RATING RATIONALE
26Feb2026

Marks Engineering Works

Brickwork Ratings reaffirms the long-term and short-term ratings and migrates the ratings to Issuer Not-Coopertaing Category for the Bank Loan Facilities of Marks Engineering Works amounting to Rs. 124.96 Crs. based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(18 Dec 2024)
Present
Fund Based 83.46 83.46 Long Term BWR BBB-/Stable
removal from ISSUER NOT COOPERATING* category/Upgraded
BWR BBB - /Stable
ISSUER NOT COOPERATING* /Reaffirmation
(20.00) (20.00)
(6.50) (6.50)
35.50 35.50 Short Term BWR A3
removal from ISSUER NOT COOPERATING* category/Upgraded
BWR A3
ISSUER NOT COOPERATING* /Reaffirmation
(29.50) (29.50)
(29.50) (29.50)
(29.50) (29.50)
Non Fund Based 6.00 6.00 Short Term BWR A3
Assignment
BWR A3
ISSUER NOT COOPERATING* /Reaffirmation
Grand Total 124.96 124.96 (Rupees One Hundred Twenty Four Crores and Ninety Six 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

Brickwork Ratings (BWR) had previously upgraded and assigned the long-term and short-term ratings of BWR BBB-/Stable and BWR A3, respectively, to the bank loan facilities of Rs. 124.96 crore of Marks Engineering Works, by removing the ratings from the Issuer Not Cooperating category on 18 December 2024.

The rating was due for annual review in December 2025. BWR followed up with the issuer through emails and telephone calls seeking the required information for the review. However, despite repeated reminders, the entity has not submitted the necessary information/documents required for the review of the ratings. Accordingly, due to lack of management cooperation, absence of adequate information, and non-receipt of the surveillance mandate, BWR is unable to assess the company’s performance. However, BWR has received No Default Statements (NDS) up to January 2026 and has obtained satisfactory feedback from all the bankers rated by BWR. Hence, based on the best available information, BWR has reaffirmed the long-term and short-term ratings at BWR BBB-/Stable and BWR A3 and migrated the ratings to the ISSUER NOT COOPERATING* category.

Lenders/investors are advised to exercise due caution while using the above ratings, which are denoted as “Issuer Not Cooperating,” as the ratings lack any projections or forward-looking components and have been assigned based solely on the best available information, without management interaction.

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
Macro Economic Indicator Sector Industry Basic Industry
Industrials Capital Goods Industrial Manufacturing Industrial Products

Marks Engineering Works is an ISO 9001:2015, The International Automotive Task Force (IATF) 16949:2016 certified partnership firm which was established in 1999 and is headquartered in Coimbatore, Tamil Nadu. Mr. K Velusamy and his brother Mr. K Chellamuthu and their sons Mr. V. Dinesh and Mr. C. Subhash are the partners of the firm. The firm is engaged in the manufacturing of precision machine components and sub-assemblies for various industrial segments. The firm's products are used in different industries like Hydraulics, Automotive, Agriculture, Transmission, and General Engineering. The firm's products include bearing support, housing valve, Housing motor, endcap tandem, E-02, and S-05 covers amongst others for the hydraulics industry, valve housing, side cover, gear housing for automotive, side shift housing, manifold, timing cover, etc for the agricultural industry. The firm also produces Brake pistons, gear boxes, spindles, serve control, pump housing etc.  

They also provide third-party logistics support to their customers such as bonded warehouses, local transportation, etc. They also operate VMI warehouses in Chicago, Ankeny (Lowa), Savanna (South Carolina, USA,) and Senec (Slovakia). CMI type warehousing at Rogersville (Tennessee, USA) and Pamplona (Spain). Through constant developments in manufacturing technology and with the help of experienced staff, they stand out from its competitors. They have a world-class manufacturing facility with a systematic workflow being carried out right from procuring castings from leading countries to finish machining to customer print requirements. Their state-of-the-art floor is 80,000 Sq Ft in size and equipped with CMC labs, Washing and debugging facilities, and an in-house warehouse.

Note: As per information available till Nov 2024 in firm website.

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

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Creadit Rating AgencyStatus and Reason for Non-CooparationDate of Press Release
ICRAICRA has kept the long-term and short-term ratings of Marks Engineering Works in the ‘Issuer Not Cooperating’ category due to absence of surveillance mandate and non-cooperation form the management.24Feb2026

ANY OTHER INFORMATION

None.

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 83.46
BWR BBB-/Stable
(ISSUER NOT COOPERATING* /Reaffirmation)
NA
NA
18Dec2024
BWR BBB-Stable
(removal from ISSUER NOT COOPERATING* category/Upgraded)
30Nov2023
BWR BBStable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
FB SubLimit LT (20.00)
BWR BBB-/Stable
(ISSUER NOT COOPERATING* /Reaffirmation)
NA
NA
NA
NA
NA
NA
(6.50)
BWR BBB-/Stable
(ISSUER NOT COOPERATING* /Reaffirmation)
NA
NA
NA
NA
NA
NA
Fund Based ST 35.50
BWR A3
(ISSUER NOT COOPERATING* /Reaffirmation)
NA
NA
18Dec2024
BWR A3
(removal from ISSUER NOT COOPERATING* category/Upgraded)
30Nov2023
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
FB SubLimit ST (29.50)
BWR A3
(ISSUER NOT COOPERATING* /Reaffirmation)
NA
NA
NA
NA
NA
NA
(29.50)
BWR A3
(ISSUER NOT COOPERATING* /Reaffirmation)
NA
NA
NA
NA
NA
NA
(29.50)
BWR A3
(ISSUER NOT COOPERATING* /Reaffirmation)
NA
NA
NA
NA
NA
NA
Non Fund Based ST 6.00
BWR A3
(ISSUER NOT COOPERATING* /Reaffirmation)
NA
NA
18Dec2024
BWR A3
(Assignment)
NA
NA
Grand Total 124.96 (Rupees One Hundred Twenty Four Crores and Ninety Six lakhs Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

Likith M S

Rating Analyst likith.ms@brickworkratings.com

Suryanarayan N

Associate Director - Ratings suryanarayan.n@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Marks Engineering Works
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.) Complexity of the Instrument
1 Federal Bank Term LoanOut-standing 7.09 _ 7.09 Simple##
2 Federal Bank Term LoanSanctioned 20.00 _ 20.00 Simple##
3 Federal Bank Packing Credit (PC)Sanctioned _ 29.50 29.50 Simple##
Sub-Limit (EBRD) Sanctioned (29.50)
Sub-Limit (FD/UBP (LC/Order)) Sanctioned (29.50)
Sub-Limit (PCFC) Sanctioned (29.50)
4 Federal Bank Forward ContractSanctioned _ 6.00 6.00 Simple##
5 Federal Bank GECLSanctioned _ _ 0.00 Simple##
6 Federal Bank Cash CreditSanctioned 0.75 _ 0.75 Simple##
7 Federal Bank _ _ 0.00 Simple##
Sub-Limit (FCTL amt in EURO 26.92 Lakhs) Sanctioned (20.00)
8 HDFC Bank Cash CreditSanctioned 0.60 _ 0.60 Simple##
9 HDFC Bank PC/PCFCOut-standing _ 6.00 6.00 Simple##
10 HDFC Bank Term LoanOut-standing 12.88 _ 12.88 Simple##
11 Indian Overseas Bank Term LoanOut-standing 14.14 _ 14.14 Simple##
12 Indian Overseas Bank Term LoanSanctioned 25.00 _ 25.00 Simple##
13 Indian Overseas Bank Cash CreditSanctioned 3.00 _ 3.00 Simple##
14 Indian Overseas Bank _ _ 0.00 Simple##
Sub-Limit (LC for import) Sanctioned (6.50)
Total 83.46 41.50 124.96
TOTAL (Rupees One Hundred Twenty Four Crores and Ninety Six 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.

ANNEXURE-II
INSTRUMENT DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

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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 11,560 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.

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