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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 350.00 | Not Applicable | Withdrawn | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 350.00 | - | - |
| Rating Rationale |
| Acuité has withdrawn the long-term rating on the Rs.350.00 Cr. bank facilities of Gaursons Promotors Private Limited. The rating is being withdrawn on account of the request received from the company and the NOC received from the banker as per Acuité’s policy on withdrawal of ratings. |
| About the Company |
| Gaursons Promoters Private Limited (GPPL) is incorporated in 2006. It is a Ghaziabad based company engaged in construction of residential/commercial projects in NCR region. Directors of the company are Mr. B. L. Gaur, Mr. Manoj Gaur, and Mr. Sarthak Gaur, all of whom have extensive commercial experience. |
| Analytical Approach |
| Acuite has taken a standalone analytical approach of GPPL. |
Key Rating Drivers
| Strengths |
| > Experienced management and established track record of operations GPPL benefits from its experienced management and established brand name of the group. The Gaursons group has an established presence in the NCR real estate sector, with several projects completed in the past. The promoter of the group has more than 25 years of experience in the real estate business. >Healthy Sales traction in ongoing project The Company is current developing a residential real estate project which includes a total of 4,918 units (including both residential and commercial units) of which the company has already sold 4,886 units till December 2022 i.e. totaling 48.53 lac sq ft, which amounts to 99% of the total area available for sale. The project values a total of Rs.1887.89 Cr with a total area available for sale of 48.83 lac sq ft. |
| Weaknesses |
| > Competitive industry Intense competition and ongoing projects of established players like DLF, Unitech, MGF EMAAR, Chintels, Ansal, Orris Infrastructure, Antriksh, Assotech Ltd and Raheja Developers, create pricing pressure. |
| Rating Sensitivities |
| Not Applicable |
| Material covenants |
| None |
| Liquidity Position |
| Adequate |
| The liquidity profile of the company is adequate on account of adequate cushion between repayments and cash inflows. The company expects cash inflow of Rs. 80.50 crore from the project against which its debt obligation stands at Rs44.31 crore. |
| Outlook: |
| Not Applicable |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 195.22 | 190.37 |
| PAT | Rs. Cr. | 11.31 | 12.06 |
| PAT Margin | (%) | 5.79 | 6.34 |
| Total Debt/Tangible Net Worth | Times | 0.57 | 0.32 |
| PBDIT/Interest | Times | 8.71 | 8.54 |
| Status of non-cooperation with previous CRA (if applicable) |
| None |
| Any other information |
| None |
| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on complexity levels of the rated instrument |
| In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in. |
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