Press Release

Press Release

March 04, 2026

AVINASH DEVELOPERS PRIVATE LIMITED
Rating Reaffirmed, Withdrawn & Issuer Not Cooperating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	331.57	ACUITE BB+ \| Reaffirmed & Withdrawn \| Issuer not co-operating*	-
Bank Loan Ratings	85.93	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*	-
Total Outstanding	0.00	-	-
Total Withdrawn	417.50	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

Acuité has reaffirmed and withdrawn its long-term rating of ‘ACUITE BB+’ (read as ACUITE Double B Plus) on the Rs.331.57 Cr. bank facilities of Avinash Developers Private Limited. The rating has been withdrawn on account of the request received from the company and the NOC (No Objection Certificate) received from the banker.

Further, Acuité has withdrawn its long-term rating on Rs.26.23 Cr. bank facilities of Avinash Developers Private Limited without assigning any rating as the instrument is fully repaid. The rating has been withdrawn on account of the request received from the company and No Due Certificate (NDC) received from the banker.

Acuité has also withdrawn its rating on the proposed long-term bank facilities of Rs.59.70 Cr. of Avinash Developers Private Limited without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the company.

The rating has been withdrawn as per Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility.
The rating is now flagged as “Issuer Not Cooperating” and is based on the best available information.

About the Company

Established in 1997, Avinash Developers Private Limited (ADPL) is a Raipur based real estate builder. The company develops residential & commercial real estate properties and also operates Magneto Mall in Chhattisgarh. The company is managed by Mr. Anand Singhania, Mr. Mukesh Singhania and Mr. Anand Singhania. Currently, the group is developing 12 projects and planning to launch 7 other projects in near to medium term.

About the Group

The Avinash Group comprises several companies as enumerated below: Raipur based AIM Infrastructure and Developers is a partnership firm established in 2016. The partners of the company are Mr. Anand Singhaniaand Mr. Mukesh Singhania. The focus of the firm is on developing projects with uncompromising standards of quality. It ensures that it meets the special demands of its discerning customers and provide them with the best option in today's real estate market. Established in 2014, Avinash Builders is a partnership firm based in Raipur. The firm is headed by Mr. Anand Singhaniaand Mr. Mukesh Singhania. It is involved in developing residential and commercial real estate in Raipur.

Unsupported Rating

Not Applicable

Non-cooperation by the issuer/borrower

Acuité has been requesting for latest information 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 before the due date. Acuité believes that information risk is a critical component in such ratings, and non co-operation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. 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 Sensitivities

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

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 25 (Provisional)	FY 24 (Actual)
Operating Income	Rs. Cr.	251.35	183.28
PAT	Rs. Cr.	33.96	14.56
PAT Margin	(%)	13.51	7.95
Total Debt/Tangible Net Worth	Times	1.53	1.29
PBDIT/Interest	Times	2.06	1.89

Status of non-cooperation with previous CRA

Not Applicable

Any other information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.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

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
19 Sep 2025	Dropline Overdraft	Long Term	43.84	ACUITE BB+ \| Stable (Upgraded from ACUITE C)
	Dropline Overdraft	Long Term	10.00	ACUITE BB+ \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	31.72	ACUITE BB+ \| Stable (Upgraded from ACUITE C)
	Proposed Long Term Bank Facility	Long Term	59.70	ACUITE BB+ \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	17.38	ACUITE BB+ \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	8.85	ACUITE BB+ \| Stable (Upgraded from ACUITE C)
	Lease Rental Discounting	Long Term	130.00	ACUITE BB+ \| Stable (Upgraded from ACUITE C)
	Cash Credit	Long Term	7.50	ACUITE BB+ \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	15.05	ACUITE BB+ \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	78.79	ACUITE BB+ \| Stable (Upgraded from ACUITE C)
	Inventory Funding	Long Term	14.67	ACUITE BB+ \| Stable (Upgraded from ACUITE C)
17 Oct 2024	Lease Rental Discounting	Long Term	64.20	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Dropline Overdraft	Long Term	13.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Proposed Long Term Bank Facility	Long Term	103.64	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	37.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	22.80	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	17.60	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Lease Rental Discounting	Long Term	34.76	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	85.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Cash Credit	Long Term	7.50	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	32.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
28 Jul 2023	Cash Credit	Long Term	7.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	80.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.00	ACUITE BBB \| Stable (Assigned)
	Lease Rental Discounting	Long Term	34.76	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	17.60	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	22.80	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	37.00	ACUITE BBB \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	103.64	ACUITE BBB \| Stable (Assigned)
	Dropline Overdraft	Long Term	13.00	ACUITE BBB \| Stable (Assigned)
	Lease Rental Discounting	Long Term	64.20	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	32.00	ACUITE BBB \| Stable (Assigned)
29 Jun 2023	Cash Credit	Long Term	7.50	ACUITE BBB \| Stable (Reaffirmed)
29 Jun 2023	Term Loan	Long Term	80.00	ACUITE BBB \| Stable (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.50	Simple	ACUITE BB+ \| Reaffirmed & Withdrawn \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Dropline Overdraft	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BB+ \| Reaffirmed & Withdrawn \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Dropline Overdraft	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	43.84	Simple	ACUITE BB+ \| Reaffirmed & Withdrawn \| Issuer not co-operating*
ICICI BANK LIMITED	Not avl. / Not appl.	Inventory Funding	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.67	Simple	ACUITE BB+ \| Reaffirmed & Withdrawn \| Issuer not co-operating*
AXIS BANK LIMITED	Not avl. / Not appl.	Lease Rental Discounting	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	130.00	Simple	ACUITE BB+ \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	59.70	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2026	17.38	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2028	78.79	Simple	ACUITE BB+ \| Reaffirmed & Withdrawn \| Issuer not co-operating*
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 May 2026	8.85	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Apr 2028	15.05	Simple	ACUITE BB+ \| Reaffirmed & Withdrawn \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2027	31.72	Simple	ACUITE BB+ \| Reaffirmed & Withdrawn \| Issuer not co-operating*

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

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No	Name of the companies
1	Avinash Developers Private Limited
2	AIM Infrastructure and Developers
3	Avinash Builders

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

Sahil Sawant
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.