Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 435.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 450.00 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 885.00 - -
 
Rating Rationale

Erratum: In the original PR dated July17, 2023, under the Section "Key Financial Tables" FY2022 actual figures was mentioned now it has been updated to FY2023 in this version.­

Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the short term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 885.00 crore bank facilities of MEP Infrastructure Developers Limited (MEPIDL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information.


About the Company

­MEP Infrastructure developers limited was incorporated in 2002, located in Mumbai, Maharshtra, is the flagship entity of the MEP Group and an established player in toll collection and Operate Maintain and Transfer (OMT) business for roads and highways. The MEP Group engages in either short or long term contracts ranging from one to sixteen years to undertake such business. MEPIDL also undertakes Engineering, Procurement and Construction (EPC) contracts for the road sector. In FY2016, the MEP group has been awarded with six Hybrid Annuity Model (HAM) projects, which are being executed through special Purpose Vehicles (SPVs). The group also has a presence in Build, Operate and Transfer (BOT) projects through its subsidiaries. MEPIDL is listed on BSE and NSE. The day-to-day operations are led by the Chairman, Mr. Dattatray P. Mhaiskar and Managing Director, Mr. Jayant D. Mhaiskar. The management of the company has extensive experience in the infrastructure sector.

 
Non-cooperation by the issuer/borrower:

­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

 
Limitation regarding information availability:

­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

 
Rating Sensitivity

­­No information provided by the issuer / available for Acuite to comment upon.

 
Material Covenants

Not Applicable­

 
Liquidity Position

­No information provided by the issuer / available for Acuite to comment upon.

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

­­Not Applicable

 

Particulars Unit FY 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 59.53 194.18
PAT Rs. Cr. (131.40) (45.53)
PAT Margin (%) (220.72) (23.45)
Total Debt/Tangible Net Worth Times 0.87 0.67
PBDIT/Interest Times (1.96) 1.91
Status of non-cooperation with previous CRA

­None

 
Any other information

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

 
Applicable Criteria
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.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.

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
18 Apr 2022 Term Loan Long Term 34.00 ACUITE D (Downgraded and Issuer not co-operating*)
Secured Overdraft Long Term 10.00 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 5.07 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 6.14 ACUITE D (Downgraded and Issuer not co-operating*)
Secured Overdraft Long Term 75.00 ACUITE D (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 100.00 ACUITE D (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 100.00 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 45.50 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 142.00 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 10.00 ACUITE D (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 100.00 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 8.75 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 75.00 ACUITE D (Downgraded and Issuer not co-operating*)
Proposed Bank Facility Long Term 22.34 ACUITE D (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 50.00 ACUITE D (Downgraded and Issuer not co-operating*)
Term Loan Long Term 1.20 ACUITE D (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 100.00 ACUITE D (Downgraded and Issuer not co-operating*)
18 May 2021 Term Loan Long Term 75.00 ACUITE B+ (Issuer not co-operating*)
Term Loan Long Term 6.14 ACUITE B+ (Issuer not co-operating*)
Secured Overdraft Long Term 75.00 ACUITE B+ (Issuer not co-operating*)
Term Loan Long Term 34.00 ACUITE B+ (Issuer not co-operating*)
Proposed Bank Facility Long Term 22.34 ACUITE B+ (Issuer not co-operating*)
Bank Guarantee Short Term 100.00 ACUITE A4 (Issuer not co-operating*)
Term Loan Long Term 8.75 ACUITE B+ (Issuer not co-operating*)
Term Loan Long Term 1.20 ACUITE B+ (Issuer not co-operating*)
Letter of Credit Short Term 100.00 ACUITE A4 (Issuer not co-operating*)
Term Loan Long Term 142.00 ACUITE B+ (Issuer not co-operating*)
Term Loan Long Term 10.00 ACUITE B+ (Issuer not co-operating*)
Secured Overdraft Long Term 10.00 ACUITE B+ (Issuer not co-operating*)
Term Loan Long Term 5.07 ACUITE B+ (Issuer not co-operating*)
Bank Guarantee Short Term 100.00 ACUITE A4 (Issuer not co-operating*)
Term Loan Long Term 45.50 ACUITE B+ (Issuer not co-operating*)
Bank Guarantee Short Term 100.00 ACUITE A4 (Issuer not co-operating*)
Bank Guarantee Short Term 50.00 ACUITE A4 (Issuer not co-operating*)
25 Feb 2020 Term Loan Long Term 1.20 ACUITE B+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 142.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 75.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 10.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 100.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 100.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 100.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 50.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Term Loan Long Term 5.07 ACUITE B+ (Downgraded and Issuer not co-operating*)
Proposed Bank Facility Long Term 22.34 ACUITE B+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 8.75 ACUITE B+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 6.14 ACUITE B+ (Downgraded and Issuer not co-operating*)
Secured Overdraft Long Term 10.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 100.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Secured Overdraft Long Term 75.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 34.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 45.50 ACUITE B+ (Downgraded and Issuer not co-operating*)

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Indian Bank Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 100.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 100.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of India Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 100.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of Maharashtra Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 50.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Yes Bank Ltd Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 100.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 22.34 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of India Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 75.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Bank of Maharashtra Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Indusind Bank Ltd Not Applicable Term Loan Not available Not available Not available 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
The Thane Janata Sahakari Bank Ltd Not Applicable Term Loan Not available Not available Not available 45.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
The Kalyan Janata Sahakari Bank Ltd Not Applicable Term Loan Not available Not available Not available 1.20 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
The Kalyan Janata Sahakari Bank Ltd Not Applicable Term Loan Not available Not available Not available 5.07 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
The Kalyan Janata Sahakari Bank Ltd Not Applicable Term Loan Not available Not available Not available 6.14 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
The Kalyan Janata Sahakari Bank Ltd Not Applicable Term Loan Not available Not available Not available 8.75 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Yes Bank Ltd Not Applicable Term Loan Not available Not available Not available 75.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
IFCI Ltd. Not Applicable Term Loan Not available Not available Not available 34.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not Applicable Term Loan Not available Not available Not available 142.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*

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