RATING RATIONALE

​ ​05 Dec 2019

C&J Corporate Park Private Limited

Brickwork Ratings has withdrawn the ratings for the Non-Convertible Debentures (NCD) of Rs.
80.00​ ​Crores of ​C&J Corporate Park Private Limited.

Particulars

Amount
Rating​1
(Rs. Crs)
Facilities Tenure
Previous
Previous Present Present
(May-2019)

BWR B-/Stable
Non-Convertible Issuer Not Rating Withdrawn – on
80.00 80.00 Long
Debenture** Co-operating​* Full Redemption
Term

Rs. 80.00 Crore

Total 80.00
(INR Eighty Crores Only))
*Issuer did not cooperate; based on best available information, **Details at annexure I
1​
Please refer to BWR website ​www.brickworkratings.com/​ for definition of the ratings

Rating Action/Rationale: Rating Withdrawal

Brickwork Ratings has withdrawn the rating for the Non-Convertible debentures as per details
mentioned above as the issuer has fully redeemed the NCDs before the maturity date. The
confirmation to this effect has been obtained from the debenture trustee.

About the Project: NIBR Corporate Park (As per the information available with BWR)
As per the information submitted by the company during the initial rating, the brief of the project is as:
The project is owned, constructed and managed by Mr. Harmesh Arora, Mr. Anil Arora and Mr. Ajay
Arora, National India Bullion Refinery (NIBR), a firm with the same persons as partners, and C & J
Corporate Park Private limited, a company promoted by namely Mr. Harmesh Arora, Mr. Anil Arora and
Mr. Ajay Arora and holding ~97% equity in NIBR. They are engaged in development of commercial
property located at Sakinaka, Andheri (East)-Mumbai. The project will have total saleable area of approx.
270,000 sq. The site is in close proximity to International Airport Terminal T2, Metro Railway and other
commercial establishments. The project has all approvals in place and ~70% of the project construction is
completed. BWR in June 2018 had taken a note that there is a pending litigation relating to the

1
land title issue where C&J Corporate Park Private Limited was constructing the commercial
project.
Total project cost is Rs 207.00 Crs, which will be funded through promoter’s contribution of Rs 30.00
Crs, borrowings of Rs 80.00 Crs and from sales proceeds amounting to Rs 97.00 Crs. As per the
management the company has incurred cost of Rs 70.00 Crs as on April, 2017.
Rating History for the last three years

Current Rating (Year 2018)

Rating History
Sl. Instrument
No / Amou
. Facilities Typ nt
Rating May-2019 May 2018 April 2017
e (Rs.
Cr)

BWR
Lon B-/Stable
Non-Conve Rating BWR B-/Stable
g Issuer Not BWR
1 rtible 80.00 Withdrawn–on Issuer Not Co-operating​*
Ter Co-operatin B-/Stable
Debenture Full Redemption
m g​*
)

Rs. 80.00 Crore

Total
(INR Eighty Crores Only)
* Issuer did not cooperate;

Annexure I (As per the information available with BWR):

Instrument Issue Date ISIN Amount (Rs. Crs) Coupon Maturity Date
NCD 8-Sep-2017 INE079W07017 Rs. 80.00 Crs 21% 30-Jun-2021

Status of non-cooperation with previous CRA (if applicable)-NA

Hyperlink/Reference to applicable Criteria

● General Criteria

● Approach to Financial Ratios

● Services Sector

2
 Analytical Contacts Investor Contacts

Bal Krishna Piparaiya

Senior Director - Ratings
B :+91 22 2831 1426, +91 22 2831 1439 Liena Thakur
piparaiya.bk@brickworkratings.com Assistant Vice President - Corporate Communications
+91 84339 94686
Satish Jewani liena.t@brickworkratings.com
Senior Ratings Analyst
D : +91 22 6745 6603
B :+91 22 2831 1426, +91 22 2831 1439
satish.j@brickworkratings.com

1-860-425-2742
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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
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DISCLAIMER

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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
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representation in respect to the truth or accuracy of any such information. The rating assigned by BWR should be
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