RATING RATIONALE
16Apr2026
Mastek Engineering Pvt. Ltd.
Brickwork Ratings reaffirms the long-term and short-term ratings and migrates the ratings under the Issuer not Cooprerating category with a change in outlook for the Bank Loan Facilities of Rs. 49.73 Crs. of Mastek Engineering Pvt. Ltd. based on best available information, as the issuer did not cooperate.
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (12 Feb 2025) |
Present | ||
| Fund Based | 10.73 | 10.73 | Long Term |
BWR BB/Positive
Assignment |
BWR BB
/Positive to Stable ISSUER NOT COOPERATING* /Reaffirmation |
| Non Fund Based | 39.00 | 39.00 | Short Term |
BWR A4+
Assignment |
BWR A4 +
ISSUER NOT COOPERATING* /Reaffirmation |
| (7.00) | (7.00) | ||||
| Grand Total | 49.73 | 49.73 | (Rupees Forty Nine Crores and Seventy Three lakhs Only) | ||
**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 assigned the long-term and short-term ratings of BWR BB/Positive and BWR A4+, respectively, to the bank loan facilities of Rs.49.73 crore of Mastek Engineering Pvt Ltd, on 12th Feb 2025.
The rating was due for annual review in February 2026. 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 all the necessary operational information/documents required for review, nor has it provided the surveillance mandate agreement on time to complete the annual review as per the BWR rating policy and extant regulatory guidelines. Accordingly, due to the absence of adequate information and the surveillance mandate for the rating review, BWR is unable to assess the company’s performance on a timely review basis. However, BWR received No Default Statements (NDS) up to March 2026 and obtained satisfactory feedback from the banker rated by BWR. Hence, based on the best available information, Brickwork Ratings reaffirmed the long-term rating with a change in outlook from positive to stable, reaffirmed the short-term ratings at BWR BB/Positive to Stable/A4+ 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 | Construction | Construction | Civil Construction |
Mastek Engineering Private Limited is a well-established Indian company specializing in comprehensive engineering services. Initially formed as an unregistered partnership firm under the Partnership Act of 1932 on March 16, 2000, it transitioned into a private limited company on June 3, 2020, under the Companies Act, 2013. The company provides advanced design and detailed engineering solutions across mechanical, civil, and electrical domains. Its expertise includes constructing godowns, roads, compound walls, and foundations, along with the fabrication and erection of structural works, pipeline projects (cross-country, submerged, and plant piping), and equipment installation. Mastek also excels in horizontal directional drilling, cathodic protection, corrosion monitoring systems, fire-fighting solutions, and tank construction and maintenance services.
Mastek Engineering serves prominent clients in the oil and gas sector, including Indian Oil Corporation Ltd (IOCL), Oil and Natural Gas Corporation Ltd (ONGC), Gas Authority of India Ltd (GAIL), Chennai Petroleum Corporation Ltd (CPCL), Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL), Reliance Industries, Cairn India (Vedanta Group), and many others. Known for its innovation, unwavering commitment to quality, and customer-focused services, Mastek consistently delivers sustainable and efficient engineering solutions, reinforcing its reputation as a trusted leader in the industry.
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
| Creadit Rating Agency | Status and Reason for Non-Cooparation | Date of Press Release |
|---|---|---|
| CRISIL | CRISIL Ratings revised the ratings of Mastek Engineering Private Limited and continued the ratings in Issuer Not Cooperating category due to the absence of requisite information for review and the non-submission of the No Default Statement (NDS) for the last three months as per extant regulatory requirements. | 13May2025 |
Not Applicable.
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 | 10.73 |
BWR BB/Positive to Stable
(ISSUER NOT COOPERATING* /Reaffirmation) |
12Feb2025 |
BWR BBPositive
(Assignment) |
NA |
NA
|
NA |
NA
|
| Non Fund Based | ST | 39.00 |
BWR A4+
(ISSUER NOT COOPERATING* /Reaffirmation) |
12Feb2025 |
BWR A4+
(Assignment) |
NA |
NA
|
NA |
NA
|
| NFB SubLimit | ST | (7.00) |
BWR A4+
(ISSUER NOT COOPERATING* /Reaffirmation) |
12Feb2025 |
BWR A4+
(Assignment) |
NA |
NA
|
NA |
NA
|
| Grand Total | 49.73 | (Rupees Forty Nine Crores and Seventy Three lakhs Only) | |||||||
- General Criteria
- Approach to Financial Ratios
- Policy On Issuer Non -Cooperation
- Short Term Debt
- Engineering Procurement and Construction
| Analytical Contacts | |
|---|---|
|
Likith M S Rating Analyst likith.ms@brickworkratings.com |
Suryanarayan N Associate Director - Ratings suryanarayan.n@brickworkratings.com |
| Media Contact | media@brickworkratings.com | Client Support | clientsupport@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 | Union Bank of India | Term LoanOut-standing | 0.73 | _ | 0.73 | Simple## |
| 2 | Union Bank of India | Bank GuaranteeSanctioned | _ | 39.00 | 39.00 | Simple## |
| Sub-Limit (Project Specific BG) Sanctioned | (7.00) | |||||
| 3 | Union Bank of India | Secured ODSanctioned | 10.00 | _ | 10.00 | Simple## |
| Total | 10.73 | 39.00 | 49.73 | |||
| TOTAL (Rupees Forty Nine Crores and Seventy Three 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 |
| Instrument / Activity | Regulator |
|---|---|
| Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| SEBI | |
Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| SEBI | |
Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| RBI | |
| Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs 2| RBI | |
| External Commercial Borrowings and other similar borrowings | RBI |
| Certificates of Deposit | RBI |
| Fixed Deposits raised by NBFC's, Banks, HFCs, Fis | RBI |
| Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, Fis | MCA |
| Inter Corporate Deposits/Loans extended by Corporates | MCA |
Borrowing programme 3| - | |
Issuer Ratings 4| - | |
| Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) | SEBI |
| Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| Listed Security Receipts | SEBI |
| Unlisted Security Receipts | RBI |
| Independent Credit Evaluation (ICE) | RBI |
| Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis) | RBI |
| Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| Investor-side Regulator | such as IRDAI, PFRDA 5 |
| Monitoring Agency | SEBI |
| Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 | NA |
- Includes securitisation transactions involving assignee payout, acquirer's payout.
- Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
- 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), BWR shall separately capture the rated quantum details along with names of respective regulators.
- There is no instrument being rated and hence, Regulator of the Instrument is not applicable.
- These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026, and accordingly, investor side regulators have been included.
- Permitted by SEBI vide SEBI Master Circular for CRAs
For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.
Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI]. BWR is the 5th agency to get a credit rating registration in India in 2009 and its corporate office in Bengaluru. It has a country-wide presence with representatives in 150+ locations. Canara Bank is Brickwork’s strategic partner and promoter.
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