Press Release June 04, 2026 SHRESHTA INFRA PROJECTS PRIVATE LIMITED Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	201.50	ACUITE BB+ | Downgraded | Issuer not co-operating*	-	RBI
Non Convertible Debentures (NCD)	68.00	0.00	ACUITE BB+ | Downgraded | Issuer not co-operating*	-	SEBI
Total Outstanding	68.00	201.50	-	-	-
Total Withdrawn	0.00	0.00	-	-	-
* The issuer did not co-operate; based on best available information.

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuite has downgraded its long-term rating to 'ACUITE BB+' (read as ACUITE Double B plus) from 'ACUITE BBB-' (read as ACUITE Triple B minus) on Rs.201.50 Cr. bank facilities of Shreshta Infra Projects Private limited (SIPPL).  Acuite has downgraded its long-term rating to 'ACUITE BB+' (read as ACUITE Double B plus) from 'ACUITE BBB-' (read as ACUITE Triple B minus) on Rs.68.00 Cr. of Non Convertible Debentures of Shreshta Infra Projects Private limited (SIPPL).  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

Bangalore based Shreshta Infra Projects Private limited (SIPPL) was incorporated in the year 2011. The company is engaged in development and construction of residential projects. The present directors of the company are Mr. Nischay Jayeshankar and Ms. Sudha Shanker.

About the Group

Akarshak Realty Private Limited (AKRPL) was incorporated in August 2011. The company's is currently managed by Mr. B M Karunesh, Ms. Nidhi Jayashankar, Mrs. Sudha Shanker, and Mr. B V Ravikumar. The company is promoted by Mr. B M Jayeshankar and his associates. Mr. Jayeshankar is founder promoter of Adarsh Developers. AKRPL, is a sister concern of Adarsh Developers which is into developing properties at prime locations in Bangalore. Adarsh group (AG) is an established property development group focused primarily on the Bangalore property development market. AKRPL is currently developing residential project “Welkin Park1”in Bangalore. The Project has a total of 832 units and has 3 upcoming projects. Alekhya Property Developments Private Limited (APDPL) is a group company of Adarsh Group. The directors of the company are Mr. B M Jayeshankar, Mr. B M Karunesh and Ms. Nidhi Jayashankar. APDPL, is a sister concern of Adarsh Developers which is into developing properties at prime locations in Bangalore. APDPL is currently developing residential project “Adarsh Lakefront Phase-1”in Bangalore. The project has a total of 344 units.

Unsupported Rating

­Not Applicable

Non-cooperation by the issuer/borrower

­Acuité has been requesting for latest financials 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. 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.

ESG Factors Relevant for Rating

­The group has commitment to energy management, is conscious towards technology absorption and has taken measures to conserve energy. Further, it promotes gender diversity and inclusivity. The board comprises of a strong team of promoters and experienced industry professionals. Also, to manage the corporate governance anti bribery, anti corruption and whistleblower policy has been framed.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

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

Potential triggers (individual or collective) for a downward rating action:

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

All Covenants

­1. The promoters shall continue to hold, directly, at least 100% of the shareholding (on a fully diluted basis) in the company and each of the other Obligors. 2. The promoters shall continue to hold, directly, at least 100% of the partnership interest in Adarsh Developers. 3. The company and Obligors shall during the currency of the Debentures maintain a minimum asset cover of at least 1:1 as required under the Debenture Regulations. 4. The Obligors shall not, enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction without the prior written consent of the Trustee. 5. The company shall ensure that, at all the times its market value exceeds its liability. 6. The company undertakes and shall procure that the other obligors, at all times, until the Final Settlement Date ensure that the Security Cover Ratio shall not be less than 3.00:1

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.	531.72	197.40
PAT	Rs. Cr.	142.61	(284.83)
PAT Margin	(%)	26.82	(144.29)
Total Debt/Tangible Net Worth	Times	(6.42)	(3.36)
PBDIT/Interest	Times	3.09	(1.57)

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 09 Jun 2025 Term Loan Long Term 186.50 ACUITE BBB- | Stable (Reaffirmed) Secured Overdraft Long Term 15.00 ACUITE BBB- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 68.00 ACUITE BBB- | Stable (Reaffirmed) 05 Mar 2025 Non-Covertible Debentures (NCD) Long Term 68.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 186.50 ACUITE BBB- | Stable (Reaffirmed) Secured Overdraft Long Term 15.00 ACUITE BBB- | Stable (Reaffirmed) 23 Jan 2025 Non-Covertible Debentures (NCD) Long Term 68.00 ACUITE BBB- | Stable (Upgraded from ACUITE BB | Stable) Term Loan Long Term 186.50 ACUITE BBB- | Stable (Assigned) Secured Overdraft Long Term 15.00 ACUITE BBB- | Stable (Assigned) Non-Covertible Debentures (NCD) Long Term 282.00 ACUITE BBB- (Upgraded & Withdrawn from ACUITE BB | Stable) 27 Dec 2024 Non-Covertible Debentures (NCD) Long Term 68.00 ACUITE BB | Stable (Upgraded from ACUITE B | Stable) Non-Covertible Debentures (NCD) Long Term 282.00 ACUITE BB (Upgraded & Withdrawn from ACUITE B | Stable) 29 Dec 2023 Proposed Non Convertible Debentures Long Term 100.00 ACUITE B | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 250.00 ACUITE B | Stable (Assigned) 02 Aug 2023 Proposed Non Convertible Debentures Long Term 100.00 ACUITE B | Stable (Assigned) Non-Covertible Debentures (NCD) Long Term 400.00 ACUITE Not Applicable (Withdrawn)

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

­ Sr. No.  Company name 1 Akarshak Realty Private Limited 2 Shreshta Infra Projects Private Limited 3 Alekhya Property Developments Private Limited

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 Parth Patel Senior Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

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In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators. 4 There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. 5 These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.   B. Other activities:   Sr. No. Activity Name Regulator of the activity 1 Monitoring Agency SEBI 2 Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 Not applicable 6 permitted by SEBI vide SEBI Master Circular for CRAs. 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