RATING RATIONALE
23Aug2024

AGI Infra Ltd.

Brickwork Ratings downgraded the ratings for the Bank Loan Facilities of Rs. 113.00 Crs. of AGI Infra Ltd. based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(23 Aug 2023)
Present
Fund Based 105.00 105.00 Long Term BWR BB+ /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
BWR BB /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
Non Fund Based 8.00 8.00 Long Term BWR BB+/Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
BWR BB /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
Grand Total 113.00 113.00 (Rupees One Hundred Thirteen Crores 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

The most recent rating review took place in August 2023. During this review, the long-term rating was downgraded to BWR BB+ with a Stable outlook. The rating was moved to the "ISSUER NOT COOPERATING" category for a Bank Loan Rating (BLR) amount of Rs. 113.0 crore.

BWR has been attempting to obtain information from the entity to assess its performance. Despite multiple requests, the entity’s management has remained uncooperative. Due to the lack of information to conduct a thorough review and the absence of feedback from the bankers or the company, BWR could not confirm the status of the rated debt. Based on the limited available information and the absence of feedback from bankers or the company, BWR revised the long-term rating to BWR BB with a Stable Outlook while the rating continues under the "ISSUER NOT COOPERATING" category for a Bank Loan Rating (BLR) amount of Rs. 113.0 crore.

The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lacks 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

The company has not provided any information/ surveillance mandate for the review of the rating. So due to the unavailability of the latest audited financials of the company and other required information to conduct the review, the BWR rating team was unable to analyze the financial performance of the company.

Analytical Approaches - Standalone

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

AGI Infra Ltd., established on 27th May 2005 with its current registered office at SCO 1-5, Urbana, Jalandhar Heights II, Jalandhar, is engaged in the development of residential and commercial real estate projects in Jalandhar, Punjab. Sukhdev Singh, Salwinderjit Kaur, Balwinder Singh, Atul Mehta, Pramod Kumar Sharma and Anuj Rai Bansal are the directors in the company. Currently, AGI Infra Ltd is handling different residential projects namely Jalandhar Heights - 2 (Ph-II and Ph-III), AGI Smart Home, AGI Palace, AGI Sky Garden, AGI Maxima and Urbana by AGI and is in the process of launching another project Jalandhar Heights - 3 in Jalandhar All the existing projects are registered under RERA.

(As available with BWR dated Feb 2022) 

 

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

Not Applicable

ANY OTHER INFORMATION

NIL

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 105.00
BWR BB/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
23Feb2023
BWR BBB-Stable
(ISSUER NOT COOPERATING*/Downgraded)
08Feb2022
BWR BBB+ Stable
(Upgrade)
19Jan2021
BWR BBB Stable
(Reaffirmation)
0.00
NA
23Aug2023
BWR BB+ Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
NA
NA
NA
NA
Non Fund Based LT 8.00
BWR BB/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
23Feb2023
BWR BBB-Stable
(ISSUER NOT COOPERATING*/Downgraded)
08Feb2022
BWR BBB+ Stable
(Upgrade)
19Jan2021
BWR BBB Stable
(Reaffirmation)
0.00
NA
23Aug2023
BWR BB+Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
NA
NA
NA
NA
Grand Total 113.00 (Rupees One Hundred Thirteen Crores Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

Shreekant Digambar Kadere

Senior Rating Analyst shreekant.dk@brickworkratings.com

Niraj Kumar Rathi

Director Ratings niraj.r@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
AGI Infra 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.) Complexity of the Instrument
1 Capital Small Finance Bank Over DraftSanctioned 8.00 _ 8.00 Simple##
2 Central Bank of India Bank GuaranteeSanctioned 2.00 _ 2.00 Simple##
3 Central Bank of India Term LoanSanctioned 20.00 _ 20.00 Simple##
4 Punjab National Bank Term LoanSanctioned 21.00 _ 21.00 Simple##
5 Punjab National Bank Bank GuaranteeSanctioned 6.00 _ 6.00 Simple##
6 State Bank Of India (SBI) Term LoanSanctioned 26.00 _ 26.00 Simple##
7 State Bank Of India (SBI) Over DraftSanctioned 30.00 _ 30.00 Simple##
Total 113.00 0.00 113.00
TOTAL (Rupees One Hundred Thirteen Crores 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.

ANNEXURE-II
INSTRUMENT DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

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