Press Release October 18, 2024 NXT-INFRA MCP HIGHWAYS PRIVATE LIMITED (ERSTWHILE WELSPUN INFRAFACILITY PRIVATE LIMITED) Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	1256.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	1256.00	-	-

Rating Rationale

­­Acuité has withdrawn its long-term rating of the bank loan facilities of Rs. 1256.00 Cr. of NXT-Infra MCP Highways Private Limited (Erstwhile Welspun Infrafacility Private Limited) without assigning any rating as the oustanding facilities have been paid off and the rating has been withdrawn on account of the request received from the company along with No Due Certificate received from the lender as per Acuité's policy on withdrawal of ratings as applicable to the respective facility / instrument.

About the Company

­Incorporated in 2019, NXT-Infra MCP Highways Private Limited (Erstwhile Welspun Infrafacility Private Limited) is a Special Purpose Vehicle (SPV) to implement the project for the design, construction, development, operation, maintenance, management and toll collection of the Eight Laning of Mukarba Chowk Panipat Section of NH-1 (New NH-44) from 15.500 Km in Delhi State to 86.000 Km in Panipat, Haryana for a length of 70.500 Km under NHDP Phase IV through Public Private Partnership (PPP) on Design, Build, Finance, Operate and Transfer (“DBFOT”) Toll Basis. The Directors of this SPV are Mr. Lalit Kumar Jain, Mr. Sumit Sen and Mr. Kunal Kirit Shah. It is registered in Delhi.

Unsupported Rating

Not Applicable­

Analytical Approach

­Not Applicable

Key Rating Drivers

Strengths

­Not Applicable

Weaknesses

­Not Applicable

Rating Sensitivities

­Not Applicable

Liquidity Position

Not Applicable­

Outlook: Not Applicable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	511.94	789.91
PAT	Rs. Cr.	(49.11)	(28.51)
PAT Margin	(%)	(9.59)	(3.61)
Total Debt/Tangible Net Worth	Times	13.59	9.97
PBDIT/Interest	Times	1.39	1.80

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 • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 22 Sep 2023 Term Loan Long Term 1254.40 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Stable) Proposed Long Term Bank Facility Long Term 1.60 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Stable) 31 Jul 2023 Term Loan Long Term 1254.40 ACUITE A+ | Stable (Upgraded from ACUITE A) Proposed Long Term Bank Facility Long Term 1.60 ACUITE A+ | Stable (Upgraded from ACUITE A) 20 Mar 2023 Term Loan Long Term 386.00 ACUITE A (Reaffirmed (Rating Watch with Developing Implications)) Term Loan Long Term 350.00 ACUITE A (Reaffirmed (Rating Watch with Developing Implications)) Term Loan Long Term 300.00 ACUITE A (Reaffirmed (Rating Watch with Developing Implications)) Term Loan Long Term 100.00 ACUITE A (Reaffirmed (Rating Watch with Developing Implications)) Term Loan Long Term 65.00 ACUITE A (Reaffirmed (Rating Watch with Developing Implications)) Term Loan Long Term 55.00 ACUITE A (Reaffirmed (Rating Watch with Developing Implications)) 20 Dec 2021 Term Loan Long Term 55.00 ACUITE A | Stable (Assigned) Term Loan Long Term 65.00 ACUITE A | Stable (Assigned) Term Loan Long Term 100.00 ACUITE A | Stable (Assigned) Term Loan Long Term 300.00 ACUITE A | Stable (Assigned) Term Loan Long Term 350.00 ACUITE A | Stable (Assigned) Term Loan Long Term 386.00 ACUITE A | Stable (Assigned)

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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 Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.60 Simple Not Applicable|Withdrawn Axis Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 22 Jul 2024 1254.40 Simple Not Applicable|Withdrawn

Contacts

Mohit Jain Senior Vice President - Rating Operations Kartik Arora 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.