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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 100.00 | Not Applicable | Withdrawn | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 100.00 | - | - |
| Rating Rationale |
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Acuité has withdrawn the rating on the issue of non-convertible debentures of Rs.100.00 Cr. of Suvilas Realities Private Limited(SRPL). The rating has been withdrawn on account of the request received from the company along with redemption certificate as per Acuité policy on withdrawal of ratings.
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| About the Issuer |
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Suvilas Realities Private Limited (SRPL) is a Bangalore-based company incorporated in 2013 by Mr. Sunil Chowdary Muniveerappa and Mr. Umesh Madhugondanahalli. SRPL is engaged in the development of residential and commercial projects. The company has entered into a ‘Development Management’ agreement with Shriram Properties Limited (SPL) for its project, namely ‘Shriram Suvilas palms. SRPL’s ongoing project is located in Jallahalli, North Bangalore (Karnataka). The business plan of the SRPL’s management is to generate cash flows through developing and selling residential units. SRPL is presently developing a residential project (under the name of ‘Shriram Suvilas palms) at Jalahalli is a suburb in northern part of Bengaluru is one of the greenest areas of Bengaluru with a total saleable area of 7.94 lakh square feet to construct 660 units. The total cost of the project is ~Rs.386.77 Cr and the RERA certificate was received in March’2021 and the project was launched in July’2021. The scheduled project completion date is estimated by March’2026.
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| Analytical Approach |
| Not Applicable |
Key Rating Drivers
| Strengths |
| Not Applicable |
| Weaknesses |
| Not Applicable |
| Rating Sensitivities |
| Not Applicable |
| Material covenants |
| None |
| Liquidity Position |
| Not Applicable |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| Not Applicable |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 0.00 | 0.00 |
| PAT | Rs. Cr. | (3.93) | (0.04) |
| PAT Margin | (%) | (561828.58) | 0.00 |
| Total Debt/Tangible Net Worth | Times | (22.21) | (871.77) |
| PBDIT/Interest | Times | 0.75 | 1.00 |
| Status of non-cooperation with previous CRA (if applicable) |
| None |
| Any other information |
| Not Applicable |
| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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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