Brickwork Ratings downgrades the ratings under Issuer Not Cooperating category for the Bank Loan Facilities of Rs. 10.88 Crs. of Gupta Housing Pvt Ltd based on best available information, as the issuer did not cooperate.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (17 Oct 2023) |
Present | ||
Fund Based | 10.88 | 10.88 | Long Term |
BWR B /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
BWR B -
/Stable Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
Grand Total | 10.88 | 10.88 | (Rupees Ten Crores and Eighty Eight lakhs Only) |
BWR has Downgraded the long-term rating to "BWR B- (Stable)" for the bank loan facility of "Gupta Housing Pvt Ltd" and continued under the 'Issuer Not Cooperating' category as the issuer did not cooperate.
BWR had initially assigned a rating for the bank loan facilities of Rs.28Cr. at BWR BB (Stable) on 14-Aug-2018. On 15-Apr-2020, BWR reaffirmed the long-term rating at BWR BB (Stable) for the bank loan facilities of Rs.22.50Cr. Further on 08-Sep-2021, BWR downgraded the long-term rating to BWR BB- (Stable) for the bank loan facilities of Rs.10.88Cr. On 23-Sep-2022, the long-term rating has been downgraded to BWR B+ (Stable) in migration to Issuer Not Cooperating category. BWR downgraded the long-term rating again to BWR B (Stable) in continuation of the ratings under Issuer Not Cooperating category.
Going forward, BWR took up with the issuer consistently to provide required information over emails apart from telephonic communication, but no response has been received from the client. Further, BWR is unable to reach the banker; the banker's feedback regarding the conduct of the account is not available. Despite the best efforts of BWR to get at least the minimum required information for the review, the entity has not provided the same. In the absence of adequate information from the firm, BWR is unable to assess the firm's financial performance and its ability to service its debt and maintain a valid rating.
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
Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide 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 possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating.
ABOUT THE ENTITYMacro Economic Indicator | Sector | Industry | Basic Industry |
---|---|---|---|
Consumer Discretionary | Realty | Realty | Residential, Commercial Projects |
The Gupta Housing Private Limited (GHPL), incorporated in 2011, is engaged in the business of development of real estate. In totality company carries more than 13 years of experience in same lines of business especially in development of housing projects.
The company is developing a project named Aden Court and Land is located at Plot No. 541/C, Adenwala Road, King Circle, Five Gardens, Mumbai- 400 019, which is at prime location in Mumbai from where commuters can travel to all three suburb of Mumbai i.e. Central, Harbor & Western.
Project is having very famous landmark at King Circle which is located, from where commuters can reach to Navi Mumbai, Central Mumbai & South Mumbai easily.
Aden Court project is 100% completed with lift installation and other essential work. Plumbing and electrician work is going on. The company is expecting Occupation Certificate for the Aden Court Project by the end of August, 2021.
(Note: As per information available during Sep 2021)
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
Not Applicable
ANY OTHER INFORMATIONNA
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 | 10.88 |
BWR B-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
17Oct2023 |
BWR B Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
23Sep2022 |
BWR B+ Stable
(ISSUER NOT COOPERATING* /Downgrade) |
08Sep2021 |
BWR BB- Stable
(Downgrade) |
Grand Total | 10.88 | (Rupees Ten Crores and Eighty Eight lakhs Only) |
Analytical Contacts | |
---|---|
Priyanka S Ratings Analyst priyanka.s@brickworkratings.com |
V.K.Kukreja Associate Director - Ratings Board : +91 11 2341 2232 kukreja.vk@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.) | Complexity of the Instrument |
---|---|---|---|---|---|---|
1 | Indian Bank | Term LoanSanctioned | 10.88 | _ | 10.88 | Simple## |
Total | 10.88 | 0.00 | 10.88 | |||
TOTAL (Rupees Ten Crores and Eighty Eight 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.
Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
---|---|---|---|---|---|---|
Nil | Nil | Nil | Nil | Nil | Nil | Nil |
Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
---|---|---|---|
Nil | Nil | Nil | Nil |
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