RATING RATIONALE
07Feb2023

MMR Construction Company Pvt. Ltd.

Brickwork Ratings reaffirms the short term ratings under Issuer Not Cooperating Category for the Bank Loan Facilities of Rs. 15.00 Crs. of MMR Construction Company Pvt. Ltd. based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(21 Feb 2022)
Present
Non Fund Based 15.00 15.00 Short Term BWR A4
ISSUER NOT COOPERATING*/Reaffirmed
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
(3.00) (3.00)
Grand Total 15.00 15.00 (Rupees Fifteen 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
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

Reaffirmed the short term rating at BWR A4 (Issuer Not Cooperating) based on best available information as the issuer did not cooperate. The rating will be due for a review in Feb 2023. BWR took up with the issuer to provide the required information over emails and through telephone calls. Despite the best efforts of BWR to get the minimum required information for a review, the entity has not provided the same. In the absence of adequate information from the company, BWR is unable to assess the concern’s financial performance. Besides, No Default Statement has not been submitted by the client every month, despite follow-up. Thus, BWR has Reaffirmed the short term rating at BWR A4 under “Issuer not Cooperating”

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, noncooperation by the rated entities to provide the required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit ratings should therefore take into account the possible deterioration in the credit quality of the rated entity arising from its non-transparency and withholding of information required for a review of the rating.

ABOUT THE ENTITY

Incorporated in the year 2008, MMR Construction Company Private limited is an EPC contractor and undertakes government projects specially of various power transmission projects . It is also engaged in real estate and construction business as well. Company is currently being managed by Mr Mohit Singh Raghav and Mr Rahul Raghav & both are directors in the company.

KEY FINANCIAL INDICATORS (Standalone)
Key Parameters Units FY 17-18
(Provisional)
FY 16-17
(Audited)
Operating Revenue Rs.Crs. 27.32 23.24
EBITDA Rs.Crs. 3.03 2.44
PAT Rs.Crs. 0.93 0.73
Tangible Net Worth Rs.Crs. 14.16 13.23
Total Debt/TNW Times 1.50 1.05
Current Ratio Times 1.21 1.16
NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY

.

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2023) 2023 (History) 2022 2021 2020
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Non Fund Based ST 15.00
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
21Feb2022
BWR A4
(ISSUER NOT COOPERATING*/Reaffirmed)
14Apr2021
BWR A4
(ISSUER NOT COOPERATING*/Reaffirmed)
21Mar2020
BWR A4
(ISSUER NOT COOPERATING*/Reaffirmed)
NFB SubLimit ST (3.00)
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
NA
NA
NA
NA
NA
NA
Grand Total 15.00 (Rupees Fifteen Crores 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

Banipreet Kaur

Ratings Analyst banipreet.k@brickworkratings.com

Hari Kishan Yadav

Associate Director - Ratings hari.ky@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
MMR Construction Company 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 Allahabad Bank Bank GuaranteeSanctioned _ 15.00 15.00
Sub-Limit (Inland Letter of Credit ) Sanctioned (3.00)
Total 0.00 15.00 15.00
TOTAL (Rupees Fifteen Crores 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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