RATING RATIONALE 11 Nov 2020

Supertech Limited

Brickwork Ratings has reviewed the ratings for the Bank Loan Facilities of Rs 1866.44
Crs. of Supertech Limited based on best available information, as the issuer did not
cooperate.

Particulars:

Amount (₹ Cr) Rating*

Facility** Tenure Previous

Previous Present Present
(Oct 2019)

BWR D BWR D
Long (ISSUER NOT (ISSUER NOT
Fund based 1866.44 1866.44
Term COOPERATING) COOPERATING)
#

Total 1866.44 1866.44 (Rs One Thousand Eight Hundred Sixty Six
Crores and Forty Four Lakhs Only)
*Please refer to BWR website ​www.brickworkratings.com/​ for the definition of the ratings
** Details of bank facilities are provided in Annexure-Iid not
#Issuer did not cooperate based on on best available information

RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

The rating was due for review in Oct 2020 and BWR took up with the issuer vide emails dated
04 Nov 2020 and 09 Nov 2020 to provide required information for eview of the rating but the
issuer has not responded to our emails . Despite the best efforts of BWR to get the minimum
required information for a review, the company has not provided the same and has also not been
submitting the NDS. In the absence of adequate information from the company, BWR is unable to
assess its performance and ability to service its debt and maintain a valid rating. Due to
non-cooperation, BWR has reviewed the rating based on best available information and
reaffirmed the rating at BWR D (ISSUER NOT COOPERATING )

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LIMITATIONS OF THE RATING
Information availability risk is a key factor in the assessment of credit risk and non-cooperation
by the issuer to provide required information for a review of the assigned rating may also be
accompanied by financial stress. Users of the credit ratings should therefore take into account the
possible deterioration in the credit quality of the rated entity arising from its non-transparency and
withholding of information required for a review of the rating.

Company’s Financial Performance ( As available in Dec 2017 )

Key Financial Indicators

Particulars Unit FY16 (A) FY17 (A)

Operating Income Rs. Crores 1393.15 1100.05

EBITDA Rs. Crores 432.52 418.17

PAT Rs. Crores 33.24 9.28

Tangible Networth Rs. Crores 750.69 766.55

Total Debt Rs. Crores 3593.7 3766.91

Total Debt : Equity Times 4.79 4.91

COMPANY PROFILE ​ ​( As available in Dec 2017)

Supertech Limited (STL), incorporated in 1995 was promoted by Mr. R K Arora. The company is
one of the prominent players in developing real estate projects in the residential, commercial and
retail segments in the NCR Region and other prominent places in Uttar Pradesh, Uttarakhand,
Bangalore.Most of the active projects of the company are in Noida and Greater Noida. Some of
the completed projects include Emerald Court(Noida), Palm Green(Moradabad) and Palm
Green(Meerut)

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 NON-COOPERATION WITH PREVIOUS RATING AGENCY IF ANY - Not applicable

Rating History for last three years (including withdrawal and suspended)
Instr
S
ume
.
nt Current Rating (2020)
N Rating Amount Rs in Crs
/Faci
o
lity

Amo
unt
Typ (Rs Rating 23 Oct 2019* 22 Dec 2017
e in 10 Oct 2018
CRs
)

BWR D
Stable BWR D
BWR
Lon (ISSUER (ISSUER
BB-
Fund NOT NOT BWR D
g 1866. F 1866.4 1866. (Stabl
1. Base COOPER FB 1866.44 COOPERATI (Downg FB
Ter 44 B 4 44 e)
d m ATING) NG) rade)
(Reaffirm (Reaffirmatio
ation) n)

1866. (Rs One Thousand Eight Hundred Sixty Six Crores and Forty Four Lakhs Only)
Total
44
*Rating was migrated to the Rating not reviewed category on 11 Oct 2019

COMPLEXITY LEVELS OF THE INSTRUMENTS

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

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Hyperlink/Reference to applicable Criteria
● General Criteria
● Approach to Financial Ratios
● ​What Constitutes Non-Cooperation
● Default Recognition and Default curing Period

Analytical Contacts
Karan Ahluwalia] [R K Sharma]
Rating Analyst [Sr. Director – Ratings]
[Board: +911123412232 ] Board: +911123412232
[karan.a @brickworkratings.com] [rksharma@brickworkratings.com
1-860-425-2742 I media@brickworkratings.com

ANNEXURE I -Supertech Limited

Details of Bank Facilities rated by BWR

Sl.No. Name of the Type of Long Term Total

Bank Facilities [₹ Cr] [₹ Cr]

1 Bank Of Term Loans 185.56 185.56

Maharashtra

2 Corporation Term Loans 225.00 225.00

Bank

3 IDBI Bank Term Loans 163.45 163.45

Limited

4 IFCI Limited Term Loans 227.79 227.79

5 Oriental Bank Term Loans 38.62 38.62

of Commerce (
Now PNB)

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 6 PNB Housing Term Loans 306.40 306.40
Finance
Limited

7 Punjab and Term Loans 182.69 182.69

Sind Bank

8 Syndicate Term Loans 37.00 37.00

Bank

9 Union Bank Of Term Loans 224.96 224.96

India

10 Vijaya Bank( Term Loans 274.97 274.97

NOw BOB)

TOTAL 1866.44

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About Brickwork Ratings ​: Brickwork 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, Securitisation 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 partners. 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 reasons.

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