Press Release

Press Release

September 30, 2025

ABHISHEK PROPBUILD PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	1404.00	ACUITE D \| Reaffirmed	-
Total Outstanding	1404.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has reaffirmed its long-term rating of 'ACUITE D' (read as ACUITE D) to the Rs.1404.00 Cr. bank facilities of Abhishek Propbuild Private Limited (APPL).

Rationale for reaffirmation:
The rating reaffirmation is on account of delays in servicing of term loan and irregular account conduct as per the written feedback received from the bank. Consequently, the account is currently marked as SMA-2 by bank. The same has been confirmed by the issuer through the default statement for the month of July 2025 and Aug 2025.

About the Company

Bangalore based, Abhishek Propbuild Private Limited (APPL) was incorporated in 2017, and directed by Mr. Gopinath Raj Kumar and Mr. Mohankumar Singapura Jayanna. The company is engaged in real estate activities. APPL is a subsidiary of Propcare Developers Private Limited (Erstwhile Mantri Developers Private Limited) holding 99.95 percent as on 31.03.2025 and it is a part of Mantri Group. APPL operates a commercial complex named as 'Mantri Square mall' located at Malleshwaram, Bangalore. Total area of the building is 8.75 Lakhs Sq.ft and leased out to various tenants.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has considered standalone business and financial risk profile of Abhishek Propbuilt Private Limited (APPL) to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management and established track record in real estate
Abhishek Propbuilt Private Limited (APPL) is managed by Mr. Mohankumar Singapura Jayanna and Mr. Gopinath Raj Kumar. APPL is a subsidiary of Propcare Developers Private Limited (Erstwhile Mantri Developers Private Limited)) holding 99.95 percent as on 31.03.2025 and it is a part of Mantri Group, which has an experience of more than two decades in real estate and construction business. Mantri group has long track record in execution of residential and commercial projects in cities like Bengaluru, Hyderabad, Chennai, Pune and Delhi.

Weaknesses

Instance of delay and irregularities in account conduct
There have been recurring delays in the servicing of DCPL’s term loan obligations, as confirmed by the written feedback received from the bank and evidenced by the issuer’s default statements. Currently, the account classification is SMA-2 as per lender's feedback.

Rating Sensitivities

Timely servicing of its debt obligations

Liquidity Position: Poor

The company’s liquidity position is poor as there are continuous delays in servicing of debt obligations. As on March 31, 2025(Prov.), the company reported a cash accrual of Rs 23.33 Cr, indicating that its internal cash generation is inadequate to meet its current portion of long-term debt obligations.

Outlook: Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Provisional)	FY 24 (Actual)
Operating Income	Rs. Cr.	142.67	185.75
PAT	Rs. Cr.	11.46	32.04
PAT Margin	(%)	8.03	17.25
Total Debt/Tangible Net Worth	Times	10.66	13.42
PBDIT/Interest	Times	1.17	1.31

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
• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
23 Jul 2024	Lease Rental Discounting	Long Term	1404.00	ACUITE D (Reaffirmed)
27 Apr 2023	Lease Rental Discounting	Long Term	1404.00	ACUITE D (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Canara Bank	Not avl. / Not appl.	Lease Rental Discounting	06 Jul 2019	Not avl. / Not appl.	31 Mar 2035	1404.00	Simple	ACUITE D \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Dharmavarapu Sai Kiran
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.