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Rating Rationale Rating Rationale Brickwork Ratings reaffirms the rating of ‘BWR BBB-’ (Outlook: Stable) for Bank Loan Facilities amounting to ₹ 45 Cr of Dakshin Realties Private Limited (DRPL) Brickwork Ratings (BWR) has reaffirmed the Rating1 of ‘BWR BBB-’ (Pronounced BWR Triple B Minus) for bank loan facilities amounting to ₹45 Cr of DRPL Amount Facility Tenure Rating Reaffirmation (₹ Cr) BWR BBB- (Pronounced BWR Triple B minus) Cash Credit 45.00 Long Term (Outlook: Stable) Total 45.00 (INR Forty Five Crores only) The rating reflects experience and track record of Mr. Prasad V. Potluri in developing and executing new projects, prime location (Banjara hills- Hyderabad) of the project, strong project plan and the promoter’s ability to infuse funds as per the business requirement. However, the rating is constrained by nascent stage of implementation and sales and delay in the project due to delay in obtaining the key statutory approvals. Profile of DRPL Dakshin Realties Private Limited (DRPL) has been incorporated on February 01, 2007 under Companies Act 1956 with the object of developing urban infrastructure. The company has its registered office in Banjara Hills, Hyderabad. PVP Ventures Ltd is a flagship company of PVP group, formerly known as SSI Limited. It is a BSE and NSE listed company based in South India with interests in real estate, media & entertainment. The company was incorporated in 1990 and listed since 1995 (as SSI till 2008). The company is headquartered in Chennai with real estate assets in Chennai, Hyderabad, Bangalore and Mumbai. PVP group has presence in Indian Media & Entertainment Industry via “Picturehouse Media Limited” (listed on BSE) and its subsidiary “PVP Capital Ltd”, a NBFC. The company has successfully recovered all of its investments with a return of over 30%. 1 Please refer to www.brickworkratings.com for definition of the Ratings www.brickworkratings.com 1 4 Sep 2014 Project Details The proposed PremParvat Project proposes construction of 10 units of ultra-luxury independent villas in Banjara Hills, Hyderabad on 9,045 square yards (81,504 Sq. ft) of land. The project is located in the heart of the city of Banjara Hills, which is the urban commercial center of Hyderabad. The project cost is estimated at ₹88 Crores. It is proposed to be financed in the Debt: Equity ratio of 1.3:1, by way of a Bank Loan of ₹45 Crores and Equity of ₹35 Crores. Land Acquisition- Pittie family owns the land on which the project is being developed. DRPL has executed the development agreement with land owner on 14/02/2012. The sale consideration of the land is ₹43 Crores. Approvals - DRPL has obtained all the necessary approvals required for the construction & development of the project except Water, Sewage & Power which will be obtained prior to the completion of the project. Adjacent to the PremParvat Project, Brigade Group has recently launched a Luxury Apartment project, where the selling price is approximately ₹12,000 per sq. ft. Key Management Profile Mr. Prasad V. Potluri, a serial entrepreneur in the global outsourcing services space. He has successfully built and sold 3 companies, while serving the needs of the Fortune 1000 marketplace. Within the global investment community, he has been the driving force behind many companies including Procon Inc., Albion Orion Company LLC & Irevna Ltd. Procon Inc. was acquired by RCM Technologies in 1998. AOC, LLC was acquired by SSI in 2000 for ₹292 Cr, the then largest cross-border deal. Irevna Limited was acquired by CRISIL (S&P India) in 2005. He is a Strategic Investor in Maven Corp and Karvy Consultants & a Founding Investor of CBay Systems. He is also Managing Director of Picturehouse Media Limited, a BSE listed company, which is the largest capital provider to the Tamil and Telugu Film industries. Mr. K. Parthasaradhi is the Director of Dakshin Realties Pvt Ltd. He is a post graduate in Project Management from Pune University. Having more than 15 years of experience in the real estate business. He is currently overseeing all the civil construction works at the site along with site based team. He holds 50% stake in the company. Mr. C. N. Srinivas is another Director of the company. He is a certified physician and entrepreneur in real estate business. He holds another 50% stake in the company. www.brickworkratings.com 2 4 Sep 2014 Rating Outlook The competency of the promoters and the location of the on-going project is a substantial comfort as it is one of the prime locations in the country. Upcoming project from Brigade group in the vicinity has helped the pricing and demand for the villas. However, delay in obtaining the key statutory approvals had decelerated the project implementation in the past. Further, the company’s ability to complete the project without any cost overruns and ensure sale of the units in a timely manner would be the key rating sensitivities. Analyst Contact Relationship Contact [email protected] [email protected] Phone Media Contact 1-860-425-2742 [email protected] 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 reasons. www.brickworkratings.com 3 4 Sep 2014 .
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