RATING RATIONALE

16Mar2026

Grand Calistaa Associates

Brickwork Ratings upgrades the ratings for the Bank Loan Facilities of Rs. 50.00 Crs. of Grand Calistaa Associates

Particulars

Facilities**	Amount (Rs.Crs.)		Tenure	Rating#
Facilities**	Previous	Present	Tenure	Previous (17 Mar 2025)	Present
Fund Based	50.00	50.00	Long Term	BWR BB- /Stable Assignment	BWR BB /Stable Upgrade
Grand Total	50.00	50.00	(Rupees Fifty 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 upgraded the long-term rating to BWR BB/Stable for the bank loan facilities of Grand Calistaa Associates Firm.

The Rating has factored in the partners' vast experience in the real estate field and favorable location, and the promoter's comfortable Net Worth. However, the rating is constrained on account of exposure to intense competition, execution risk related to timely completion, and construction cost. However, going forward, the progress of the project and means of funding through bookings as per the project implementation schedule would be the key rating sensitivities.

The rating outlook has been assigned as "Stable" as BWR believes that "Grand Calistaa Associates" business risk profile will be maintained over the medium term. The 'Stable' outlook indicates a low likelihood of rating change over the medium term. The rating outlook may be revised to 'Positive' in case of timely progress of the project, and an increase in advance bookings, and the rating outlook may be revised to 'Negative' if there is any delay in the project progression as per the implementation schedule adversly affecting the debt repayment.

KEY RATING DRIVERS

Credit Strengths:

Management Experience :
The promoters have been in the business of Construction and Development of Real Estate for more than 10 years. The Group has already completed 6 CRE projects in the past (3 Residential and 3 Commercial Projects). Mr. Shreyash Jain and Mr. Vinay Dhupia are the main promoters of the firm, has an extensive 16 years of experience showcasing expertise in managing day to day operations of the firm.
Location Advantage :
The project site is located within the developed area with a mix of residential and commercial establishments and is well connected by road, rail, and airways. The project site is well connected with the city bus service/ BRTS etc. These comprehensive facilities enhance the location’s appeal, making it a preferred choice for customers.

Credit Risks:

Project execution risk :
Any delays in project execution will result in increased operating expenses, negatively affecting advance bookings and overall revenue. Furthermore, inefficient property management practices can escalate costs and diminish the project's total value. To mitigate these risks, the firm must maintain effective manpower procurement and ensure seamless operations. The firm must ensure smooth, well-maintained operations to protect its financial performance and avoid revenue loss
Industry competition :
The real estate market is very competitive because many small and local builders often launch projects at much lower prices. This high number of developers can lead to an oversupply of homes, which may force larger firms to lower their own prices to attract buyers. To stay ahead, a firm must prove that its project offers better construction quality, better locations, and more reliable delivery than these cheaper competitors.

ANALYTICAL APPROACH - Standalone

The Firm has no subsidiary, associate or joint ventures. BWR has taken a standalone approach for the bank loan rating review of the company. BWR has applied its rating methodology as detailed in the rating criteria.

RATING SENSITIVITIES

Going forward, the progress of the project and means of funding through bookings as per the project implementation schedule are key monitorables.

Positive:

During the review period, the progression of the project as per the project implementation schedule, without any time and cost overrun.
Progression in bookings to the extent of 20% as envisaged in the project report.

Negative:

During the review period, if there is a delay of more than 15% in the project progression as per the implementation schedule adversly affecting the debt repayment.

LIQUIDITY INDICATORS - Adequate

Adequate liquidity characterised by a sufficient cushion in accruals vis-a-vis repayment obligations and a moderate cash balance of Rs. 2.18 Crore. Its capex requirements are modular and expected to be funded using debt of Rs. 50.00 Crore, for which it has sufficient headroom. Its bank limits are utilised to the extent of 80.00% and has sought enhancement in bank lines, supported by the above unity current ratio.

The firm has Rs.16.91 Cr of Tangible Networth in FY2025. The project is under construction, and the total cost of the project is Rs.112.98 Crs with promoter contribution of Rs. 23.00 Cr, Advance from Customer is Rs 28.50 Cr, and Unsecured loans of Rs.11.48 Cr. The rest of the cost will be funded by the Rs.50.00 Cr. term loan with Canara Bank. In the event of a delay in project completion, the expenses will be funded by the promoters. The firm will have repayment obligations for the term loan of Rs 50.00 Crores post completion of the project.

ABOUT THE ENTITY

Macro Economic Indicator	Sector	Industry	Basic Industry
Consumer Discretionary	Realty	Realty	Residential, Commercial Projects

M/s. Grand Calistaa Associates is a SPV(Special Purpose Vehicle) established for a specific project. And it belongs to the Jainam Group, which is one of the well-known groups in Surat in the real estate business. Mr. Shreyash Jain and Mr. Vinaykumar Dhupia are the main promoters of the Group. The registered office of the firm is located at Survey No. 225/1, TPS Scheme No 75, FP No. 17, 0, BH Agarwal School, NR Blossom, Vesu Abhva Road, Khatodara, Surat - 395007 (Gujarat).

Mr. Shreyansh Jain and Mr. Vinaykumar Dhupia are from a textile background. In 2014, both entered the construction business. Over the last 10 years, they both developed a group name, "Jainam". The promoters have a practice of forming different firms (SPV) for different projects.

The promoters have been in the business of Construction and Development of Real Estate for more than 10 years. The Group has already completed 6 CRE projects in the past (2 Residential and 4 Commercial Projects), and 2 residential projects are in progress.

The firm has proposed the Construction of a residential real estate project "Grand Calistaa" consisting of 6 towers with 156 residential units at R. S No. 225/1, TPS Scheme No 75, FP No 17, Vesu Surat, Gujarat - 395007.

ESG Profile

The company demonstrates a Adequate 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. Water management and waste reduction practices, including rainwater harvesting, wastewater recycling 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 provide additional insights.

Social: Social considerations focus on workforce health and safety for both permanent and contractor staff, adherence to labor laws, safety performance, and training or human capital development programs. Diversity and community engagement initiatives, including local community programs and affordable housing, reflect the company’s commitment to social responsibility.

Governance: Governance assessment considers board composition, risk management, and compliance. Key factors include the proportion of independent directors, board diversity, presence of ESG committees, conflict-of-interest management, internal policies for monitoring compliance and related-party transactions, and inclusion of ESG or ethical clauses in leases and contracts.

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 22 - 23 (Audited - Annual)	FY 23 - 24 (Audited - Annual)	FY 24 - 25 (Audited - Annual)
Operating Revenue	Rs.Crs.	Not Available	Not Available	Not Available
EBITDA	Rs.Crs.	Not Available	Not Available	Not Available
PAT	Rs.Crs.	Not Available	Not Available	Not Available
Tangible Net Worth	Rs.Crs.	Not Available	0.01	16.91
Total Debt / Tangible Net Worth	Times	Not Available	Not Available	2.06
Current Ratio	Times	Not Available	Not Available	9.93

KEY COVENANTS OF THE FACILITY RATED

The terms of sanction include covenants normally stipulated for such facilities.
Unsecured loans shall be interest-free and subordinated.
DSRA for Rs.5.43 Cr for 3 months Debt Servicing (both principal and interest) is proposed to be created within 3 months of DCCO.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

Nil

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	50.00	BWR BB/Stable (Upgrade)	17Mar2025	BWR BB- Stable (Assignment)	NA	NA	NA	NA
Grand Total		50.00	(Rupees Fifty Crores Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Krishnappa Murugesh Ratings Analyst krishnappa.m@brickworkratings.com	Sabitha M Nayak Associate Director-Ratings sabitha.nayak@brickworkratings.com
1-860-425-2742 \| media@brickworkratings.com	Customer Support \| CustSupport@brickwrokratings.com

Grand Calistaa Associates

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.)	Complexity of the Instrument
1	Canara Bank	Term Loan - Sanctioned	50.00	_	50.00	Simple##
Total			50.00	0.00	50.00
TOTAL (Rupees Fifty 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.

ANNEXURE-II

INSTRUMENT DETAILS

Instrument	Issue Date	Amount (Rs.Crs)	Coupon Rate (%)	Maturity Date	ISIN Particulars	Complexity of the Instrument
Nil	Nil	Nil	Nil	Nil	Nil	Nil

ANNEXURE-III

List of entities consolidated

Name of Entity	% Ownership	Extent of consolidation	Rationale for consolidation
Nil	Nil	Nil	Nil

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Brickwork 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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