Infomerics Credit Rating Nepal Limited has officially withdrawn the credit ratings assigned to Bhairahawa Garden Resort Private Limited following continued non-cooperation from the company during the rating surveillance process. The withdrawal affects the company’s total bank facilities amounting to NPR 1.02 billion, including both long-term and short-term financing arrangements.
According to the June 2026 rating action announcement, Infomerics Nepal withdrew the previously assigned ratings of IRN B+ for long-term facilities and IRN A4 for short-term facilities, both of which had earlier been placed under “watch with negative implications.” The rating withdrawal has been implemented with immediate effect after the company failed to cooperate with the rating agency despite repeated follow-ups and multiple requests for information required for regular monitoring.
Withdrawal Follows Extended Non-Cooperation From Company
Infomerics Nepal stated that the rating action was taken in accordance with guidelines issued by the Securities Board of Nepal (SEBON) governing credit rating surveillance and withdrawal procedures. Before the final withdrawal decision, the company’s ratings had already been shifted into the “Issuer Not Cooperating” category along with a formal six-month notice period for possible withdrawal. During that period, the company reportedly continued failing to provide necessary operational and financial information required for rating review and surveillance.
Due to the continued lack of cooperation, Infomerics Nepal confirmed that it was unable to assess updated financial performance, business progress, operational indicators, key rating drivers, or future rating sensitivities associated with the company. As a result, the rating agency proceeded with the complete withdrawal of the company’s credit ratings.
Four-Star Hotel Project Under Development in Bhairahawa
Bhairahawa Garden Resort Private Limited is currently developing a hospitality project in Bhairahawa, Rupandehi, one of Nepal’s rapidly growing tourism and business destinations due to its proximity to Lumbini and increasing international visitor movement. The company operates as a special purpose vehicle (SPV) created specifically for the development and future operation of a planned four-star hotel property consisting of 72 hotel keys. The hospitality project had been positioned as one of the emerging tourism infrastructure developments in Bhairahawa, a city increasingly benefiting from growing tourism activity linked to international Buddhist pilgrimage tourism and regional business travel.
Project Had Reached Over 80 Percent Financial Progress
According to previously available project data, the resort project had achieved more than 80 percent financial progress by mid-June 2024, indicating significant investment progress before the recent rating withdrawal. However, due to the absence of updated cooperation from the company, Infomerics Nepal has not released any recent information regarding the project’s latest construction status, revised completion timeline, operational planning, or updated financial condition. Industry observers note that rating withdrawals due to non-cooperation do not automatically indicate financial default, but they often raise questions among lenders, investors, and stakeholders monitoring large hospitality investment projects.
Project Fully Owned by Entrepreneur Nirmal Shrestha
Bhairahawa Garden Resort Private Limited is fully owned by businessman Mr. Nirmal Shrestha, who serves as the sole promoter behind the hospitality investment project. The company had previously secured total banking facilities worth NPR 1 billion in long-term financing and NPR 20 million in short-term facilities to support development of the hotel project. With the rating now formally withdrawn, future attention will focus on the company’s project completion progress and its long-term operational plans within Nepal’s growing hospitality sector.
Hospitality Sector Closely Watches Project Developments
Bhairahawa continues to emerge as one of Nepal’s important hospitality investment corridors due to its strategic location near Lumbini, growing regional connectivity, and increasing tourism activity linked to religious tourism and cross-border travel. As Nepal’s tourism sector expands, large-scale hospitality developments such as Bhairahawa Garden Resort remain important projects being closely monitored by the country’s tourism and investment community. The latest rating withdrawal now places additional attention on the company’s future financial transparency and overall project execution moving forward.
