Malabar Commercial Plaza Private Limited

Rating Rationale 20 July 2020

MALABAR COMMERCIAL PLAZA PRIVATE LIMITED

Brickwork Ratings withdraws the rating for the Bank Loan Facilities aggregating Rs. 250.00 Crs of Malabar Commercial Plaza Private Limited (‘MCPPL’ or the Company)

Particulars Amount Rating (Rs. Cr) Facility Tenure Previous Previous Present# Present (31 March 2020) Fund Based

BWR BBB- Issuer Long BWR BBB-Issuer Not Term Loan 250.00 250.00 not Term Cooperating*/Stable Cooperating*/Stable Withdrawn Total 250.00 250.00 (Rupees Two Hundred Fifty Crores Only) Note: Please refer to BWR website www.brickworkratings.com/ for definition of the ratings ; * Issuer did not cooperate, based on best available information. #Details of Bank facilities is provided in Annexure-I

Rating Action/Withdrawal

Brickwork ratings has withdrawn the ratings based on the request of the Company for withdrawal of the ratings and No objection certificate received from the lender, HDFC Bank Limited. Hence in accordance with extant regulatory guidelines and BWR Rating Withdrawal Policy, ratings for the Bank Loan facilities of Rs.250.00 Crs are withdrawn.

About the Company[as details available with BWR dated 8 Jan 2019] Malabar Commercial Plaza Private Limited was a company incorporated in 2006 by Kerala based Malabar Group, for the purpose of developing a Mall across the state. It is promoted by Malabar Group known for its companies Malabar Developers, Malabar Gold & Diamonds.The company operates a 6.40 lakh sq. ft. mall called “Mall of Travancore” in Travancore Kerala. Mall of

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Travancore (MOT) consists of Phase I and Phase II. Phase I was launched on 23 Mar 18 and Phase II is expected to be operational by 2020.

Status of non cooperation with other CRA : NA

Any other information: Non Applicable

Rating History For The Previous Three Years [including withdrawal and suspended] Current Rating (Jul 2020) Rating History Sl. Facility Type Amount 31 March 08 Jan 2018 No. Rating (Rs Crs) 2020 2019 Fund Based BWR BBB- Issuer not BWR BBB- BWR Term Long Issuer Not BBB+(SO) 1 250.00 Cooperating*/Sta - Loan term Cooperating / ble */Stable Stable Withdrawn Total 250.00 (Rupees Two Hundred Fifty Crores only) Note:Initial rating of BWR BBB+(SO)/Stable was assigned on 08 Jan 2019 for the bank loan facilities of Rs. 250.00 crs subsequently ^^In Sep 2019, as per the new SEBI guidelines, there was a change in the rating symbol to Credit Enhancement (CE) or standalone based on the terms of the instrument from Structured Obligation (SO).The unsupported rating stands at BWR BBB- (Stable) as it is implicit support of DSRA creation by the issuer itself which does not qualify for CE rating. * Issuer did not cooperate, based on best available information.

Complexity levels of the Instrument

For more information, visit www.brickworkratings.com/download/ComplexityLevels.pdf

Hyperlink/Reference to applicable Criteria: ● General Criteria ● Infrastructure Sector

● Approach to Financial ● Rating Policy Ratios

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Analytical Contacts Investor and Media Relations

Sunilkumar Ijarad Senior Ratings Analyst Liena Thakur Board: +91 80 4040 9940 Ext: 343 Assistant Vice President - Corporate Communications [email protected] +91 84339 94686

[email protected] Parvathavardhini N

Associate Director - Ratings

B: +914424663326 [email protected]

Annexure- I Details of the Rated Bank Loan Facilities Long Term Short Term Total Bank Name Facilities (Rs. Cr) (Rs. Cr) (Rs. Cr) HDFC Bank Ltd Term Loan 250.00 - 250.00 Total - - Rupees Two Hundred Fifty Crores Only 250.00 - 250.00

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About Brickwork Ratings: Brickwork Ratings (BWR), a SEBI registered Credit Rating Agency, accredited by RBI and empaneled by NSIC, offers Bank Loan, NCD, Commercial Paper, MSME ratings and grading services. NABARD has empaneled Brickwork for MFI and NGO grading. BWR is accredited by IREDA & the Ministry of New and Renewable Energy (MNRE), Government of India. Brickwork Ratings has Canara Bank, a leading public sector bank, as its promoter 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.

DISCLAIMER Brickwork Ratings (BWR) has assigned the rating based on the information obtained from the issuer and other reliable sources, which are deemed to be accurate. BWR has taken considerable steps to avoid any data distortion; however, it does not examine the precision or completeness of the information obtained. And hence, the information in this report is presented “as is” without any express or implied warranty of any kind. BWR does not make any representation in respect to the truth or accuracy of any such information. The rating assigned by BWR should be treated as an opinion rather than a recommendation to buy, sell or hold the rated instrument and BWR shall not be liable for any losses incurred by users from any use of this report or its contents. BWR has the right to change, suspend or withdraw the ratings at any time for any reason.