RATING RATIONALE
23Mar2023

Ganesh Housing Corporation Limited

Brickwork Ratings withdraws the ratings for the Bank Loan Facilities of Ganesh Housing Corporation Limited

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(03 Mar 2022)
Present
Fund Based 31.91 0.00 Long Term BWR BB- /Stable
Upgrade and Removed from the INC category
Withdrawal
Grand Total 31.91 0.00 (Rupees Zero 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

RATING ACTION / OUTLOOK

Brickwork Ratings has withdrawn the rating for bank loan facilities of Ganesh Housing Corporation Limited.

The rating is withdrawn for bank loan facilities of Rs. 31.91crs. as the facilities have been fully repaid by the company. BWR has received the No Due Certificate for all the facilities rated by BWR from all the lenders.

ABOUT THE ENTITY

Ganesh Housing Corporation Ltd (GHCL) is a public limited company engaged in the construction of residential and commercial projects in and around Ahmedabad. GHCL was incorporated in 1991 and is promoted by Mr. Dipakkumar Patel and Mr.Shekhar Patel. Till date, the company along with its various SPVs has developed 22 million square feet of projects with 85% of all the development in the residential sector.

Currently, the company has 2 projects under construction Malabar County III, and Malabar Exotica. Apart from these, the company has more 3 projects namely Malabar Retreat, IT SEZ, and Smile City which are expected to commence shortly. 

Malabar County III (As on March 2022)
This project was launched in February-2021. It is a 2.50 BHK affordable housing project situated at Nirma University, Ahmedabad. There is a total of 288 units, of which 284 units are booked. Total revenue of ~Rs.128 crore is expected from this project.
Malabar Exotica (As on March 2022)
This project was launched in July-2021. It is a 3.50 BHK project and consists of 224 units, situated at Nirma University, Ahmedabad. Of the total 224 units, 186 units have been booked. Total revenue of ~Rs.165 crore is expected from this project.

Financial Snapshot on consolidated Basis

FY2022: In FY2022, the company has recorded revenue of Rs.383.61 crs with EBITDA of Rs.134.24 crs and PAT of Rs.70.55 crs. The tangible networth as on 31st March 2022 stood at Rs.861.03 crs.

9M FY23: On a consolidated basis, the company has recorded revenue of Rs.437.05 crs and EBITDA of Rs.150.67 crs. On a standalone basis, the company has recorded revenue of Rs.52.37 crs. 

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

NA

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2023) 2022 2021 2020
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 0.00
Withdrawal
03Mar2022
BWR BB- Stable
(Upgrade and Removed from the INC category)
24Feb2021
BWR B-Negative
(Downgrade/ISSUER NOT COOPERATING*)
26Feb2020
BWR BB-Negative
(Downgrade)
Grand Total 0.00 (Rupees Zero Crores 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

Heta Mehta

Senior Rating Analyst Board : +91 22 2831 1426, +91 22 2831 1439 heta.m@brickworkratings.com

Bal Krishna Piparaiya

Principal Director - Ratings Board : +91 22 2831 1426, +91 22 2831 1439 piparaiya.bk@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Ganesh Housing Corporation Limited
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 Karur Vysya Bank Term LoanSanctioned _ _ 0.00
2 PNB Housing Finance Limited Term LoanSanctioned _ _ 0.00
3 Tamilnad Mercantile Bank Limited Term LoanSanctioned _ _ 0.00
Total 0.00 0.00 0.00
TOTAL (Rupees Zero Crores Only)
ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
Gatil Properties Private Limited 71.09 100 Subsidiary
Madhukamal Infrastructure Private Limited [Formerly known as Essem Infra Private Limited 100 100 Subsidiary

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