Press Release

Press Release

April 28, 2026

MNSR TRADING PRIVATE LIMITED
Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	64.00	ACUITE BBB- \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	16.00	-	ACUITE A3 \| Assigned	RBI
Total Outstanding	0.00	80.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuite has assigned long-term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) on the Rs. 64 Cr. bank facilities and short-term rating of 'ACUITE A3' (read as ACUITE A three) on the Rs. 16 Cr. bank facilities of MNSR Trading Private Limited. The outlook is 'Stable'.

Rationale for rating

The rating takes into account benefits derived from the promoters in the mining industry, increase in revenues and operating profitability in FY 25 along with slight improvement in FY 26. The company has registered revenues of about Rs. 125.04 Cr. in FY 26 as compared to Rs. 106.98 Cr. in FY 25. It has a healthy unexecuted orderbook pertaining to overburden removal and transportation of coal of Rs. 1651.19 Cr. from Bharat Coke Coal Limited to be executed over a span of five years providing revenue visibility in the near to medium term. The financial risk profile of the company is moderate marked by improving yet low networth, comfortable gearing and debt protection metrices, moderate working capital cycle, adequate liquidity with sufficient net cash accruals to repay the debt obligations and moderate bank limit utilisation. However, these strengths are constrained by presence in a fragmented industry, exposure to price volatility of raw materials, and exposure to regulatory risks.

About the Company

Incorporated in 2019, MNSR Trading Private Limited, is based out of Jharkhand. The company is engaged in overburden removal (46% of revenue contribution in FY 25), coal trading (33.61% of the revenue contribution in FY 25), transportation (10.60% of the revenue contribution in FY 25) and scrap sales (9.79% of revenue contribution in FY 25). The directors of the company are Mr. Aadarsh Singh and Mr. Harsh Singh who have experience in the mining sector.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has taken standalone business and financial profile of MNSR Trading Private Limited to arrive at the rating.

Key Rating Drivers

Strengths

Benefits derived from the promoters
The operations of the company are managed by Mr. Aadarsh Singh and Mr. Harsh Singh who have experience in the mining sector. The customers of the company majorly include Bharat Coke Coal Limited and diverse industries in power generation, steel sectors. Acuite believes that the promoter's experience and healthy relationship with customers and suppliers will benefit the company going forward.

Increase in Revenues and operating profitability
The revenues have increased to Rs. 106.98 Cr. in FY 25 as compared to Rs. 23.86 Cr. in FY 23 on account of increase in mining support activities like overburden removal and trading of coal. Further, the company has achieved revenues of about Rs. 125.04 Cr. as of FY 26. The operating profitability increased to 20.21 percent in FY 25 as compared to 7.22 percent in FY 23. The increase is majorly because margins are higher in overburden removal.
The company has an unexecuted orderbook position pertaining to overburden removal and transportation(all orders from Bharat Coking Coal Limited) stood at Rs. 1651.19 Cr. as of February 2026 to be executed within a span of five years. The OB/OI stood at 15.57 times. Acuite believes that with the healthy orderbook position, the scale of operations and operating profitability is expected to increase in the medium term.

Moderate financial risk profile
The financial risk profile of the company is moderate marked by improving yet low net worth, low gearing and moderate debt protection metrices. The tangible net worth of the company stood at Rs. 21.85 Cr. as on March 31, 2025 as compared to Rs. 7.88 Cr. as on March 31, 2024 due to accretion to reserves and infusion of equity capital. The gearing of the company stood at 1.56 times as on March 31, 2025 and 3.26 times as on March 31, 2024. The long term loans majorly comprises of equipment loans. The unsecured loans amount to Rs. 0.36 Cr. in FY 25 as compared to Rs. 3.89 Cr. in FY 24. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 2.18 times as on March 31, 2025 as compared to 5.02 times as on March 31, 2024. The debt protection metrices of the company remain comfortable marked by Interest Coverage ratio (ICR) of 6.59 times as on March 31, 2025 and debt service coverage ratio (DSCR) of 1.81 times for March 31, 2025. The net cash accruals to total debt (NCA/TD) stood at 0.43 times as on March 31, 2025 as compared to 0.37 times as on March 31, 2024. Acuité believes that the financial risk profile is expected to remain in similar lines over the medium term with improvement in capital structure and debt protection metrices.

Moderate Working Capital Cycle
The working capital cycle of the company is moderate as reflected by Gross Current Assets (GCA) of 103 days for March 31, 2025 as compared to 105 days for March 31, 2024. The debtor period stood at 63 days as on March 31, 2025 as compared to 15 days as on March 31, 2024. The payments from the customers are received within 2-3 months to the company. Majority debtors include BCCL among others and are less than 90 days period. Further, the inventory days of the company stood at 33 days as on March 31, 2025 as compared to 14 days in FY2024. The inventory holding of the company is about 20-25 days. The creditors stood at 38 days as on March 31, 2025 as compared to 15 days as on March 31, 2024, the suppliers are paid within 2-3 months. Acuité believes that the working capital operations of the company is expected to remain in the similar lines over the medium term.

Weaknesses

Presence in Fragmented Industry, Exposure to Price Volatility, Regulatory Changes
The coal trading industry is highly fragmented with numerous small players due to low entry barriers, resulting in intense competition. The company primarily caters to steel, cement, and power sectors, where demand is closely linked to overall economic activity, making its business risk profile vulnerable to cyclical fluctuations. Additionally, operations remain exposed to volatility in coal prices and changes in regulatory policies, which could impact profitability and demand dynamics.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Revenue growth by 20 percent in near term

TOL/TNW to reduce below 1.5 times
Timely execution of the orderbook position

Potential triggers (individual or collective) for a downward rating action:

Elongation of working capital cycle

Profitability to fall below 10 percent

Liquidity Position

Adequate

The company has adequate liquidity marked by net cash accruals of Rs 14.82 Cr. as on FY2025 as against long term debt repayment of Rs. 6.69 Cr. over the same period. The management has financial flexibility to infuse funds as and when required to support the business. The cash and bank balance stood at Rs. 1.15 Cr. as on March 31, 2025 and Rs. 2.75 Cr. March 31, 2024. Further, the current ratio of the company stood at 1.04 times as on March 31, 2025 as compared to 0.88 times as on March 31, 2024. The average bank utilization limit of the company for 6 months ended January 2026 is 74.21 percent. The company has capex plans of purchasing equipment with a mix of debt and internal accruals to execute the orderbook. Acuité believes that the liquidity of the company is likely to remain adequate over the near to medium term on account of steady cash accruals, moderate bank limit utilisation albeit low current ratio and debt funded capex plans.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	106.98	68.77
PAT	Rs. Cr.	9.57	6.03
PAT Margin	(%)	8.94	8.77
Total Debt/Tangible Net Worth	Times	1.56	3.26
PBDIT/Interest	Times	6.59	6.67

Status of non-cooperation with previous CRA (if applicable)

None

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History:Not Applicable

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
State Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	6.00	Simple	ACUITE A3 \| Assigned
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE BBB- \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Bank Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A3 \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	28.00	Simple	ACUITE BBB- \| Stable \| Assigned
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 May 2023	Not avl. / Not appl.	30 Apr 2027	0.50	Simple	ACUITE BBB- \| Stable \| Assigned
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2023	Not avl. / Not appl.	31 Mar 2028	7.14	Simple	ACUITE BBB- \| Stable \| Assigned
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Jul 2024	Not avl. / Not appl.	30 Jun 2028	8.36	Simple	ACUITE BBB- \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Vedika Lahoti
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁴ 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 Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁵ 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.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

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