RATING RATIONALE
20Jan2022

JMK Hospitality

Brickwork Ratings withdraws the ratings for the Bank Loan Facilities of Rs. 29.61 Crs. of JMK Hospitality

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(18 Mar 2021)
Present
Fund Based 29.61 29.61 Long Term BWR BB /Stable
Reaffirmation
BWR BB - /Stable
Downgrade / ISSUER NOT COOPERATING* and simultaneously Withdrawn
Grand Total 29.61 29.61 (Rupees Twenty Nine Crores and Sixty One 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

BWR had previously reviewed the Bank Loan Rating of JMK Hospitality for a loan facilities of Rs. 29.61 Cr on 18 Mar 2021 and had reaffirmed the long term rating to "BWR BB/Stable".

The client requested for the withdrawal of ratings on 11.12.2021. The client has provided NOC dated 09.12.2021 from their Banker namely Punjab National Bank, Kanpur Chungi, Jhansi for withdrawal of ratings, but NDS from the client was not recieved . Hence, Brickwork ratings withdraws the rating by downgrade of the long term rating to "BWR BB-/Stable; Issuer Not Cooperating".

ABOUT THE ENTITY

M/s JMK Hospitality is a partnership firm established in August 2016 which has taken over already running hotel named Hotel Chandela- an established 5 star hotel in Khajuraho, Madhya Pradesh in April 2018. The firm is not engaged in any other activity apart from this hotel.  The hotel Chandela was established by Orient Express Co Pvt Ltd in 1959 and ran this hotel till 1984. The property was taken over in 1984 by “Indian Hotel Company Ltd” on lease. Since then, it was run by them under their brand name “Taj” along with its original name “Hotel Chandela” till April 2017. The hotel has opened in March 2020. The registered office of the firm is based in Jhansi, U.P. The firm is being run by partners namely Mr. Rakesh Singh Baghel, Mrs. Pratibha Singh Baghel, Mr.Ratnesh Singh Baghel, M/s JMK Enterprises Pvt Ltd, M/s JMK Motors Pvt Ltd, JMK Motowheels Pvt Ltd and Rishabh Singh Baghel.

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY

Nil

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 29.61
BWR BB-/Stable
(Downgrade / ISSUER NOT COOPERATING* and simultaneously Withdrawn)
18Mar2021
BWR BB Stable
(Reaffirmation)
21Jan2020
BWR BB Stable
(Upgrade)
NA
NA
Grand Total 29.61 (Rupees Twenty Nine Crores and Sixty One 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

Shiv Preet Singh

Ratings Analyst shivpreet.s@brickworkratings.com

Hari Kishan Yadav

Associate Director - Ratings hari.ky@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
JMK Hospitality
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 Punjab National Bank Term LoanOut-standing 26.66 _ 26.66
2 Punjab National Bank Cash CreditSanctioned 2.95 _ 2.95
Total 29.61 0.00 29.61
TOTAL (Rupees Twenty Nine Crores and Sixty One lakhs Only)
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