RATING RATIONALE

15Apr2026

Anushree Semi-Quan Analytics LLP

Brickwork Ratings assigns the ratings of BWR BB+(Stable ) for the Bank Loan Facilities of Rs. 150.00 Crs of Anushree Semi-Quan Analytics LLP

Particulars

Facilities**	Amount(Rs.Crs.)	Tenure	Rating#
Fund Based	150.00	Long Term	BWR BB + /Stable Assignment
Grand Total	150.00	(Rupees One Hundred Fifty Crores Only)

#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure RATING ACTION / OUTLOOK

BWR has assigned ratings of BWR BB+(Stable ) for the Fund based facilities of Rs 150 Crs of Anushree Semi-Quan Analytics LLP. The ratings of BWR BB+(Stable) factor in rating strengths such as Location advantage, Technically and Financial visibility of the project, and ratings risks such as Project execution/Implementation risk, Partnership Nature of the firm, and Limited experience of partners.

The rating outlook is Stable, reflecting expectations of continued steady growth in revenues, coupled with healthy operating margins.

KEY RATING DRIVERS

Credit Strengths:

Location advantage : :
The proposed manufacturing plant is being setup in the city of Surat which is considered to have good road, rail and air connectivity. The proposed project will also be able to attract the requisite manpower for operations due to its location advantage of being set up in a major city.
Technically and financially viable : :
The proposed plant configuration, engagement of an experienced EPC contractor with a demonstrated execution track record, enhances implementation reliability. Land arrangements are secured on long-term leases. The estimated total project cost of Rs 200 Crore translates to the project being technically.Viable. The proposed debt–equity structure for the project is comfortable, along with debt coverage indicators

The average EBIDTA margin for the project is 24.58 % for the projected tenure from FY 27 to FY 34. Margins varies based on product mix, price fluctuation in end product and raw material, overall demand and supply and the capability of the firm to manufacture products with the required quality parameters and providing timely service. The average net margin for the project is ~ 11.24 % for the firm.The debt-equity ratio of the project is estimated at 1.23 : 1.00 based on a promoter’s contribution in the form of INR 89.77 Crores as capital and term loan of INR 110.00 Crores from Bank. The minimum debt service coverage ratio of the project is 1.97 and the average debt service coverage ratio of the project is 2.09, which provides a comfortable cushion for debt repayment. The IRR of the project is estimated at 23.32 %, which is higher than the estimated cost of capital. It is estimated that the Firm will achieve break-even at 32 % in FY 27, the first full year of operation. Further, the sensitivity analysis shows that project IRR and DSCR are more sensitive to a decrease in markup and capacity utilisation. However, in estimated adverse scenarios, minimum DSCR remains above 1.65 and average DSCR remains above 1.75, which provides a comfortable cushion in debt repayment.

Credit Risks:

Project execution/Implementation risk : :
There is a project execution or implementation risk as the DCCO of the project is October 2026, and ~64% of the project cost is incurred as of 18 March 2026, and 36 % of the project cost still needs to be incurred. Also, Full Utility Installation, Plant and machinery installation, Electrical Equipment installation, Pre-commissioning and Trial run of Project still need to be completed by Oct 2026,
Partnership nature of the Firm :
There is an inherent risk of withdrawal of capital as this is LLP nature of business
Limited experience of Partners :
The partners do not have experience in Semiconductor activity; however, they have experience in real estate construction activity, and this risk is mitigated as their team includes a chief technical advisor from IIT Mumbai and PhDs in Material sciences who will manage the day-to-day operations, equipment, process optimization, and general working. The firm has indigenously developed its technology.

ANALYTICAL APPROACH - Standalone

BWR Ratings has evaluated the standalone business and financial risk profiles of firm

RATING SENSITIVITIES

Positive: These are milestones that would improve the credit rating

Timely Project Completion: Completing the project as per DCCO with no time and cost overrun, as per the schedule approved by all stakeholders, viz. Company, Lenders, and Government authorities
Stabilization of the project after DCCO

Negative Sensitivity (Downgrade Triggers)

These are "red flags" that would lead to a lower credit rating :

Delayed Commissioning: Any delay in achieving DCCO

LIQUIDITY INDICATORS - Stretched

Stretched liquidity characterized by expected cash accruals of Nil in FY 26, vis-a-vis Nil repayment obligations in FY 26, expected cash accruals of Rs 10.43 Crs against CPLTD of Nil Crs in FY 27 and a Nil cash balance in FY 25. The firm's repayment of Rs 7.70 Crs is expected to start in FY 28 against expected cash accruals of Rs 25.91 Crs in FY 28. The firm has plans for starting the semiconductor project of Rs ~199.70 Crs in FY 27. The current ratio stood at Nil in FY 25. The firm may infuse unsecured loans on a need basis

ABOUT THE ENTITY

Macro Economic Indicator	Sector	Industry	Basic Industry
Commodities	Metals & Mining	Minerals & Mining	Industrial Minerals

Anushree Semi Quan Analytics LLP was incorporated on 27 Dec 2024. The Firm aims to establish a Semiconductor & Quantum wafer manufacturing unit at Unit No. 901, 902, 903, 904, 905 and 906 on 9th Floor; 801, 802, 803, 804, 805 and 806 on 8th Floor; 701, 702, 703, 704, 705 and 706 on 7th Floor; and 601, 602, 603, 604, 605 and 606 on 6th Floor of Shivalik Avenue, Beside Reliance Mall, Udhana Darwaja, Ring Road, Surat - 395002. The project proposes an initial production capacity of 14,250 units per month in the first phase with a focus on producing semiconductor wafer.

ESG Profile

The company demonstrates an evolving ESG profile based on its environmental, social, and governance practices.

Environmental: The firm is not expected to generate and solid and liquid waste which is a positive from ESG perspective

Social: The firm is not expected to spend any amount on corporate social responsibility

Governance: Since this is LLP, the firm does not have independent directors in board

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 22 - 23 (Audited - Annual)	FY 23 - 24 (Audited - Annual)	FY 24 - 25 (Audited - Annual)
Operating Revenue	Rs.Crs.	Not Available	Not Available	Not Available
EBITDA	Rs.Crs.	Not Available	Not Available	Not Available
PAT	Rs.Crs.	Not Available	Not Available	Not Available
Tangible Net Worth	Rs.Crs.	Not Available	Not Available	13.66
Total Debt / Tangible Net Worth	Times	Not Available	Not Available	Not Available
Current Ratio	Times	Not Available	Not Available	Not Available

KEY COVENANTS OF THE FACILITY RATED

There are standard covenants as per the Sanction Letter

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

RATING HISTORY FOR LAST THREE YEARS (including withdrawal and suspended)

Facilities	Current Rating (2026)			2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	150.00	BWR BB+/Stable (Assignment)	NA	NA	NA	NA	NA	NA
Grand Total		150.00	(Rupees One Hundred Fifty Crores Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Karan Ahluwalia Ratings Analyst karan.ahluwalia@brickworkratings.com	Ravi Rashmi Dhar Director - Ratings ravi.d@brickworkratings.com
1-860-425-2742 \| media@brickworkratings.com	Customer Support \| CustSupport@brickwrokratings.com

Anushree Semi-Quan Analytics LLP

ANNEXURE-I

Details of Bank Facilities rated by BWR

SL.No.	Name of the Bank/Lender	Type Of Facilities	Long Term(Rs.Crs.)	Short Term(Rs.Crs.)	Total(Rs.Crs.)	Complexity of the Instrument
1	State Bank Of India (SBI)	Term Loan - Sanctioned	110.00	_	110.00	Simple##
2	State Bank Of India (SBI)	Cash Credit - Sanctioned	40.00	_	40.00	Simple##
Total			150.00	0.00	150.00
TOTAL (Rupees One Hundred Fifty Crores Only)

## BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

ANNEXURE-II

INSTRUMENT DETAILS

Instrument	Issue Date	Amount (Rs.Crs)	Coupon Rate (%)	Maturity Date	ISIN Particulars	Complexity of the Instrument
Nil	Nil	Nil	Nil	Nil	Nil	Nil

ANNEXURE-III

List of entities consolidated

Name of Entity	% Ownership	Extent of consolidation	Rationale for consolidation
Nil	Nil	Nil	Nil

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