Rating Advisory

April 14, 2023 | Mumbai

Symbiosis Properties And Infrastructures India Private

Limited
Update as on April 14, 2023

This rating advisory is provided in relation to the rating of Symbiosis Properties And
Infrastructures India Private Limited

The key rating sensitivity factors for the rating include:

Upward factors:

• Ramp up of customer advances in the ongoing project to over 40% of the project cost.
• Timely construction progress and timely funding tie up with banks.

Downward factors:

• Booking progress of less than 20% in the ongoing project.

• Time and cost overrun in the upcoming project leading to low profitability.

CRISIL Ratings has a policy of keeping its accepted ratings under constant and ongoing
monitoring and review. Accordingly, it seeks regular updates from companies on business and
financial performance. CRISIL Ratings is yet to receive adequate information from Symbiosis
Properties And Infrastructures India Private Limited (SPIPL) to enable it to undertake a rating
review. CRISIL Ratings is taking all possible efforts to get the rated entity to cooperate with its
rating process for enabling it to carry out the rating review.

CRISIL Ratings views information availability risk as a key factor in its assessment of credit risk.
(Please refer to CRISIL Ratings’ criteria available at the following link,
https://www.crisil.com/content/dam/crisil/criteria_methodology/basics-of-ratings/assessing-
information-adequacy-risk.pdf)

If SPIPL continues to delay the provisioning of information required by CRISIL Ratings to

undertake a rating review then, in accordance with circular SEBI/HO/DDHS/DDHS-
RACPOD2/P/CIR/2023/6 dt January 06, 2023 issued by Securities and Exchange Board of India,
CRISIL Ratings will carry out the review based on best available information and issue a press
release.

About the Group

SPIPL and GPIPL based out of Kozhikode, Kerala is into residential real-estate development
since 2007. It has executed over 3 projects so far and does project under the brand name - “Good
Earth”. The group has one on-going project Good Earth - Barefoot on the Hills.

Please note: This advisory should not be construed as a rating reaffirmation.

Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating
rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings.
However, CRISIL Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or
otherwise through any media including websites and portals.

About CRISIL Ratings Limited (A subsidiary of CRISIL Limited, an S&P Global Company)

CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical
rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt
instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially
convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-
backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and
mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating
business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment
trusts (InvITs).

CRISIL Ratings Limited ('CRISIL Ratings') is a wholly-owned subsidiary of CRISIL Limited ('CRISIL'). CRISIL
Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India
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Please note: This advisory should not be construed as a rating reaffirmation.

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This report should not be reproduced or redistributed to any other person or in any form without prior written
consent from CRISIL Ratings.

Please note: This advisory should not be construed as a rating reaffirmation.

All rights reserved @ CRISIL Ratings Limited. CRISIL Ratings is a wholly owned subsidiary of CRISIL Limited.

CRISIL Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD)
with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured
Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a
change in the rating of the subject instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the
notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following
link: https://www.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html

Please note: This advisory should not be construed as a rating reaffirmation.

 Rating Rationale
February 25, 2022 | Mumbai

Symbiosis Properties And Infrastructures India Private Limited

'CRISIL B+ / Stable' assigned to Bank Debt

Rating Action
Total Bank Loan Facilities Rated Rs.30 Crore
Long Term Rating CRISIL B+/Stable (Assigned)
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the long-term bank facilities of Symbiosis Properties And
Infrastructures India Private Limited (SPIIPL).

The rating reflects the extensive experience of the promoter and the company's established track record in constructing
residential buildings. The strengths are partially offset by susceptibility to timely completion of the ongoing residential project
and flow of customer advances, and exposure to risks inherent to the real estate industry and geographic concentration in
revenue.
Analytical Approach
For arriving at the ratings CRISIL Ratings has consolidated the business and financial risk profiles of GPIPL and Symbiosis
Properties And Infrastructures India Private Limited (SPIPL) (together referred as Symbiosis group) as both the companies
have common promoters with significant operational and financial fungibility.

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Weaknesses:
Susceptibility to timely execution of projects, and flow of customer advances: The ongoing project is less
than 20% construction complete with similar booking. However, the group has large upcoming project whose
execution in dependent on customer advances and timely contraction of debt. Thus, any delay in timely funding tie-
up or delays in execution due to regulatory changes or adverse climatic conditions, could adversely impact the
group’s business risk profile.

Exposure to inherent risks and to cyclicality in the real estate industry: The real estate sector is cyclical and
marked by sharp movements in prices. Furthermore, susceptibility to multiple property laws and government
regulations persists. The risk is compounded by aggressive timelines for completion, with shortage of manpower
(project engineers and skilled labour). Also, the recent slowdown in the sector has adversely delayed the execution
and saleability of several ongoing projects. Revenue and operating margin are susceptible to cyclicality in the
sector, too.

Strength:
Extensive experience of the promoters: Benefits from the promoters' experience of over a decade, and their
keen insight into the industry and strong relations with suppliers should continue to :support business risk profile.
Furthermore, strong brand recall of “Good Earth” brand due to its unique eco-friendly designs and the company's
strong track record is expected to aid the company’s booking going forward.
Liquidity: Stretched
Customer advances is estimated to me more than adequate to meet the upcoming debt obligations. Financial assistance
may be expected from the promoters whenever necessary. Bank limit of Rs 2.5 crore is utilised at an average of 95% during
the last 12 months ended November 2021.
Outlook: Stable
CRISIL Ratings believes Symbiosis group will continue to benefit from its promoters' extensive experience.
Rating Sensitivity factors
Upward factors:
Ramp up of customer advances in the ongoing project to over 40% of the project cost.
Timely construction progress and timely funding tie up with banks.

Downward factors:
Booking progress of less than 20% in the ongoing project.
Time and cost overrun in the upcoming project leading to low profitability.
About the Group
SPIPL and GPIPL based out of Kozhikode, Kerala is into residential real-estate development since 2007. It has executed
over 3 projects so far and does project under the brand name - “Good Earth”. The group has one on-going project Good
Earth - Barefoot on the Hills.
Key Financial Indicators
As on/for the period ended March 31 Units 2021 2020
Operating income Rs crore 3.5 5.78
Reported profit after tax (PAT) Rs crore -0.65 1.86
PAT margin % -17 32
Adjusted debt/adjusted networth Times 1.97 1.88
Interest coverage Times -14 5.75
Any other information: Not applicable

Note on complexity levels of the rated instrument:

CRISIL Ratings' complexity levels are assigned to various types of financial instruments. The CRISIL Ratings' complexity
levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL Ratings' complexity
levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries
on specific instruments.

Annexure - Details of Instrument(s)

Issue
Date of Coupon Maturity Complexity Rating assigned with
ISIN Name of instrument size
allotment rate (%) date level outlook
(Rs.Cr)
NA Proposed Long Term Bank Loan Facility NA NA NA 30 NA CRISIL B+/Stable

Annexure – List of entities consolidated

Extent of
Names of Entities Consolidated Rationale for Consolidation
Consolidation
Symbiosis Properties And Infrastructures
100% Common promoters and similar business
India Private Limited
Gaia Properties And Infrastructures India
100% Common promoters and similar business
Private Limited

Annexure - Rating History for last 3 Years

Start of
Current 2022 (History) 2021 2020 2019
2019
Outstanding
Instrument Type Rating Date Rating Date Rating Date Rating Date Rating Rating
Amount
Fund Based LT 30.0 CRISIL -- 11-10-21 Withdrawn -- 31-10-19 CRISIL --
Facilities B+/Stable B+/Stable
CRISIL
-- -- 24-03-21 -- -- --
B+/Stable
CRISIL B+
-- -- 29-01-21 /Stable(Issuer -- -- --
Not
Cooperating)*
All amounts are in Rs.Cr.
* - Issuer did not cooperate; based on best-available information
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Proposed Long Term Bank
30 Not Applicable CRISIL B+/Stable
Loan Facility

This Annexure has been updated on 25-Feb-2022 in line with the lender-wise facility details as on 25-Feb-2022 received from the rated
entity.

Criteria Details

Links to related criteria

Understanding CRISILs Ratings and Rating Scales
CRISILs Bank Loan Ratings
The Rating Process
CRISILs Criteria for Consolidation

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Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating rationale may be
used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings. However, CRISIL Ratings alone has
the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites and portals.

About CRISIL Ratings Limited (A subsidiary of CRISIL Limited)

CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and
innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans,
certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual
bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured
debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted
several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and
infrastructure investment trusts (InvITs).

CRISIL Ratings Limited ('CRISIL Ratings') is a wholly-owned subsidiary of CRISIL Limited ('CRISIL'). CRISIL Ratings Limited is
registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").

For more information, visit www.crisilratings.com

About CRISIL Limited

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading
ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.

CRISIL is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics
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CRISIL Ratings uses the prefix ‘PP-MLD’ for the ratings of principal-protected market-linked debentures (PPMLD) with effect
from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked
Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject
instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and
Structured Finance Instruments at the following link: h ps://www.crisil.com/en/home/our-businesses/ra ngs/credit-ra ngs-scale.html