Credit rating agency, CARE has reaffirmed ‘BB-’ rating to Ritesh Properties & Industries’ long term bank facilities worth Rs 77 crore. The rating of Ritesh Properties & Industries (RPIL) continues to remain constrained due to nascent stage of project implementation of the commercial project leading to high execution risk, high dependence on customer advances for project execution and further delay in financial closure of the debt.
The rating is further constrained by the relatively lower experience of the promoters in executing such large scale projects. However, the rating derives strength from fully paid up land value, favorable location of the project and reasonable demand for industrial plots.
