RATING RATIONALE
16Apr2026
Shri Jagannath Prasad Ganeshi Lal Bajaj Charitable Trust Samiti
Brickwork Ratings reaffirms the long term ratings for the Bank Loan Facilities of Rs. 54.28 Crs. of Shri Jagannath Prasad Ganeshi Lal Bajaj Charitable Trust Samiti based on best available information, as the issuer did not cooperate.
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (15 Apr 2025) |
Present | ||
| Fund Based | 54.28 | 54.28 | 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 |
| Grand Total | 54.28 | 54.28 | (Rupees Fifty Four Crores and Twenty Eight lakhs Only) | ||
**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
Brickwork Ratings has reaffirmed the rating of the long-term loan facilities of "
Shri Jagannath Prasad Ganeshi Lal Bajaj Charitable Trust Samiti " for Rs.54.28 crores to "BWR BB -Stable" and while retaining the same in the Issuer Not Cooperating’ category, based on best available information as the Issuer did not cooperate.
The ratings are due for review in April 2026. BWR took up with the issuer and its banker over emails and through telephone calls to provide the required information. Despite the best efforts of BWR to get at least the minimum required information for a review, neither the entity nor its banker has provided the same. In the absence of adequate information from the entity and its banker, BWR is unable to assess the entity's financial performance or its ability to service its debt and maintain a valid rating. The entity has also been irregular with respect to the submission of the monthly No Default Statements. Hence, based on best available information, continued lack of management cooperation, non-submission of NDS, and lack of banker’s feedback
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
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 ENTITY| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Consumer Discretionary | Consumer Services | Other Consumer Services | Education |
Shri Jagannath Prasad Ganeshi Lal Bajaj Charitable Trust Samiti (SJPGCT), incorporated under the Societies Registration Act, 1860, was founded by Mr. Narayan Das Agarwal in December 1991. The trust started with the establishment of GLA Institute of Technology & Management offering B. Tech, MCA & MBA programs, in the year 1998-1999. It attained private university status in 2010 under the name of 'GLA University (GLA)'. From academic year 2010-11, all the courses were under one university-GLA University. GLA, an autonomous body, has been established by the Uttar Pradesh State Legislature Act and recognized by University Grants Commission, National Council of Teacher Education (NCTE), Pharmacy Council of India (PCI), Bar Council of India (BCI). It has been accredited by National Assessment & Accreditation Council (NAAC) with ‘A’ Grade. All the courses are AICTE approved. The university is located at NH-2 Delhi-Mathura Road, Mathura, Uttar Pradesh. With eight different educational institutes under its ambit, it presently offers undergraduate, post-graduate and doctorate programs over a wide range of subjects which includes engineering, computer applications, management, agriculture, architecture, biotechnology, law, fitness and pharmacy. There Business Management Institute has been awarded accreditation by IACBE (International Accreditation Council for Business Education), US based accreditation agency recognised by CHEA (Council for Higher Education Accreditation) in March 2020 for seven years.
.(Note :- As per information available to BWR 2022).
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 INFORMATIONN.A
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)| Facilities | Current Rating (2026) | 2025 | 2024 | 2023 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
| Fund Based | LT | 54.28 |
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
15Apr2025 |
BWR BB- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
04Apr2024 |
BWR BB Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
05Oct2023 |
BWR BBB- Positive to Stable
(ISSUER NOT COOPERATING* /Downgrade) |
| Grand Total | 54.28 | (Rupees Fifty Four Crores and Twenty Eight lakhs Only) | |||||||
| Analytical Contacts | |
|---|---|
|
Sneha N Ratings Analyst sneha.n@brickworkratings.com |
Raghavendra Senior Manager - Ratings raghavendra.n@brickworkratings.com |
| Media Contact | media@brickworkratings.com | Client Support | clientsupport@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 | HDFC Bank | Term LoanSanctioned | 0.77 | _ | 0.77 | Simple## |
| 2 | HDFC Bank | Term LoanSanctioned | 6.00 | _ | 6.00 | Simple## |
| 3 | HDFC Bank | Term LoanSanctioned | 0.29 | _ | 0.29 | Simple## |
| 4 | HDFC Bank | Term LoanSanctioned | 5.44 | _ | 5.44 | Simple## |
| 5 | HDFC Bank | Term LoanSanctioned | 3.25 | _ | 3.25 | Simple## |
| 6 | HDFC Bank | Term LoanSanctioned | 12.22 | _ | 12.22 | Simple## |
| 7 | HDFC Bank | Over DraftSanctioned | 24.99 | _ | 24.99 | Simple## |
| 8 | HDFC Bank | Dropline ODSanctioned | 1.32 | _ | 1.32 | Simple## |
| Total | 54.28 | 0.00 | 54.28 | |||
| TOTAL (Rupees Fifty Four Crores and Twenty 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 |
| Instrument / Activity | Regulator |
|---|---|
| Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| SEBI | |
Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| SEBI | |
Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| RBI | |
| Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs 2| RBI | |
| External Commercial Borrowings and other similar borrowings | RBI |
| Certificates of Deposit | RBI |
| Fixed Deposits raised by NBFC's, Banks, HFCs, Fis | RBI |
| Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, Fis | MCA |
| Inter Corporate Deposits/Loans extended by Corporates | MCA |
Borrowing programme 3| - | |
Issuer Ratings 4| - | |
| Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) | SEBI |
| Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| Listed Security Receipts | SEBI |
| Unlisted Security Receipts | RBI |
| Independent Credit Evaluation (ICE) | RBI |
| Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis) | RBI |
| Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| Investor-side Regulator | such as IRDAI, PFRDA 5 |
| Monitoring Agency | SEBI |
| Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 | NA |
- Includes securitisation transactions involving assignee payout, acquirer's payout.
- Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
- The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), BWR shall separately capture the rated quantum details along with names of respective regulators.
- There is no instrument being rated and hence, Regulator of the Instrument is not applicable.
- These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026, and accordingly, investor side regulators have been included.
- Permitted by SEBI vide SEBI Master Circular for CRAs
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