RATING RATIONALE
30Nov2022

Maha Maruti Logistics Pvt. Ltd

Brickwork Ratings downgrades the long term rating and reaffirms the short term rating for the Bank Loan Facilities of Rs. 9.25 Crs. of Maha Maruti Logistics Pvt. Ltd based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(08 Dec 2021)
Present
Fund Based 2.25 2.25 Long Term BWR C+
Downgrade/ISSUER NOT COOPERATING*
BWR C
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
Non Fund Based 7.00 7.00 Short Term BWR A4
Reaffirmation/ISSUER NOT COOPERATING*
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Grand Total 9.25 9.25 (Rupees Nine Crores and Twenty Five lakhs 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
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

The ratings were due for review in December 2022. BWR took up with the issuer to provide the required information over emails and through telephonic communication. Despite the best efforts of BWR to get at least the minimum required information for a review, the company has not provided the same. The company has not been submitting NDS to BWR. In the absence of adequate information from the company, BWR is unable to assess the company’s financial performance and its ability to service its debt and maintain valid ratings. The Banker has not provided conduct of the account of the company. Hence on account of inadequate information and lack of management cooperation, it is recommended that downgrade the long-term rating to BWR C from BWR C+, reaffirm the short-term rating of BWR A4, and continue in Issuer Not Cooperating* category.

LIMITATIONS OF THE RATING

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

Maha Maruthi Logistics Pvt Ltd was formerly M/s Maruthi Transports; a partnership firm established in 1978. It has a registered office at Vijayawada and a Head office at Vishakhapatnam. Branch office locations – Nagpur, Secunderabad and Vishakhapatnam. The company provides end to end solutions in the field of logistics and operations for customers. Services include- unloading, reloading, transportation to stockyard and dispatch of material as per job orders. The company majorly deals with RINL (Rashtriya Ispat Nigam Limited)/ Vizag Steel- which further transports material to its clients.Materials that are transported are steel, containers, process material and machinery. The minimum transport facility is 30 to 50 tonnes. Sri A Satyanarayan Murthy is the managing Director of the Company. Other Directors are Sri A Krishna Chaitanya, Sri A Krishna Kiran, A Manjusha, A Rama Devi , A Ravi Prasad

KEY FINANCIAL INDICATORS

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

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY

N/A

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2022) 2021 2020 2019
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 2.25
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
08Dec2021
BWR C+
(Downgrade/ISSUER NOT COOPERATING*)
09Dec2020
BWR B-Stable
(Downgrade/ISSUER NOT COOPERATING*)
26Sep2019
BWR BStable
(Downgrade/ISSUER NOT COOPERATING*)
Non Fund Based ST 7.00
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
08Dec2021
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*)
09Dec2020
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*)
26Sep2019
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*)
Grand Total 9.25 (Rupees Nine Crores and Twenty Five lakhs Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

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.

Hyperlink/Reference to applicable Criteria
Analytical Contacts

Deepthi Nair V.

Ratings Analyst deepthinair.v@brickworkratings.com

Ramesh N

Associate Director - Ratings ramesh.n@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Maha Maruti Logistics Pvt. Ltd
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.)
1 Canara Bank Bank GuaranteeSanctioned _ 7.00 7.00
2 Canara Bank Secured ODSanctioned 2.25 _ 2.25
Total 2.25 7.00 9.25
TOTAL (Rupees Nine Crores and Twenty Five lakhs Only)
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About Brickwork Ratings

Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 12,000 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations.

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