RATING RATIONALE
10Aug2026
MNG Overseas Pvt. Ltd.
Brickwork Ratings reaffirms the long-term and short-term ratings for the Bank Loan Facilities of Rs. 18.25 Crs. of MNG Overseas Pvt. Ltd. based on best available information, as the issuer did not cooperate.
Particulars| Facilities | Amount (Rs.Crs.) | Tenure | Rating | Regulator | ||
|---|---|---|---|---|---|---|
| Previous | Present | Previous (29 Jul 2025) |
Present | |||
| Fund Based | 18.25 | 18.25 | Long Term |
BWR C
Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
BWR C
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
RBI |
| (3.00) | (3.00) | |||||
| (3.00) | (3.00) | |||||
| Non Fund Based | (1.50) | (1.50) | Short Term |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
RBI |
| Grand Total | 18.25 | 18.25 | (Rupees Eighteen Crores and Twenty Five lakhs Only) | |||
1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings
2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated
*Issuer did not cooperate; based on best available information.
RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION
BWR has reaffirmed the long term and reaffirmed the short term ratings at "BWR C/A4 " for the bank loan facilities of 18.25 crores "MNG Overseas Pvt. Ltd." and continued under the 'Issuer Not Cooperating' category as the issuer did not cooperate.
The ratings are due for review in July 2026 BWR has been consistently taking up with the company to provide required information over emails apart from telephonic communication, but no response has been received from the client. Further, BWR is unable to reach the banker. The banker's feedback regarding the conduct of the account is not available. Despite the best efforts of BWR to get at least the minimum required information for the review, the entity has not provided the same. In the absence of adequate information from the firm, BWR is unable to assess the firm's financial performance and its ability to service its debt and maintain a valid rating.
The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack any projections or forward looking component as it is arrived at based on the best available information without any management/banker's interaction
Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating
ABOUT THE ENTITY| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Fast Moving Consumer Goods | Fast Moving Consumer Goods | Agricultural Food & other Products | Other Agricultural Products |
MNG Overseas Pvt. Ltd. was incorporated in 2006 in New Delhi. It is engaged in the manufacturing and trading of rice, wheat and pulses. It is an exporter of rice to the Middle East and the USA from its office based in Delhi. The manufacturing plant is located at Nautaur, Bijnor District of Uttar Pradesh. Mr. Mithilesh Gupta is the Managing Director of the company with more than 25 years of experience in the same industry.
(As per information received during May-2021 review.)
Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document
Not Applicable
ANY OTHER INFORMATIONMNG Overseas Pvt. Ltd. had withdrawn the ratings from Crisil on 17th March 2021.
RATING HISTORY FOR THE PREVIOUS 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 | 18.25 |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
29Jul2025 |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
16Aug2024 |
BWR B- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
17Aug2023 |
BWR BStable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
| FB SubLimit | LT | (3.00) |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| (3.00) |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| NFB SubLimit | ST | (1.50) |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
29Jul2025 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
16Aug2024 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
17Aug2023 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
| Grand Total | 18.25 | (Rupees Eighteen Crores and Twenty Five lakhs Only) | |||||||
- General Criteria
- Approach to Financial Ratios
- Policy On Issuer Non -Cooperation
- Short Term Debt
- Manufacturing Company
| Analytical Contacts | |
|---|---|
|
Harsha Vardhan DC Ratings Analyst harsha.v@brickworkratings.com |
Raghavendra Senior Manager - Ratings raghavendra.n@brickworkratings.com |
| 1-860-425-2742 | media@brickworkratings.com | |
| 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 | Axis Bank Ltd. | Cash CreditSanctioned | 7.50 | _ | 7.50 | Simple## |
| Sub-Limit (EPC/PCFC) Sanctioned | (3.00) | |||||
| Sub-Limit (FBP/FBD/PSFC) Sanctioned | (3.00) | |||||
| Sub-Limit (ILC/FLC) Sanctioned | (1.50) | |||||
| 2 | Axis Bank Ltd. | Covid -19 Emergency Line CreditSanctioned | 0.75 | _ | 0.75 | Simple## |
| 3 | State Bank Of India (SBI) | Warehouse Receipts (WHR)Sanctioned | 5.00 | _ | 5.00 | Simple## |
| 4 | Yes Bank | Warehouse Receipts (WHR)Sanctioned | 5.00 | _ | 5.00 | Simple## |
| Total | 18.25 | 0.00 | 18.25 | |||
| TOTAL (Rupees Eighteen Crores and Twenty Five lakhs 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.
| Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
|---|---|---|---|
| Nil | Nil | Nil | Nil |
| Sr.No. | Instrument / Activity | Regulator |
|---|---|---|
| 1 | Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| 2 | Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
| 3 | Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)* $ | RBI |
| 4 | Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)* | SEBI |
| 5 | Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)* | RBI |
| 6 | Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 7 | Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 8 | Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs^ | RBI |
| 9 | External Commercial Borrowings and other similar borrowings | RBI |
| 10 | Certificates of Deposit | RBI |
| 11 | Fixed Deposits raised by NBFCs,HFCs, FIs | RBI |
| 12 | Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs | MCA |
| 13 | Inter Corporate Deposits/Loans extended by Corporates | MCA |
| 14 | Borrowing programme ~ | - |
| 15 | Issuer Ratings # | - |
| 16 | Credit Ratings for Capital Protection Oriented Schemes (by Mutual Funds and AIFs) | SEBI |
| 17 | Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| 18 | Listed Security Receipts $ | RBI |
| 19 | Unlisted Security Receipts | RBI |
| 20 | Independent Credit Evaluation (ICE) | RBI |
| 21 | Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| 22 | Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
| 23 | Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) * | Investor-side regulator such as IRDAI, PFRDA @ |
* Includes securitisation transactions involving assignee payout, acquirer's payout.
~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans,
commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be
determined upon issuance. In PRs subsequent to issuance(s), Crisil Ratings Limited shall separately capture the rated quantum
details along with names of respective regulators.
^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
# 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.
@ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the
investor side regulators have accordingly been included.
$ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute
redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.
BWR Board of Directors have no influence over rating decisions, nor do they sit on the rating committee or review, discuss or evaluate any credit rating during the Board meetings.
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