Brickwork Ratings has reviewed the rating for the Bank Loan Facilities of Rs 139.69 Crs of Ambience Facilities Management Pvt. Ltd. based on best available information, as the issuer did not cooperate and simultaneously withdraw the rating
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (25 Jun 2021) |
Present | ||
| Fund Based | 139.69 | 139.69 | Long Term |
BWR D
/ISSUER NOT COOPERATING Downgrade |
BWR D
Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn |
| Grand Total | 139.69 | 139.69 | (Rupees One Hundred Thirty Nine Crores and Sixty Nine lakhs Only) | ||
BWR has reaffirmed the rating of BWR D Issuer Not Cooperating and simultaneously withdrawn rating for bank loan facilities of Ambience Facilities Management Private Limited ,reflecting delays in debt servicing, due to confirmation from lenders that there are continued delays in overall debt servicing. Despite close follow up through emails and telephone calls, the company did not provide any information regarding review of the rating such as audited financials, projections, latest sanction letter, no default statement, operational details, etc .In the absence of a surveillance mandate and adequate information from the issuer/company, BWR is unable to assess the company’s current complete financial performance and its ability to service its debt and maintain a valid rating. The withdrawal is as per the withdrawal policy of BWR as the company has submitted requested for withdrawal and submitted No objection certificate (NOC) from it’s lenders
ABOUT THE ENTITYAmbience Facilities Management Private Limited (AFMPL) was incorporated on 14th September 2010. The Company is engaged in providing Integrated Facility Management Services to various completed projects of Ambience Group. The properties currently managed by the Company include Ambience Mall in Gurgaon (Haryana), Ambience Mall in Vasant Kunj (New Delhi), Catriona Apartments in Gurgaon (Haryana), Ambience Corporate Office Tower II in Gurgaon (Haryana), Commercial Complex in Rohini (New Delhi), Commercial Complex in Shalimar Bagh (New Delhi) and Commercial Complex in Vasant Kunj (New Delhi).
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)| Facilities | Current Rating (2021) | 2021 (History) | 2020 | 2019 | 2018 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating | Date | Rating |
| Fund Based | LT | 139.69 |
BWR D
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn) |
25Jun2021 |
BWR D/ISSUER NOT COOPERATING
(Downgrade) |
19Aug2020 |
BWR B+/Stable/ISSUER NOT COOPERATING
(Downgrade) |
28Nov2019 |
BWR BBB-/BB+/Stable
(Reaffirmation) |
29Sep2018 |
BWR BBB-(SO)/ BWR BB+/Stable
(Reaffirmation) |
| Non Fund Based | ST | NA |
NA
|
NA |
NA
|
NA |
NA
|
NA |
NA
|
29Sep2018 |
BWR A4+
(Reaffirmation) |
| Grand Total | 139.69 | (Rupees One Hundred Thirty Nine Crores and Sixty Nine 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 Criteria| Analytical Contacts | |
|---|---|
|
Karan Ahluwalia Senior Rating Analyst Board : +91 11 2341 2232 karan.a@brickworkratings.com |
Tanu Sharma Director - Ratings tanusharma@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 | Capital India Finance Limited | Term LoanSanctioned | 74.50 | _ | 74.50 | |
| 2 | Infrastructure Leasing and Financial Services Limited | Term LoanSanctioned | 24.38 | _ | 24.38 | |
| 3 | PNB Housing Finance Limited | Term LoanSanctioned | 25.81 | _ | 25.81 | |
| 4 | Punjab National Bank | Over DraftSanctioned | 15.00 | _ | 15.00 | |
| Total | 139.69 | 0.00 | 139.69 | |||
| TOTAL (Rupees One Hundred Thirty Nine Crores and Sixty Nine lakhs Only) | ||||||
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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 11,400 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. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations.
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Brickwork Ratings India Pvt. Ltd. (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by the Reserve Bank of India [RBI], offers credit ratings of Bank Loan facilities, 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. [ hereafter referred to as "Instruments"]. BWR also rates NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations.
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