Press Release January 28, 2026 SURYAKIRAN INFO PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	145.00	ACUITE BB+ | Stable | Assigned	-
Total Outstanding	145.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuite has assigned its long-term rating of 'ACUITE BB+' (read as ACUITE double B plus) on Rs.145.00 Cr. bank facilities of Suryakiran Info Private Limited (SIPL). The Outlook is 'Stable'. Rationale for Rating The assigned rating reflects the promoters’ extensive experience in the same industry, demonstrated by successfuly operating a fuly leased commercial building since 2014 in Sector 62, Noida, Uttar Pradesh, through another wholy owned group entity, OESPL Private Limited (Acuite BBB/Stable). Additionaly, the promoters are currently developing another commercial building under SIPL in Sector 142, Noida, Uttar Pradesh, named ‘ORD Towers’.” The project is being developed on leasehold land alotted by the Noida Development Authority (NDA) for a tenure of 90 years in 2006. The total estimated project cost is Rs. 281.46 crore, of which Rs. 75.82 crore had been incurred as of September 2025. The funding structure comprises a mix of term loan and promoter’s contribution in a 51:49 ratio. The term loan has been fuly sanctioned by State Bank of India, thereby mitigating funding risk. The project currently has a sanctioned Floor Area Ratio (FAR) of 1.50 from the Noida Development Authority (NDA). However, the company has applied for approval to develop at an enhanced FAR of 3.0, with the proposed building configuration comprising 2 basements, ground floor, and 12 upper floors with estimated built up area of 5,10,355 sq. ft. Although the term loan has been sanctioned, disbursement is pending as the sanction letter specifies receipt of approval for FAR 3.0 as a pre-disbursement condition. Acuité believes that timely receipt of this approval wil remain a key monitorable in the near to medium term. These strengths are partly offset by execution risk, as the project is stil under development with only about 23% physical completion achieved as of September 2025.

About the Company

­Incorporated on 13th October 2005, Surya Kiran Info Private Limited (SKIPL), currently developing a commercial building for lease rental discounting purpose in Sector 142, Noida, Uttar Pradesh under the name of ‘ORD Tower’. Directors Of Surya Kiran Info Private Limited Are Mr. Deepanshu Gupta, And Mr. Mahesh Kumar

Unsupported Rating

­Not Applicable.

Analytical Approach

­Acuite has considered standalone business and financial risk profile of Suryakiran Info Private Limited (SIPL) to arrive at the rating.

Key Rating Drivers

Strengths

­Experienced Promoters The key promoter and founder, Mr. Rajesh Gupta have more than a decade of experience in same line of industry. Prior to this, he is associated with Microtek International Private Limited from 1986 and founded OKAYA Power Private Limited in 2012. He later constructed 'OKAYA Centre' having four towers in Sector 62, Noida, Uttar Pradesh with his own funds without availing any external debt. Acuite believes that strong financial backbone and high experience of the promoters indicates comfort for the company in longer term. Tying up of LOI's The company has already secured LOIs for 171,867 sq. ft., equivalent to approximately 33.67% of the total leasable area (510,355.95 sq. ft.), despite only 23% physical project completion. It anticipates annual rental income of Rs. 16.76 crore from this portion. Acuite believes the company wil secure the remaining LOIs in the medium term and meet its debt obligations on time.

Weaknesses

­Approval Pending from NDA Currently, the project is sanctioned for 1.5 FAR by the Noida Development Authority (NDA), with an application submitted for 3.0 FAR. Acuite believes that timely receipt of this approval wil facilitate loan disbursement and ensure on-schedule project completion. Project Execution Risk The project carries execution risk, as it is currently under construction with only 23% physical completion achieved as of September 2025. Acuite believes that timely project completion and the commencement of regular lease rentals wil be key monitorables. Presence in highly competitive and fragmented nature of industry The real estate industry in India is highly fragmented, with most of the real estate developers having a city or region-specific presence. The risks associated with the real estate industry are cyclical and interest rate risk, among others, which could affect operations. The company is exposed to lease renewal risk, i.e., while renewing the lease agreements, any significant renegotiations by the lessees can adversely impact the cash flows.

Rating Sensitivities

­Timely receipt of approval for 3.0 FAR from NDA Timely completion of the project

Liquidity Position

Adequate

The project currently under construction, maintains an adequate liquidity profile, supported by tied-up external debt and timely promoter contributions toward project development. The company expects to generate healthy lease rental income starting from FY29. Furthermore, the projected average DSCR for the period FY29 to FY37 remains comfortable at 2.88 times.

Outlook - Stable

­

Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	0.00	0.00
PAT	Rs. Cr.	0.00	0.00
PAT Margin	(%)	0.00	0.00
Total Debt/Tangible Net Worth	Times	0.02	(972.24)
PBDIT/Interest	Times	10415.30	1612.74

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

None.

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 • Lease Rental Discounting : https://www.acuite.in/view-rating-criteria-106.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 :

­Not Applicable.

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating State Bank of India Not avl. / Not appl. Term Loan 21 Nov 2025 Not avl. / Not appl. 01 Apr 2029 145.00 Simple ACUITE BB+ | Stable | Assigned

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Kartik Arora Senior 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.