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.
ParticularsFacilities** | 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) |
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 ENTITYMacro 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.
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
No outstanding rating with any other CRA.
ANY OTHER INFORMATIONAnsal 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) |
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 CriteriaAnalytical 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 |
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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