RATING RATIONALE
13Jun2025

Rodium Realty Ltd

Brickwork Ratings downgrades and withdraws the long term rating for the Bank Loan Facilities of Rs. 20.77 Crs of Rodium Realty Ltd, based on the best available information as issuer did not cooperate.

Particulars
Facilities/Instruments** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(25 Nov 2024)
Present
Fund Based 20.77 20.77 Long Term BWR B+ /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
BWR B /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded and withdrawn
Grand Total 20.77 20.77 (Rupees Twenty Crores and Seventy Seven lakhs Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings and for Withdrawal Policy
*Issuer did not cooperate; based on best available information.
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure


RATING ACTION / WITHDRAWAL / NATURE OF NON-COOPERATION

Brickwork Ratings (BWR) downgraded and withdrawn the long-term rating to ‘BWR B/Stable’, with the continuation of the rating in the “Issuer Not Cooperating” category, based on best available information, as the Issuer did not cooperate.   

The withdrawal of the bank loan facilities is based on the company’s request for withdrawal and the No Objection Certificate issued by the lender. The withdrawal ratings are in line with BWR's policy on the withdrawal of its ratings for bank loan facilities, and the relevant documents are held on record. BWR took up the matter with the issuer to provide the required information for review of the ratings at the time of withdrawal. Despite the best efforts of Brickwork Ratings to get the minimum required information for a review through emails and telephone calls, the entity has not provided the same. In the absence of adequate information from the company, BWR is unable to assess the company’s overall performance and its ability to service its debt and maintain a valid rating.

In view of the non-availability of information and lack of cooperation from Rodium Realty Ltd,  Brickwork Ratings has downgraded the long term rating to ‘BWR B/Stable’ along with the continuation of the rating in the “Issuer Not Cooperating” category, based on best available information as the Issuer did not cooperate and withdrawn the same.   

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 based on the best available information without any management/banker's interaction.

As per the BSE website, on a standalone basis, the company reported a total operating income (TOI) of Rs. 10.04 Crs in FY25 (FY24: Rs. 19.81 Crs) with an operating profit margin of 27.44%  (FY24: 5.90%) and a net profit margin of 27.70% in FY25 (FY24:  0.97%). The ISCR and DSCR arrived at 0.98x & 0.41x, respectively, gearing is 3.99x, TOL/TNW at 5.21x and the current ratio is 1.13x as on 31st March, 2025. 

On a consolidated basis, the company reported a total operating income (TOI) of Rs. 61.56 Crs in FY25 (FY24: Rs. 45.80 Crs) with an operating profit margin of 13.27%  (FY24:19.20%) and a net profit margin of 5.59% in FY25 (FY24:  2.78%). The ISCR and DSCR arrived at 2.80x & 0.48x, respectively, gearing is 5.42x, TOL/TNW at 7.63x and the current ratio is 1.51x as on 31st March, 2025. 

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
Rodium Digital INC Wholly Owned Subsidiary

 

 

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 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 possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating

KEY FINANCIAL INDICATORS (Standalone)
Key Parameters Units FY 23 - 24
(Audited)
FY 24 - 25
(Audited)
FY 25 - 26
(Projected)
Operating Revenue 19.81 10.04 Not Available
EBITDA 1.17 2.75 Not Available
PAT 0.19 2.78 Not Available
Tangible Net Worth 13.84 16.65 Not Available
Total Debt / Tangible Net Worth 4.86 3.99 Not Available
Current Ratio 1.14 1.13 Not Available
COMPANY PROFILE
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)

 

 

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY IF ANY

Not Applicable

ANY OTHER INFORMATION

Nil.

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities /
Instruments**
Current Rating  (2025) 2024 2023 2022
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 and withdrawn)
25Nov2024
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)
Grand Total 20.77 (Rupees Twenty Crores and Seventy Seven lakhs Only)
Hyperlink/Reference to applicable Criteria
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
ANNEXURE-I
Rodium Realty Ltd
Details of Bank Facilities rated by BWR
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 LoanOut-standing 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.

ANNEXURE-II
INSTRUMENT (NCD/Bonds/CP/FDs) DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

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