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 (11 Sep 2023) |
Present | ||
Fund Based | 20.77 | 20.77 | Long Term |
BWR BB-/Stable
Downgrade/ISSUER NOT COOPERATING* |
BWR B +
/Stable Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
Grand Total | 20.77 | 20.77 | (Rupees Twenty Crores and Seventy Seven lakhs Only) |
Brickwork Ratings (BWR) downgraded long-term ratings to BWR B+/Stable and continues the same under the ISSUER NOT COOPERATING* category for the bank loan facilities of Rodium Realty Ltd based on the best available information.
The rating was due for an annual review on 11 September 2024. Despite continuous follow-ups with the company, it has not complied with the rating surveillance process. BWR has taken the current rating action based on the best available information on the issuers’ performance and under extant regulatory guidelines. The company has not submitted the monthly No Default Statement regularly. Due to the lack of management cooperation and in the absence of adequate information, BWR was unable to assess the Company’s overall performance and its ability to service its debt and maintain a valid rating. Based on the aforementioned factors, Brickwork Ratings downgraded long-term ratings to BWR B+/Stable and continued under the ISSUER NOT COOPERATING* category, based on the best available information.
The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lacks any projections or forward-looking component as it is arrived at based on the best available information without any management/banker's interaction.
ANALYTICAL APPROACH - Consolidated
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
The consolidated statements include the results of the following entities:
Name of Entity | Rationale for consolidation |
Rodium Housing LLP | Subsidiary |
81 Estates LLP | Subsidiary |
Rodium Digial Inc | Subsidiary |
Readystage LLP | Subsidiary |
Fluid Realty LLP | Subsidiary |
Xperia Realty LLP | Subsidiary |
Information availability risk is a key factor in assessing 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 withholding of the information required for a review of the rating.
ABOUT THE ENTITY
Macro Economic Indicator | Sector | Industry | Basic Industry |
---|---|---|---|
Consumer Discretionary | Realty | Realty | Real Estate related services |
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 FINANCIAL INDICATORS (Consolidated) (Source: BSE)
Key Parameters | Units | FY 22-23 (Audited) |
FY 22-23 (Audited) |
Q2FY25 (Unaudited) |
Operating Revenue | Rs.Crs. | 42.06 | 47.55 | 22.46 |
EBITDA | Rs.Crs. | 1.88 | 9.13 | -1.18 |
PAT | Rs.Crs. | 0.89 | 1.32 | -1.83 |
Tangible Net Worth | Rs.Crs. | 14.65 | 16.17 | 14.23 |
Total Debt/Tangible Net Worth | Times | 6.43 | 5.25 | 6.92 |
Current Ratio | Times | 1.44 | 1.34 | 1.31 |
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
Not Applicable
ANY OTHER INFORMATIONNil.
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)Facilities | Current Rating (2024) | 2023 | 2022 | 2021 | |||||
---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
Fund Based | LT | 20.77 |
BWR B+/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
11Sep2023 |
BWR BB-Stable
(Downgrade/ISSUER NOT COOPERATING*) |
13Jun2022 |
BWR BB Stable
(Downgrade) |
04Mar2021 |
BWR BB+ Stable
(Reaffirmation) |
Grand Total | 20.77 | (Rupees Twenty Crores and Seventy Seven lakhs Only) |
Analytical Contacts | |
---|---|
KunjalDabhi Ratings Analyst kunjal.d@brickworkratings.com |
Niraj Kumar Rathi Director Ratings niraj.r@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.) | Complexity of the Instrument |
---|---|---|---|---|---|---|
1 | Capri Global Capital Limited | Term LoanSanctioned | 20.77 | _ | 20.77 | Simple## |
Total | 20.77 | 0.00 | 20.77 | |||
TOTAL (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.
Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
---|---|---|---|---|---|---|
Nil | Nil | Nil | Nil | Nil | Nil | Nil |
Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
---|---|---|---|
Nil | Nil | Nil | Nil |
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