Press Release September 10, 2025 KARMALA ROAD PROJECT PRIVATE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	280.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	280.00	-	-

Rating Rationale

­Acuité has withdrawn its long-term rating on the Rs.280.00 Cr. bank facilities of Karmala Road Project Private Limited (KRPPL) without assigning any rating as the facility has been fully repaid. The rating has been withdrawn on account of the request received from the company and No Dues Certificate (NDC) received from the lenders. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

About the Company

­Incorporated in 2021, Karmala Road Project Private Limited (KRPPL) is joint venture (JV) between Anish Infracon India Private Limited (AIIPL) and GHV (India) Private Limited (GIPL) formed for the development, maintenance and management of National Highway 561A (NH-561A), Package I - 0.000 km (Ahmednagar) to design 38.775 km (Ghogargaon) & Package II - design 38.775 km (Ghogargaon) to design 80.390 km (Ahmednagar-Solapur Border) in the state of Maharashtra under Bharatmala Pariyojana. The project has been awarded by National Highways Authority of India (NHAI) for concession period of 15 years including a construction period of 2 years to be executed on design, build, operate and transfer (DBOT), hybrid annuity model basis.  The company is currently promoted by Mr. Reezwan Iliyas Vijapura.

About the Group

AIIPL is engaged in civil construction work such as, road construction work, sanctioned by the Central and the state government. Currently, AIIPL is working in the states of Gujarat, Maharashtra and Madhya Pradesh.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuité has considered the standalone credit profile of KRPPL to arrive at the rating.

Key Rating Drivers

Strengths

­Not Applicable.

Weaknesses

­Not Applicable.

Rating Sensitivities

­Not Applicable.

Liquidity Position

­Not Applicable.

Outlook: Not Applicable

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Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 25 (Provisional)	FY 24 (Actual)
Operating Income	Rs. Cr.	55.72	365.47
PAT	Rs. Cr.	7.84	18.75
PAT Margin	(%)	14.08	5.13
Total Debt/Tangible Net Worth	Times	2.55	2.90
PBDIT/Interest	Times	1.29	2.32

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable.

Any other information

­None.

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 18 Jun 2024 Term Loan Long Term 150.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 130.00 ACUITE BBB+ | Stable (Reaffirmed) 21 Mar 2023 Term Loan Long Term 280.00 ACUITE BBB+ | Stable (Reaffirmed)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating PTC India Financials Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Jun 2036 150.00 Simple Not Applicable|Withdrawn Central Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Jul 2036 130.00 Simple Not Applicable|Withdrawn

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Dhruvi Chauhan 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.