Press Release

Press Release

July 28, 2025

TRUE LIVING TECH PARK PRIVATE LIMITED
Rating Downgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	300.00	ACUITE D \| Downgraded	-
Total Outstanding	300.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has downgraded its long-term rating to 'ACUITE D' (read as ACUITE D) from 'ACUITE BBB-' (read as ACUITE Triple B minus) on Rs.300 Cr. bank facilities of True Living Tech Park Private Limited (TLTPPL).

Rationale for downgrade
The rating downgrade is on the account of recurring delays observed in the servicing of interest obligations by the company in the recent past as reflected in the Loan account statements.

About the Company

True Living Tech Park Private Limited (TLTPPL), incorporated in the year 2021, is based in Bangalore, Karnataka. The Company is engaged in real estate activities and leasing of commercial properties and is currently managed by Mr. Yerram Vikranthreddy and Mr. Apoorva Reddy Yerram as its directors.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has considered the standalone business and financial risk profile of True Living Tech Park Private Limited for arriving at the rating.

Key Rating Drivers

Strengths

Experienced management and strategic location of the property
True living tech park private limited (TLTPPL), is incorporated in 2021 as a subsidiary of Ozone Tech Park Private Limited. It was subsequently acquired by Viko Infra Projects LLP(promoted and managed by Mr.Yerram Vikrant Reddy) in April 2023. TLTPPL owns and operates commercial property in Bangalore named as 'Ozone manay tech park' located on Hosur main road, Begur Hobli Bangalore. The property consists of two building, block A and block B with total leasable area of 4,09,302 Sq fts. The property hosts anchor tenets like Robert Bosch Engineering and Business Solutions Private Ltd., Flow P&E India and SPX Flow. Property is located at major IT office destination Hosur road, it is close proximity to electronic city with concentration of large number of employees engaged in IT and allied services, conducive eco system with schools, hospitals and retail outlets. Acuite believes that PHPL will continue to benefit from its experienced management and strategic location of property.

Weaknesses

Instances of delays in servicing of debt obligation
There were recurring delays in the servicing of interest obligations in the Term Loan account of TLTPPL. As per the sanction terms the interest is to be paid as and when charged, however the interest payment was delayed by 11 days in the month of May 2025. This was on account of delayed payment received from the lessee.

Rating Sensitivities

Timely servicing of debt obligations

Liquidity Position

Poor

Liquidity position of the company is poor as there have been instances of delays in servicing of debt obligations in recent past.

Outlook: Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	37.89	0.00
PAT	Rs. Cr.	(11.98)	(0.01)
PAT Margin	(%)	(31.63)	0.00
Total Debt/Tangible Net Worth	Times	(1.67)	0.00
PBDIT/Interest	Times	1.15	0.00

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
• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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
12 Aug 2024	Term Loan	Long Term	300.00	ACUITE BBB- \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Karnataka Bank Ltd	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2039	300.00	Simple	ACUITE D \| Downgraded ( from ACUITE BBB- )

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Akshat Shah
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

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

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.