Press Release

Press Release

May 26, 2025

BHANWARIYA INFRA PROJECTS PRIVATE LIMITED
Rating Downgraded & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	21.60	ACUITE BB+ \| Downgraded & Withdrawn \| Issuer not co-operating*	-
Bank Loan Ratings	5.04	Not Applicable \| Withdrawn	-
Bank Loan Ratings	102.00	-	ACUITE A4+ \| Downgraded & Withdrawn \| Issuer not co-operating*
Bank Loan Ratings	5.00	-	Not Applicable \| Withdrawn
Total Outstanding	0.00	-	-
Total Withdrawn	133.64	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

Acuite has downgraded and withdrawn the long term rating to 'ACUITE BB+' (read as ACUITE double B plus) from 'ACUITE BBB-' (read as ACUITE triple B minus) and the short term rating to 'ACUITE A4+' (read as ACUITE A four plus) from 'ACUITE A3' (read as ACUITE A three) on the Rs. 123.60 Cr. bank facilities of Bhanwariya Infra Projects Private Limited (BIPPL). The rating is being withdrawn on account of request received from the company and NOC (No Objection Certificate) received from the lender.
Further, Acuite has withdrawn the long term rating on Rs. 5.04 Cr. and the short term rating on Rs. 5.00 Cr. facilities without assigning any rating as the same are proposed facility. The rating is being withdrawn on account of request received from the company.
The withdrawal is in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument.

The rating is now flagged as “Issuer Not Cooperating” and is based on the best available information. The rating is downgraded on account of information risk.

About the Company

Bhanwariya Infra Projects Private Limited (BIPPL) is a Jaipur based company incorporated in March 2017 and managed by Mr. Jai Narayan Bhanwariya. The company undertakes various transmission and distribution projects with Rural Electrification Corporation Limited and Indian Railways. BIPPL is registered as class ‘AA' civil contractor with Jaipur Development Authority and class ‘E1’ electrical contractor with Electricity Board of Rajasthan.

Unsupported Rating

Not Applicable

Non-cooperation by the issuer/borrower

Acuité has been requesting for data, information and undertakings 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-cooperation 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 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	181.87	163.70
PAT	Rs. Cr.	11.89	6.73
PAT Margin	(%)	6.54	4.11
Total Debt/Tangible Net Worth	Times	1.21	0.51
PBDIT/Interest	Times	3.27	3.89

Status of non-cooperation with previous CRA

Not Applicable

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

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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
16 May 2024	Bank Guarantee/Letter of Guarantee	Short Term	42.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	20.00	ACUITE A3 (Assigned)
	Bank Guarantee/Letter of Guarantee	Short Term	21.90	ACUITE A3 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	18.10	ACUITE A3 (Assigned)
	Proposed Short Term Bank Facility	Short Term	5.00	ACUITE A3 (Assigned)
	Cash Credit	Long Term	7.90	ACUITE BBB- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	4.52	ACUITE BBB- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	0.52	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.10	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	8.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB- \| Stable (Assigned)
	Covid Emergency Line.	Long Term	0.60	ACUITE BBB- \| Stable (Reaffirmed)
16 Feb 2023	Bank Guarantee/Letter of Guarantee	Short Term	42.00	ACUITE A3 (Assigned)
	Bank Guarantee/Letter of Guarantee	Short Term	21.90	ACUITE A3 (Assigned)
	Cash Credit	Long Term	8.00	ACUITE BBB- \| Stable (Assigned)
	Covid Emergency Line.	Long Term	1.12	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	0.10	ACUITE BBB- \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
The Federal Bank Ltd	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	62.00	Simple	ACUITE A4+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE A3 )
Yes Bank Ltd	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	40.00	Simple	ACUITE A4+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE A3 )
Yes Bank Ltd	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.00	Simple	ACUITE BB+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE BBB- )
The Federal Bank Ltd	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	13.00	Simple	ACUITE BB+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE BBB- )
The Federal Bank Ltd	Not avl. / Not appl.	Covid Emergency Line.	Not avl. / Not appl.	Not avl. / Not appl.	05 Jan 2027	0.60	Simple	ACUITE BB+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE BBB- )
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	4.52	Simple	Not Applicable\|Withdrawn
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.52	Simple	Not Applicable\|Withdrawn
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	Not Applicable\|Withdrawn

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

Contacts

Mohit Jain
Senior Vice President - Rating Operations

Kruti Patel
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.