	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts ⁶	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) ⁷	+
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁸	Not applicable

⁸ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer:

An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.