Press Release May 13, 2025 ANURAAG ENGINEERS PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	7.79	ACUITE C | Assigned	-
Bank Loan Ratings	5.71	ACUITE D | Assigned	-
Bank Loan Ratings	1.50	-	ACUITE D | Assigned
Total Outstanding	15.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has assigned its long term rating of ‘ACUITE D’ (read as ACUITE D) on Rs.5.71 Cr. bank facilities and short term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 1.50 Cr. bank facilities of Anuraag Engineers Private Limited (AEPL). Further, ­Acuité has assigned its long term rating of ‘ACUITE C’ (read as ACUITE C) on Rs. 7.79 Cr. proposed bank facilities of Anuraag Engineers Private Limited (AEPL). Rationale for Rating The rating assigned is on account of instances of delay in servicing of debt obligation by the company as written confirmation received from the banker which is also evident in the term loan statements received.

About the Company

­Incorporated In 2010, Anuraag Engineers Private Limited (AEPL) is engaged in the business of water infrastructure projects and water retaining structures. The Directors of the company are Mr. Ragothaman Gururaja Rao, Mrs. Aishwarya Rao Ragothaman and Mrs. Akshaya Ragothaman Rao. The Registered office is located at Tamil Nadu.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuité has considered the standalone business and financial risk profiles of AEPL.

Key Rating Drivers

Strengths

­Extensive experience of promoters in the industry Tamil Nadu based AEPL was incorporated in 2010. The promoters have over a decade of industry experience. The company exclusively works with the Kerala Water Authority and has a proven track record of working with government agencies. Acuité believes that AEPL will continue to leverage the extensive experience of its promoters for the growth of the company.

Weaknesses

­Instances of delays in servicing of debt obligation There have been an instances of delay in servicing of debt obligation by the company as written confirmation received from the banker which is also evident in the term loan statements received. The account is classified as SMA- 2 as on date with 15-20 days of delay observed in interest servicing which is also evident in term loan statements. Further, the delay was on account of inadeqacy of funds due to slower realisations from Kerala Water Authority.

Rating Sensitivities

-­ Timely servicing of debt obligations

Liquidity Position

Poor

­Liquidity position of the company is poor as there have been instances of delays in servicing of debt obligation.

Outlook: Not Applicable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	10.32	21.18
PAT	Rs. Cr.	0.07	0.15
PAT Margin	(%)	0.70	0.71
Total Debt/Tangible Net Worth	Times	3.52	3.84
PBDIT/Interest	Times	1.15	1.45

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

­None

Interaction with Audit Committee anytime in the last 12 months (applicable for rated-listed / proposed to be listed debt securities being reviewed by Acuite)

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 :

­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 Karnataka Bank Ltd Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.50 Simple ACUITE D | Assigned Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.79 Simple ACUITE C | Assigned Karnataka Bank Ltd Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.50 Simple ACUITE D | Assigned Karnataka Bank Ltd Not avl. / Not appl. Term Loan 29 Oct 2021 Not avl. / Not appl. 30 Oct 2026 0.21 Simple ACUITE D | Assigned

Contacts

Mohit Jain Senior Vice President - Rating Operations Nidhi Gala 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.