Press Release

Press Release

February 25, 2026

HIREN WAHEN BUILDTECH PRIVATE LIMITED
Rating Reaffirmed, Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Non Convertible Debentures (NCD)	55.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-
Non Convertible Debentures (NCD)	5.40	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*	-
Total Outstanding	55.00	-	-
Total Withdrawn	5.40	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

Acuite has reaffirmed its long-term rating of 'ACUITE D' (read as ACUITE D) on the Rs 55.00 Cr. Non-Convertible Debentures (NCDs) of Hiren Wahen Buildtech Private Limited (HWBPL).
Further, Acuite has withdrawn the long-term rating on the Rs.5.00 crore NCD, without assigning any rating, as the instruments were not placed and has withdrawn the long-term rating without assigning any rating on the Rs.0.40 crore of Proposed NCD which management is not planning to issue of Hiren Wahen Buildtech Private Limited (HWBPL). The withdrawal is based on the formal withdrawal request received from the issuer.
The rating is now flagged as “Issuer Not-Cooperating” and is based on the best available information.
The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

About the Company

Hiren Wahen Buildtech Private Limited (HWBPL) was incorporated in 2011 is based in Bangalore. The company is engaged in construction of residential and commercial projects. Currently the company is managed by Mr. Narendra Babu Kalahasthi, Mr. Prakash Lakshmaiah and Mrs. Soujanya Reddy.

About the Group

Hiren Wahen Buildtech – Is a partnership firm incorporated in 2019 as a Special purpose vehicle (SPV) to construct a residential tower at Panathur main road, Bangalore named as 'High cliff'. Firm is managed by partners Mr.Narendra Babu Kalahasti and Mr.L.Prakash.

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.

All Covenants

1. All cash flows generated from the Project shall be routed through the Escrow Mechanism only.

2 . Any cost or expense incurred towards liabilities arising out of income Tax dues, shall be met either through their own funds, or through infusion of funds in the Company in a manner as acceptable to the Debenture Holders and the Project Receivables shall not be utilized for the same.

3. (a) On and from the Execution Date, the market value of the Partnership Interest to secure the Debentures shall at all times be not less than 1.0X (One decimal point zero) of the Principal Amount (“Security Cover”); and (b) On and from the date of issuance of the Debentures, the value of the future Project Receivables (less Taxes, registration fees, any other amounts due to third parties and other statutory dues), shall at all times be not less than 1.0X (one time) the Debenture Outstandings on such relevant date (“Asset Cover”)

4. A Dest service reserve for servicing the Coupon, to be maintained for amounts not less than 3 (three) months of applicable Coupon on the Debentures immediately after the Commencement Date and until the Final Settlement Date. If any amounts are utilised to meet the Coupon payment obligations, then the Obligor 2 and Obligor 3 shall infuse such funds into the Company as are required to meet the DSRA obligation immediately and from time to time.

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.	6.05	5.04
PAT	Rs. Cr.	0.72	0.50
PAT Margin	(%)	11.98	9.90
Total Debt/Tangible Net Worth	Times	1.07	5.81
PBDIT/Interest	Times	1.08	1.19

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

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
03 Mar 2025	Non-Covertible Debentures (NCD)	Long Term	5.10	ACUITE D (Downgraded from ACUITE C)
	Non-Covertible Debentures (NCD)	Long Term	5.00	ACUITE D (Downgraded from ACUITE C)
	Non-Covertible Debentures (NCD)	Long Term	49.90	ACUITE D (Downgraded from ACUITE C)
	Proposed Non Convertible Debentures	Long Term	0.40	ACUITE Provisional D (Downgraded from ACUITE Provisional C)
01 Mar 2024	Proposed Non Convertible Debentures	Long Term	0.90	ACUITE C (Assigned)
	Non-Covertible Debentures (NCD)	Long Term	49.00	ACUITE C (Assigned)
	Proposed Non Convertible Debentures	Long Term	10.10	ACUITE C (Assigned)
	Proposed Non Convertible Debentures	Long Term	0.40	ACUITE Provisional C (Reaffirmed)
10 Nov 2023	Proposed Non Convertible Debentures	Long Term	49.90	ACUITE Provisional C (Assigned)
10 Nov 2023	Proposed Non Convertible Debentures	Long Term	10.50	ACUITE Provisional C (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	INE0S1Q07019	Non-Convertible Debentures (NCD)	28 Dec 2023	19.00	30 Nov 2025	49.90	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE0S1Q07019	Non-Convertible Debentures (NCD)	28 Dec 2023	19.00	30 Nov 2025	5.10	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE0S1Q07019	Non-Convertible Debentures (NCD)	28 Dec 2023	19.00	30 Nov 2025	5.00	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.40	Simple	ACUITE Not Applicable \| 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.	Company Name
1	HIREN WAHEN BUILDTECH PRIVATE LIMITED
2	HIREN WAHEN BUILDTECH (Partnership Firm)

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

Akshat Shah
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.