RATING RATIONALE
27Oct2026
KALPSAGAR PRIVATE LIMITED
Brickwork Ratings assigns the long-term rating for the Bank Loan Facilities of Rs. 105.00 Crs. of KALPSAGAR PRIVATE LIMITED
Particulars| Facilities** | Amount(Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Fund Based | 105.00 | Long Term |
BWR BB
/Stable Assignment |
||
| Grand Total | 105.00 | (Rupees One Hundred Five Crores Only) | |||
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure RATING ACTION / OUTLOOK
Brickwork Ratings has assigned the long-term rating Kalpsagar Private Limited to BWR BB, with a ‘Stable’ outlook. The Rating derives strength from the association of the company with a reputed brand- "Taj Gateway", and regular need-based financial support from the promoters. The rating, however, is constrained by the highly competitive nature of the industry with susceptibility of operations to the cyclicality in the hotel industry and the probability of extension in the implementation period.
BWR believes that the business risk profile of Kalpsagar Private Limited will be maintained over the medium term. The long-term rating has been assigned a 'stable' outlook as the business risk profile of the company is stable. The rating outlook may be revised to 'Upward' in case the company is able to complete the hotel project as per the schedule and achieve DCCO by 31.12.2026 and start its operations. The rating outlook may be revised to 'Downward' if the company is unable to secure the required contribution from promoters, there is a significant deterioration in its solvency or liquidity profile, or the firm delays in achieving the defined DCCO or COD.
Brickwork Ratings (BWR) has essentially relied upon the information and clarifications provided by the company’s management and its banker to arrive at the present rating.
KEY RATING DRIVERSCredit Strengths:
-
Promoter's experience: :
The Company is promoted by Kajal Chhabra, Sanjay Chhabra and Prakkhar Chhabra all graduates with 20 to 13 years of experience, collectively bringing around three decades of business expertise. Their extensive experience and active involvement provide
operational stability and support the company’s growth trajectory. -
Association with a reputed brand: :
The Company has constructed a new hotel named “Taj Gateway" Ashram Marg, Tonk Road, Jaipur, Rajasthan in a tie-up with Indian Hotels Company Limited. The hotel's commercial operations shall commence on 1st January 2027.
-
Promoter’s Contribution: :
The promoters have infused the need-based funds required to meet the business requirements of the company. The promoters had already infused total funds amounting to Rs. 62.5 Cr. out of the total required funds of Rs. 69.70 Cr in the form of partners' capital and unsecured loans.
-
Project Completion Risk: :
The timely execution of the project within the estimated cost and schedule remains a key credit risk. Any significant delay or cost overrun could impact revenue visibility, increase dependence on additional funding, and weaken the debt repayment capacity
-
Highly Competitive Industry: :
The Company faces tough competition from well-established brands and upcoming hotels located in Ashram Marg, Tonk Road, Jaipur, Rajasthan which could impact its occupancy level and pricing flexibility in the near future.
For arriving at its ratings, BWR has applied its rating methodology as detailed in the Rating Criteria detailed below (hyperlinks provided).
RATING SENSITIVITIES
Upward Sensitivities: The rating may be revised upward in case the company is able to complete the hotel project as per the schedule and achieve DCCO by 31.12.2026 and start its operations.
Downward Sensivities: The rating may be revised downward if the company is unable to secure the required contribution from promoters, there is a significant deterioration in its solvency or liquidity profile, or the firm delays in achieving the defined DCCO or COD.
LIQUIDITY INDICATORS - Adequate
The company's liquidity position is Adequate: The Hotel "Taj Gateway" is under construction, with a total cost of the project being Rs. 174.70 Crs with a term loan of Rs 105.00 crore, through the partners' capital of Rs. 35.00 Crs and an unsecured loan from directors/relatives of Rs. 34.70 crs. The Company has brought in a total amount of Rs. 62.50 Cr till June 26 and availed a Term Loan of Rs. 92.89 Cr, having a further cushion for disbursement in the shape of undisbursed term loan of Rs. 12.11 Cr.
ABOUT THE ENTITY| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Consumer Discretionary | Consumer Services | Leisure Services | Hotels & Resorts |
Kalpsagar Private Limited was established on January 12, 2018. The Company has been constructing a deluxe star hotel, 'Taj Gateway' at plot no. 2, Ashram Marg, Tonk Road, Jaipur, Rajasthan. The company has proposed to build, furnish and equip an upscale first-class service hotel of international standards containing 178 guest rooms, food and beverages components (which include a bar area and a take-away market), meeting facilities, dedicated recreational facilities including a fitness center, indoor or outdoor swimming pool, adequate parking spaces and other components to be operated under standards comparable to those prevailing in "Taj Gateway" hotels throughout the world. The company has signed a Hotel Management Agreement on 25th March 2019 with Indian Hotels Company Limited. Mrs Kajal Chhabra, Mr Sanjay Chhabra and Mr Prakkhar Chhabra are the Directors of the company.
Associate Companies:
Promoters are running various companies. Details of the companies run by promoters in which active operations are being undertaken are as follows:
Motisons Jewellers Limited: Promoters (Mr Sandeep Chhabra and Mr Sanjay Chhabra) running the business of
Jewellery in the brand name Motisons and the promoters of Motisons Group formed the company in May 2011 to run the jewellery business. The company is engaged in the business of manufacturing & trading of Bullion, jewellery, Sarafia, precious and semiprecious stones. The company is doing business from a showroom situated at Johri Bazar,
Jaipur and Tonk Road, Jaipur.
Shivansh Buildcon Private Limited: The company is involved in the purchase, sale, letting of leased residential buildings, purchasing on lease of residential buildings, renting out of leased residential buildings, and sale on lease of residential buildings.
Motisons Global Private Limited: It is involved in building complete constructions or parts thereof in civil engineering. Directors of Motisons Global Private Limited are Sanjay Chhabra and Sandeep Chhabra.
Motisons Commodities Pvt Ltd: Motisons Commodities Pvt Ltd is a private limited company incorporated on 23.10.2003. The company is acting as a broker of commodities. The company is a member of the MCX and NCDEX exchanges.
Motisons Shares Pvt Ltd: Motisons Shares Pvt Ltd is a private limited company incorporated on 13.07.2005. The
company is acting as a broker of shares, equity and currency derivatives. The company is a member of NSE, BSE, CDSL Depository, NCDEX and MCX.
Motisons Entertainment Pvt Ltd: Motisons Entertainment Pvt Ltd is a private limited company incorporated on 01.03.2007. The company is generating income from the rental of immovable property.
Based on the latest financial data as of June 15, 2026, Motisons Jewellers Ltd, a prominent player in the gold, diamond, and kundan jewellery segment, has the following strengths.
- Current Market Price: Rs. 15.8
- Market Capitalisation: Rs.1,584 Cr.
- 52-Week High/Low: The stock has seen significant volatility, with a high of Rs. 24.0 and a low of Rs.10.6.
- As of March 2026, the company's net worth is approximately Rs. 499 Cr (comprising Rs.100 Cr in Equity Capital and Rs. 399 Cr in Reserves).
- Debt Profile: Borrowings have been reduced from Rs.168 Cr in 2023 to just Rs. 39 Cr in March 2026, making the company almost debt-free.
- Promoter Holding: Promoters hold a majority stake of 64.86%.
- Institutional Interest: Foreign Institutional Investors (FIIs) have recently increased their stake to 2.03%
(up from 0.74% in the previous quarter), Signalling growing institutional confidence.
The company demonstrates an evolving ESG profile based on its environmental, social, and governance practices.
Environmental: The company’s environmental performance is assessed through green building certifications, energy efficiency measures, and adoption of renewable energy sources like solar panels or green power which is not applicable to the entity. Water management and waste reduction practices, including rainwater harvesting, wastewater recycling, and recycling/reuse of construction waste, are also important. Climate risk exposure and resilience measures, such as flood protection or heat-resistant materials, are evaluated. Compliance with environmental regulations and any history of violations or penalties are in line to the rules.
Social: Social considerations focus on workforce health and safety for both permanent and contractor staff, adherence to labor laws are compliant, safety performance, and training or human capital development programs. Diversity and inclusion is favourable and community engagement initiatives, including local community programs, affordable housing, or livelihood support implemented, reflect the company’s commitment to social responsibility.
Governance: Governance is supported by experienced promoters and escrow-backed structures that support financial discipline. However, the partnership structure leads to concentrated decision-making, and formal ESG committees and advanced governance disclosures are limited. Overall governance is adequate but can improve with greater formalisation and transparency. Governance assessment considers board composition, risk management, and compliance.
| Standalone Financial Indicators (in ₹ crore) | Units | FY 23 - 24 () | FY 24 - 25 () | FY 25 - 26 () |
|---|---|---|---|---|
| Operating Revenue | Rs.Crs. | Not Available | Not Available | Not Available |
| EBITDA | Rs.Crs. | -0.28 | -0.36 | -0.30 |
| PAT | Rs.Crs. | -0.61 | -1.01 | -0.76 |
| Tangible Net Worth | Rs.Crs. | 20.68 | 24.17 | 33.59 |
| Total Debt / Tangible Net Worth | Times | 2.41 | 2.93 | 3.58 |
| Current Ratio | Times | 6.52 | 12.13 | 11.97 |
|
* A:Audited UA:Unaudited P:Provisional PROJ:Projected
|
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|
Note: These are latest available financial results. All ratios as per BWR's calculations; Amount in ₹ crore
|
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The terms of sanction of the rated facilities include standard covenants normally stipulated for such facilities including following:
- Revised DCCO shall be achieved by 1st Januray 2027.
- Cost overrun, including additional interest servicing due to a change in DCCO, will be borne by the client.
STATUS OF NON-COOPERATION WITH PREVIOUS CRA
| Creadit Rating Agency | Status and Reason for Non-Cooparation | Date of Press Release |
|---|---|---|
| IVR | Infomerics Ratings classified the ratings as 'non-cooperative' as the issuer did not provide the requisite information needed to conduct the rating exercise | 09Jun2026 |
NA
RATING HISTORY FOR LAST 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 | 105.00 |
BWR BB/Stable
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| Grand Total | 105.00 | (Rupees One Hundred Five Crores Only) | |||||||
| Analytical Contacts | |
|---|---|
|
Harshit Rastogi Ratings Analyst harshit.r@brickworkratings.com |
Mukesh Kumar Verma Associate Director mukesh.verma@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 | AU Small Finance Bank | Term LoanSanctioned | 35.00 | _ | 35.00 | Simple## |
| 2 | Punjab National Bank | Term LoanSanctioned | 45.00 | _ | 45.00 | Simple## |
| 3 | SIDBI | Term LoanSanctioned | 25.00 | _ | 25.00 | Simple## |
| Total | 105.00 | 0.00 | 105.00 | |||
| TOTAL (Rupees One Hundred Five 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 |
| 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
For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.
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