­­Established in August 2012, SV COMPLEXES LLP is a Hyderabad (Telangana) based commercial and residential real estate developer, promoted by Mr. Vijay Kumar Yerram along with other 11 partners. SVCL is a special purpose vehicle (SPV) formed by Vasavi Group. SVCL is presently developing a commercial project (under the name of ‘VASAVI SKY CITY) at Gachibowli, Hyderabad, Telangana with a total saleable area of 27.65 lakh square feet to construct 625 units. Of this, SVCL’s share consists of 16.48 lakh square feet consisting of 342 units. The total developer saleable area of the aforesaid projects is 16.48 lakh square feet with a total project cost of ~Rs.759.90 Cr and is expected to be completed by December 2024. It is expected to be funded through 16 percent of debt and promoter contribution 17 percent and remaining 67 percent through customer advances

Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. Acuité has also 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 the due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation 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.

­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 has 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.

­­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.