Mahathi Infra Services Pvt Ltd

Brickwork Ratings continues to reaffirm and withdraw the long-term and short-term ratings for the Bank Loan Facilities of Rs. 50.00 Crs. of Mahathi Infra Services Pvt Ltd

Particulars

Facilities/Instruments**	Amount (Rs.Crs.)		Tenure	Rating#
Facilities/Instruments**	Previous	Present	Tenure	Previous (11 Nov 2025)	Present
Fund Based	16.00	16.00	Long Term	BWR BB- /Stable Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed	BWR BB - /Stable Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn
Non Fund Based	34.00	34.00	Short Term	BWR A4 Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed	BWR A4 Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn
Non Fund Based	(10.00)	(10.00)	Short Term
Grand Total	50.00	50.00	(Rupees Fifty Crores Only)

#Please refer to BWR website www.brickworkratings.com for definition of the ratings and for Withdrawal Policy
*Issuer did not cooperate; based on best available information.
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure

RATING ACTION / WITHDRAWAL / NATURE OF NON-COOPERATION

Brickwork Ratings (BWR) reaffirms and simultaneously withdraws the ratings of "Mahathi Infra Services Private Limited" based on their request for rating withdrawal. The company was recently rated by the BWR on 11-Nov-2025, wherein BWR had reaffirmed the long-term and short-term ratings in the Issuer not Cooperating category on account of non-submission of any financial information, non-submission of NDS (No Default Statement) for more than three months and other operational information.

The Company has now submitted the request letter for rating withdrawal along with No Objection Certificates (NOC) from the banker, which is held on record. The banker confirms that they have No Objection in the withdrawal of the Credit Rating for the Bank Loan Facilities. In accordance with extant regulatory guidelines and as per BWR Rating Withdrawal Policy, the rating of the said instrument is now as follows: Reaffirmation of long-term and short-term ratings at "BWR BB- /Stable / A4" and continuation in the ISSUER NOT COOPERATING* category with simultaneous withdrawal of Ratings.

The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack any projections or forward looking component as it is arrived at based on the best available information without any management/banker's 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.

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 23 - 24 (Audited)	FY 24 - 25 (Audited)	FY 25 - 26 (Audited)
Operating Revenue	Rs.Crs.	Not Available	Not Available	Not Available
EBITDA	Rs.Crs.	Not Available	Not Available	Not Available
PAT	Rs.Crs.	Not Available	Not Available	Not Available
Tangible Net Worth	Rs.Crs.	Not Available	Not Available	Not Available
Total Debt / Tangible Net Worth	Times	Not Available	Not Available	Not Available
Current Ratio	Times	Not Available	Not Available	Not Available

COMPANY PROFILE

Macro Economic Indicator	Sector	Industry	Basic Industry
Energy	Oil, Gas & Consumable Fuels	Oil	Oil Equipment & Services

Mahathi Infra Services Private Limited (MISPL) was incorporated in September 2010 at Hyderabad, Telangana. The Company provides EPC services for execution of Oil & Gas pipelines, Petroleum Storage Tanks, LPG Plants & Installations, Cross-Country Pipelines, Fire Fighting systems, etc., and also manufactures various products, namely, Boilers, Pressure Vessels & Columns, Shell & Tube Heat Exchangers, Air Cooled Condensers & Surface Condensers, Storage tanks, Hot Air Generators etc. The company’s plant is located at Choutuppal, Hyderabad. MISPL caters to various clients in the Oil & Gas industry, Power and Petro-Chemicals industry and has executed projects globally in countries such as Mozambique, Kenya, South Africa, Gabon, Uganda etc. The directors are Mr. Y Ravi Shanker, Mrs. Y Uma Maheshwari, Mr. Y Kalyan Swaroop and Mr. B Lakshmi Narayana.

(Note: As per information available during Jul-2018)

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY IF ANY

Not Applicable

ANY OTHER INFORMATION

CARE Rating vide its press release dated 07Apr2023, has Downgraded the long-term rating to "CARE BBB-/Stable" and reaffirmed short-term rating at "CARE A3" for Bank Loan facilities of Rs 80.00 Crs.
CRISIL Rating vide its press release dated 05May2023, has upgraded the Long-term and short-term ratings to "CRISIL BB+/Stable/CRISIL A4+" for Bank Loan facilities of Rs 45.00 Crs. and simultaneously withdrawn the ratings

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)

Facilities / Instruments**	Current Rating (2026)			2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	16.00	BWR BB-/Stable (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)	11Nov2025	BWR BB- Stable (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	14Nov2024	BWR BB- Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	30Aug2023	BWR BB Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
NFB SubLimit	LT	NA	NA	11Nov2025	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	14Nov2024	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	NA	NA
Non Fund Based	ST	34.00	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)	11Nov2025	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	14Nov2024	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	30Aug2023	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
NFB SubLimit	ST	(10.00)	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)	NA	NA	NA	NA	30Aug2023	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
Grand Total		50.00	(Rupees Fifty Crores Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Haritha Akshaja Ratings Analyst haritha.a@brickworkratings.com	Raghavendra Senior Manager - Ratings raghavendra.n@brickworkratings.com
1-860-425-2742 \| media@brickworkratings.com	Customer Support \| CustSupport@brickwrokratings.com

ANNEXURE-I

Mahathi Infra Services Pvt Ltd

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	HDFC Bank	Cash Credit - Sanctioned	16.00	_	16.00	Simple##
2	HDFC Bank	Bank Guarantee - Sanctioned	_	19.00	19.00	Simple##
	Sub-Limit (Letter of Credit) - Sanctioned		(10.00)
3	HDFC Bank	Letter of Credit - Sanctioned	_	15.00	15.00	Simple##
Total			16.00	34.00	50.00
TOTAL (Rupees Fifty Crores 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 (NCD/Bonds/CP/FDs) DETAILS

Instrument	Issue Date	Amount (Rs.Crs)	Coupon Rate (%)	Maturity Date	ISIN Particulars	Complexity of the Instrument
Nil	Nil	Nil	Nil	Nil	Nil	Nil

ANNEXURE-III

List of entities consolidated

Name of Entity	% Ownership	Extent of consolidation	Rationale for consolidation
Nil	Nil	Nil	Nil

List of Instruments and Regulators

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

Grievance Management: For any grievances relating to rating of instruments regulated by SEBI, please contact sebigrievance@brickworkratings.com. Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available

For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.

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]. 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.

Brickwork 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, Securitisation Products, Municipal Bonds, etc. BWR has also rated NGOs, Educational Institutions, Hospitals, Urban Local Bodies and Municipal Corporations.

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