RATING RATIONALE
13Mar2026

RRH Holidays LLP

Brickwork Ratings assigns the ratings for the Bank Loan Facilities of Rs. 29.97 Crs. of RRH Holidays LLP

Particulars
Facilities** Amount(Rs.Crs.) Tenure Rating#
Fund Based 29.97 Long Term BWR BB /Stable
Assignment
Grand Total 29.97 (Rupees Twenty Nine Crores and Ninety Seven 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
RATING ACTION / OUTLOOK

 

Brickwork Ratings assigns the ratings of BWR BB/Stable Assignment  for long-term facilities totalling to Rs. 29.97 crs. of RRH HOLIDAYS LLP

The ratings assigned are supported by the extensive experience of the promoters. Timely completion of the project as per the DCCO of this project is 01-10-2027, and Regular infusion by the promoters to ensure the timely completion of the project as per the DCCO date 01-10-2027, and regular disbursal of the term loan as per the bank disbursal plan. Conversely, the ratings are constrained by a delay in capital infusion by the promoters, a delay in the disbursal of the term loan until the completion of the project, and a delay in the DCCO date of the project, which is 01-10-2027.

BWR believes RRH HOLIDAYS LLP will maintain its business risk profile over the medium term. The 'Stable' outlook reflects BWR's expectation that the company will maintain its construction operations and financial infusion while maintaining its long-term relationships in the medium term. 

KEY RATING DRIVERS

Credit Strengths:


Credit Risks:

ANALYTICAL APPROACH - Standalone

For arriving at its ratings, BWR has applied its rating methodology as detailed in the Rating Criteria, as detailed below  (hyperlinks provided at the end of this rationale).

RATING SENSITIVITIES

Positive:-

Negative:-

LIQUIDITY INDICATORS - Adequate

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Consumer Discretionary Consumer Services Leisure Services Hotels & Resorts

RRH Holidays LLP is a newly incorporated Limited Liability Partnership formed on May 15, 2024. The firm is a family-run business consisting of four partners: Mr. Mahesh Chandra Agarwal, Mr. Nitin Agarwal, Mr. Nimish Agarwal, and Mr. Raghav Agarwal. The company is headquartered in Kashipur, Uttarakhand.

The partners are experienced in both the hospitality industry and agriculture. 

Details of the Partners  

1. Mr. Mahesh Chandra Agarwal  

2. Mr. Nitin Agarwal  

3. Mr. Nimish Agarwal  

4. Mr. Raghav Agarwal

S.No. Partners Experience
1 Mr. Mahesh
Chandra Agarwal
Mr. Mahesh Chandra Agrawal (age 75 Years), an agricultural graduate, has more than 50 years of experience in farming. Having an agricultural land chunk of around 55 acres in Kashipur.
2 Mr. Nimish Aggarwal, Mr. Nimish Agarwal and others started the business of RR Hotel, under the brand name “The Manor” in Kashipur. The hotel was also awarded the 3-star category from the Government of India and still comes under the approved 3-star hotel.
3 Mr. Nitin Agarwal Mr. Nitin Agarwal also joined the hotel business in 2007, then started a firm, M/s Sathvik Developers, and bought a land chunk in Nainital near the High Court and made a guest house/hotel in Nainital. The promoters did not take any loan for that property, and the property is doing well. Now, borrowers along with Leisure Hotels have started construction on a new hotel under RRH Holidays LLP in Kashipur.
4 Mr. Raghav
Agarwal S/o Nitin Agarwal
Mr. Raghav Agarwal, aged 19 years now also looking after the existing Hotel business of the family and is proposed to be engaged in other family business, which is proposed to be in a new business area

 

Associated Companies & Partners details :- 

Company / Firm
Name
Entity Type Primary Partners Involved Key Business / Assets Turnover of the Hotel Annually in FY 2025 Partner Networth
R R Hotels Partnership Mahesh Chandra Aggarwal, Nitin Agarwal, Nimish Agarwal Operates
"The Manor"
(Kashipur), a top-rated 3-star boutique hotel.
The Manor"
(Kashipur) = Rs. 7.5 cr
Nitin Agarwal =Rs.19.8 cr Nimish Agarwal = Rs.13.3 cr
M/s Ganga Tourism Partnership Nitin Agarwal, Nimish Agarwal Operates "
Bedzzz
" Rishikesh and "
Bedzzz Xclusive"
Goa.
Rs. 4 cr for Rishikesh and Rs. 2.5 cr for Bedzzz Xclusive. Nitin Agarwal = Rs. 19.8 cr
M/s Sathvik
Developers
Partnership Firm Nitin Agarwal Developed "
Pinewood Hotel"
in Nainital near the High Court.
Pinewood Hotel" = Rs. 1.5 cr Nimish Agarwal = Rs. 13.3 cr
Personal Agriculture Individual / HUF Mahesh Chandra Agarwal Management of 55 acres of high-yield agricultural land inKashipur.   Mahesh Agarwal = Rs. 16 cr
        Total turnover of all four hotels is Rs. 15.5 cr  

The firm is currently setting up a new premium hotel in Kashipur.

PROJECT TIMELINE:-

S.No. PARTICULARS Date /Timeline MONTHS
1 Construction period Apr 2025- Sep 2027 29
2 Electrical and furniture fitting period oct 2026 - sep 2027 11
3 Moratorium period Apr 2025-sep 2027 29
4 Repayment period Apr 2028 -March 2037 108
5 DCCO Date of this project 01-10-2027  

 

ESG Profile

The company's ESG profile demonstrates a Evolving profile across environmental, social, and governance dimensions, aligned with the operational characteristics of the services sector.

Environmental: the company focuses on optimizing energy consumption across its operations, Initiatives to reduce its carbon footprint. Waste management practices cover paper and electronic waste. Water consumption during the period was supported by conservation and treatment measures. The company reported instances of environmental non-compliance or penalties during the period.

Social : From a social perspective, the company emphasises fair wages, competitive benefits, and employee well-being. Health and safety policies apply across both office-based and remote work environments. Diversity and inclusion efforts are reflected in gender diversity and inclusive hiring initiatives. Employee capability development remains a priority, supported by training programmes and structured career progression initiatives.

Governance: From a governance standpoint, the company’s framework includes the effectiveness of investor and stakeholder grievance-redressal mechanisms and adherence to regulatory and ethical standards. Workforce governance policies promote fairness and equity across the organisation. Ethical conduct is guided by a documented code of conduct and anti-corruption policies. Data security and cybersecurity are assessed based on the presence of governance policies, oversight mechanisms, and internal controls intended to safeguard sensitive information, ensure compliance with applicable regulations, maintain client trust, and support business continuity.

 

KEY FINANCIAL INDICATORS (Standalone)
Key Parameters Units FY 23 - 24
(Audited - Annual)
FY 24 - 25
(Audited - Annual)
FY 25 - 26
(Unaudited - Others(11 Months Figures ))
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 0.57 3.03
Total Debt / Tangible Net Worth Times Not Available Not Available 2.54
Current Ratio Times Not Available Not Available Not Available
KEY COVENANTS OF THE FACILITY RATED

The terms of the sanction include standard covenants typically required for such facilities.


STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

No other Information.
 

RATING HISTORY FOR LAST 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 29.97
BWR BB/Stable
(Assignment)
NA
NA
NA
NA
NA
NA
Grand Total 29.97 (Rupees Twenty Nine Crores and Ninety Seven lakhs Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

Utsav Nagpal

Ratings Analyst utsav.n@brickworkratings.com

Nitika Srivastava

Associate Director Ratings nitika.s@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com Customer Support | CustSupport@brickwrokratings.com
RRH Holidays LLP
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 Punjab National Bank Term LoanSanctioned 29.97 _ 29.97 Simple##
Total 29.97 0.00 29.97
TOTAL (Rupees Twenty Nine Crores and Ninety Seven 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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