Press Release

Press Release

April 09, 2026

GOEL GANGA INDIA PRIVATE LIMITED
Rating Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	461.96	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*	-
Total Outstanding	0.00	-	-
Total Withdrawn	461.96	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

Acuité has withdrawn its long-term on Rs. 417.65 Cr. bank facilities of Goel Ganga India Private Limited (GGIPL) without assigning any rating as the instrument is fully repaid. The rating is being withdrawn on account of request received from the issuer and No Dues Certificate received from the lender.
Further, Acuité has also withdrawn its long-term on Rs. 44.31 Cr. proposed bank facilities of Goel Ganga India Private Limited (GGIPL) without assigning any rating as it is a proposed facility. The rating is being withdrawn on account of request received from the company.
The rating withdrawal is in accordance with Acuite’s policy on withdrawal of ratings as applicable to the respective facility / instrument. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information

About the Company

Incorporated in 2016, Goel Ganga India Private Limited (GGIPL), flagship company under Goel Ganga group was engaged in construction of quality home and commercial establishment. As per the NCLT order dated June 03, 2025, the operations of GGIPL has been demerged into five different group companies, effective 1st April 2023. The directors of the company are Mr. Atul Jaiprakash Goel, Mr. Amit Jaiprakash Goel and Mr. Saloni Goel.

Unsupported Rating

Not Applicable

Non-cooperation by the issuer/borrower:

Acuité has been requesting for latest financials and latest No Default Statement from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivity

Potential triggers (individual or collective) for an upward rating action:

Not Applicable

Potential triggers (individual or collective) for a downward rating action:

Not Applicable

Liquidity Position

No information provided by the issuer / available for Acuite to comment upon.

Outlook: Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 23 (Actual)	FY 22 (Actual)
Operating Income	Rs. Cr.	396.32	271.15
PAT	Rs. Cr.	2.11	(196.05)
PAT Margin	(%)	0.53	(72.30)
Total Debt/Tangible Net Worth	Times	2.24	3.33
PBDIT/Interest	Times	1.03	1.42

Status of non-cooperation with previous CRA

Not Applicable

Any other information

None

Applicable Criteria

• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Real Estate Entities: https://www.acuite.in/view-rating-criteria-63.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.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
30 Sep 2025	Term Loan	Long Term	89.24	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	245.80	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	26.61	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Proposed Long Term Bank Facility	Long Term	44.31	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	56.00	ACUITE C (Reaffirmed & Issuer not co-operating*)
05 Jul 2024	Term Loan	Long Term	26.61	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	89.24	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	56.00	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	245.80	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Proposed Long Term Bank Facility	Long Term	44.31	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
08 May 2023	Term Loan	Long Term	26.61	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	89.24	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	56.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	48.31	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	197.49	ACUITE BBB- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	44.31	ACUITE BBB- \| Stable (Assigned)
* The issuer did not co-operate; based on best available information.

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	44.31	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
THE KARUR VYSYA BANK LIMITED	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	26.61	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
INDUSIND BANK LIMITED	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	89.24	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Aditya Birla Capital	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	56.00	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
INDUSIND BANK LIMITED	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	245.80	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*

* The issuer did not co-operate; based on best available information.

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Akshit Agrawal
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.