Brickwork Ratings withdraws the ratings for the Bank Loan Facilities of Rs. 113.00 Crs. of AGI Infra Ltd.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (23 Aug 2024) |
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/Stable Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
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/Stable Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
Grand Total | 113.00 | 113.00 | (Rupees One Hundred Thirteen Crores Only) |
The most recent rating review was conducted in August 2024 and resulted in a downgrade of the long-term rating to BWR BB with a Stable outlook for the Bank Loan Facilities of Rs.113.0 crore. The rating continues to be in the ISSUER NOT COOPERATING* category.
Brickwork Ratings (BWR) has followed up with the company through emails and telephone calls to provide the requisite information for the review of the ratings. However, despite repeated requests by BWR, the company’s management has not submitted all the essential details required for the detailed review of the outstanding ratings. Availability of information is very critical in rating exercises. In the absence of the requisite information, in consonance with SEBI guidelines, BWR has reviewed the rating and continues under the ISSUER NOT COOPERATING* category, based on the best available information.
AGI Infra Ltd (AIL) has requested to withdraw its rating. The request letter, submitted via email, included a No Objection Certificate (NOC) from its lender, confirming their approval for the withdrawal of the rating from BWR. As a result, BWR has reaffirmed the long-term rating to BWR BB with a Stable outlook while continuing the rating under "Issuer Not Cooperating." Simultaneously, the bank loan ratings have been withdrawn.
ABOUT THE ENTITYMacro 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)
Not Applicable
ANY OTHER INFORMATIONNIL
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)Facilities | Current Rating (2024) | 2024 (History) | 2023 | 2022 | 2021 | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating | Date | Rating |
Fund Based | LT | 105.00 |
BWR BB/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
23Aug2024 |
BWR BBStable
(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
|
NA |
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/Reaffirmed and withdrawn) |
23Aug2024 |
BWR BBStable
(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
|
NA |
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) |
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 |
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.
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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About Brickwork RatingsBrickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,560 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner.
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