Brickwork Ratings downgrades the ratings for the Bank Loan Facilities of Rs. 20.77 Crs. of Rodium Realty Ltd based on best available information, as the issuer did not cooperate.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (13 Jun 2022) |
Present | ||
Fund Based | 20.77 | 20.77 | Long Term |
BWR BB /Stable
Downgrade |
BWR BB -
/Stable Downgrade/ISSUER NOT COOPERATING* |
Grand Total | 20.77 | 20.77 | (Rupees Twenty Crores and Seventy Seven lakhs Only) |
The rating was due for an annual review in June 2023. BWR has followed up with the company through several emails and calls. Despite the best efforts of BWR to get at least the minimum required information for a review, your company has not provided the same. The current rating action has been taken by BWR basis the best available information.. Due to the lack of management cooperation and the absence of adequate information, BWR was unable to assess the Company’s performance and its ability to service its debt and maintain a valid rating.
Hence, based on the inadequate information, and lack of management cooperation, Brickwork Ratings has downgraded the long-term rating to BWR BB- (Stable) and continued in the ISSUER NOT COOPERATING category.
To arrive at its ratings, BWR has assessed the consolidated financials of Rodium Realty Ltd (RRL) and has applied its rating methodology as detailed in the Rating Criteria.
List of entities consolidated
Name of Entity | % Ownership | Extent of consolidation |
Rationale for consolidation |
Rodium Housing LLP |
75 | Full Consolidation | Subsidiary |
81 Estates LLP |
75 | Full Consolidation | Subsidiary |
Rodium Digial Inc |
100 | Full Consolidation | Subsidiary |
Readystage LLP |
75 | Full Consolidation | Subsidiary |
Fluid Realty LLP |
75 | Full Consolidation | Subsidiary |
Xperia Realty LLP |
99 | Full Consolidation | Subsidiary |
The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack any projections or forward looking component as it is arrived at based on the best available information without any management/banker's interaction.
LIMITATIONS OF THE RATING
Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide the required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should, therefore, take into account the possible deterioration in the credit quality of the rated entity arising from its non-transparency and withholdings of the information required for a review of the rating.
ABOUT THE ENTITYMacro Economic Indicator | Sector | Industry | Basic Industry |
---|---|---|---|
Consumer Discretionary | Realty | Realty | Residential, Commercial Projects |
Rodium Realty Ltd. (RRL), a listed public limited company, is engaged in real estate development projects in Mumbai, Maharashtra in both the residential and commercial spaces with its registered office situated in the same city. Established in 1993 as Vishal Cotspin Ltd in 1993, the company was renamed as Rodium Realty Limited and taken over by Mr. Deepak Chheda, Mr. Shailesh Shah, Mr. Rohit Dedhia, and Mr. Harish Nisar in November 2009.
(Information available as of June 2022)
Key Parameters | Units | FY 21-22 (Audited) |
FY 22-23 (Audited) |
Q1FY24 (Unaudited) |
Operating Revenue |
Rs.Crs. | 12.89 | 42.06 | 6.29 |
EBITDA |
Rs.Crs. | -0.53 | 1.88 | -0.37 |
PAT |
Rs.Crs. | -0.67 | 0.89 | -0.29 |
Tangible Net Worth |
Rs.Crs. | 13.1 | 14.65 | - |
Total Debt/Tangible Net Worth |
Times | 7 | 6.43 | - |
Current Ratio |
Times | 1.31 | 1.44 | - |
Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document
NA
ANY OTHER INFORMATIONNil.
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)Facilities | Current Rating (2023) | 2022 | 2021 | 2020 | |||||
---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
Fund Based | LT | 20.77 |
BWR BB-/Stable
(Downgrade/ISSUER NOT COOPERATING*) |
13Jun2022 |
BWR BB Stable
(Downgrade) |
04Mar2021 |
BWR BB+ Stable
(Reaffirmation) |
NA |
NA
|
Grand Total | 20.77 | (Rupees Twenty Crores and Seventy Seven lakhs Only) |
BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.
Hyperlink/Reference to applicable CriteriaAnalytical Contacts | |
---|---|
KunjalDabhi Ratings Analyst kunjal.d@brickworkratings.com |
Bal Krishna Piparaiya Principal Director - Ratings Board : +91 22 2831 1426, +91 22 2831 1439 piparaiya.bk@brickworkratings.com |
1-860-425-2742 | media@brickworkratings.com |
SL.No. | Name of the Bank/Lender | Type Of Facilities | Long Term(Rs.Crs.) | Short Term(Rs.Crs.) | Total(Rs.Crs.) | |
---|---|---|---|---|---|---|
1 | Capri Global Capital Limited | Term LoanSanctioned | 20.77 | _ | 20.77 | |
Total | 20.77 | 0.00 | 20.77 | |||
TOTAL (Rupees Twenty Crores and Seventy Seven lakhs Only) |
Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars |
---|---|---|---|---|---|
NA | 0 |
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About Brickwork RatingsBrickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,560 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner.
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