RATING RATIONALE
23Feb2024

Ansal Buildwell Ltd

Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 41.96 Crs. of Ansal Buildwell Ltd based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(06 Dec 2022)
Present
Fund Based 37.96 37.96 Long Term BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Non Fund Based 4.00 4.00 Short Term BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Grand Total 41.96 41.96 (Rupees Forty One Crores and Ninety Six lakhs Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

BWR reaffirms the ratings at BWR D and continues the rating under the ‘ISSUER NOT COOPERATING’ Category due to information insufficiency and lack of management cooperation.

The annual review of the rating of Ansal Buildwell Limited was due on 06 December 2022 and Brickwork Ratings (BWR) took up with the issuer to provide the minimum required information for a review, however, the company has not provided the same. Neither we have received the No Default Statements from the company for a long time nor the feedback received from the Bankers on the conduct of the account or curing of the default (if any). Thus, 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 continued non-cooperation, BWR has reviewed the rating based on the best available information and has reaffirmed the ratings at BWR D under the ISSUER NOT COOPERATING* category.

The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack any projections or forward looking component as it is arrived at based on the best available information without any management/banker's interaction.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide the required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should, therefore, take into account the possible deterioration in the credit quality of the rated entity arising from its non-transparency and withholdings of the information required for a review of the rating.

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Consumer Discretionary Realty Realty Residential, Commercial Projects

Ansal Buildwell Ltd. is a Limited Company registered with Registrar of Companies Delhi & Haryana. It is also listed on BSE Stock Exchange. The Registered Office of the company is situated at 118, UFF, Prakash Deep Building, 7, Tolstoy Marg, New Delhi – 110 001. Ansal Buildwell Ltd. is primarily engaged in the business of real estate development, construction and promotion of Residential/ Commercial Complexes and Townships. At present the company is executing many projects at various parts of India, the major Projects among them being at Gurgaon, Cochin (Kochi), Amritsar, Jaipur, Faridabad, Gwalior, Pathankot and Jhansi, etc.

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

No outstanding rating with any other CRA.

ANY OTHER INFORMATION

Ansal Buildwell Limited is listed on Bombay Stock Exchange and it also has a wholly owned subsidiary company, Ansal Crown Infrabuild Private Limited, which is currently under the Corporate Insolvency Resolution Process.

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2024) 2023 2022 2021
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 37.96
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
06Dec2022
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
09Apr2021
BWR D
(Reaffirmation)
0.00
NA
NA
NA
NA
NA
03Dec2021
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
Non Fund Based ST 4.00
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
06Dec2022
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
09Apr2021
BWR D
(Reaffirmation)
0.00
NA
NA
NA
NA
NA
03Dec2021
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
Grand Total 41.96 (Rupees Forty One Crores and Ninety Six lakhs Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

Hyperlink/Reference to applicable Criteria
Analytical Contacts

Diksha Jain

Rating Analyst diksha.j@brickworkratings.com

Ravi Rashmi Dhar

Associate Director - Ratings ravi.d@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Ansal Buildwell Ltd
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.)
1 HDFC Bank Term Loan 1.91 _ 1.91
2 Punjab & Sind Bank Overdraft 5.00 _ 5.00
3 Punjab National Bank Overdraft 13.50 _ 13.50
4 Punjab National Bank Bank Guarantee _ 4.00 4.00
5 State Bank Of India (SBI) Dropline OD 17.55 _ 17.55
Total 37.96 4.00 41.96
TOTAL (Rupees Forty One Crores and Ninety Six lakhs Only)
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