By Samarth Dayama

India Ratings and Research (Ind-Ra) has migrated M P Agarwala’s Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the ratings. The rating will now appear as ‘IND BB(ISSUER NOT COOPERATING)’ on the agency’s website. The instrument-wise rating actions are as follows:

Instrument Type

Date of Issuance

Coupon Rate

Maturity Date

Size of Issue (million)

Rating

Rating Action

Fund-based facilities

-

-

-

INR105

IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)

Migrated to non-cooperating category

Non-fund-based facilities

-

-

-

INR270

IND A4+(ISSUER NOT COOPERATING)

Migrated to non-cooperating category

 Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 6 March 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, M P Agarwala is a proprietorship firm set up by Mr. Mahabir Prasad Agarwala. The firm undertakes civil construction of roads, bridges and building for the Public Works Departments of Assam and Meghalaya.


RATING HISTORY

Instrument Type

Current Ratings

Historical Rating/Outlook

Rating Type

Rated Limits (million)

Rating

6 March 2019

2 July 2018

14 June 2017

29 February 2016

Issuer rating

Long-term

-

IND BB(ISSUER NOT COOPERATING)

IND BB/Stable

IND BB(ISSUER NOT COOPERATING)

IND BB/Stable

IND BB-/Stable

Fund-based facilities

Long-term/Short-term

INR105

IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)

IND BB/Stable/IND A4+

IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)

IND BB/Stable/IND A4+

IND BB-/Stable/IND A4+

Non-fund-based facilities

Short-term

INR270

IND A4+(ISSUER NOT COOPERATING)

IND A4+

IND A4+(ISSUER NOT COOPERATING)

IND A4+

IND A4+


COMPLEXITY LEVEL OF INSTRUMENTS

For details on the complexity levels of the instruments, please visit https://www.indiaratings.co.in/complexity-indicators.

SOLICITATION DISCLOSURES

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. 

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

ABOUT INDIA RATINGS AND RESEARCH

About India Ratings and Research: India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market. 

Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies and project finance companies. 

Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India, the Reserve Bank of India and National Housing Bank. 

India Ratings is a 100% owned subsidiary of the Fitch Group.

For more information, visit www.indiaratings.co.in.

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