Press Release August 26, 2025 BARBRIK PROJECT LIMITED Rating Downgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	73.00	ACUITE C | Downgraded	-
Bank Loan Ratings	300.00	-	ACUITE A4 | Downgraded
Total Outstanding	373.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuite has downgraded its long-term rating to 'ACUITE C' (read as ACUITE C) from 'ACUITE A' (read as ACUITE A) on the Rs. 73.00 Cr of bank facilities and short-term rating to 'ACUITE A4' (read as ACUITE A four) from 'ACUITE A1' ( read as ACUITE A one) on Rs. 300.00 Cr. of bank facilities of Barbrik Project Limited.  Rationale for Downgrade The rating downgarde takes cognizance of delays in servicing debt obligations by BPL in term loan (equipment loan) in the recent past as understood from credit bureau information report of the company.

About Company

­Barbrik Project Limited (BPL) was established as a partnership firm in 1985 and subsequently converted into a private limited company in 2008. The entity has been promoted by the Agarwal family of Chhattisgarh and is engaged in the construction of roads, bridges and highways. The company is a registered contractor for Public Works Department (PWD) of Chhattisgarh, Jharkhand, Maharashtra, Madhya Pradesh, Odisha and Bihar along with National Highway Authority of India (NHAI) and State Highway Authority of Jharkhand (SHAJ). The company is also engaged in undertaking logistic service for Central Coalfield Limited, Northern Coalfield Limited and Adani Enterprises Limited. Currently, the company is managed by Mr. Ramesh Kumar Agarwal, Mr. Rajesh Kumar Agarwal, Mr. Dhruv Kumar Agarwal, Mr. Kanhaiya Lal Agarwal, Mr. Ayush Kumar Agarwal and Mr. Sourabh Agarwal.

About the Group

­Chhattisgarh based, PRA India Private limited (PIPL) was incorporated in 2019 by Mr. Rajesh Kumar Agrawal. The company is engaged in civil construction work and currently undertakes projects subcontracted by Barbrik Project Limited.

Unsupported Rating

­Not applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­Acuité has consolidated the financial and business risk profile of Barbrik Project Limited (BPL) and PRA INDIA PRIVATE LIMITED (PIPL). The group is herein being referred to as Barbrik Group. The same is on account of common management, same line of operations and significant operational and financial linkages.

Key Rating Drivers

Strengths

­Experienced management and long track record of operations The group has an extensive execution track record of 35 years in the civil construction business, with a wellestablished history of projects involving roads, highways, and bridges. The promoters—Mr. Ramesh Kumar Agrawal, Mr. Rajesh Kumar Agrawal, and Mr. Kanhaiya Lal Agrawal—bring over three decades of experience in the infrastructure industry. The second-generation promoters, Mr. Ayush Kumar Agrawal and Mr. Sourabh Agrawal (son of Mr. Ramesh Kumar Agrawal), have also joined the business and possess more than a decade of experience in the sector.The group’s long-standing presence in the industry has enabled it to build strong relationships with customers over the years. Timely execution of projects has further enhanced its market presence across Odisha, Chhattisgarh, Madhya Pradesh, Jharkhand, and Maharashtra. Over the past three to four years, ending FY2025, the group has secured multiple Hybrid Annuity Model (HAM) projects. Acuité derives comfort from the extensive experience of the promoters in civil construction and the group’s healthy order book position.

Weaknesses

­Instance of delay in servicing of debt obligation Instance of delays in servicing debt obligations by BPL in term loan (auto loan & equipment loan) in the month of April 2025, August 2025 as understood from credit bureau information report of the company.

Rating Sensitivities

­Regular servicing of debt obligations

Liquidity Position: Poor

­The liquidity position of the company is marked poor on account of instance of delay in servicing of term loan obligation by the company.

Outlook: Not applicable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Provisional)	FY 24 (Actual)
Operating Income	Rs. Cr.	1137.39	1232.46
PAT	Rs. Cr.	96.72	80.78
PAT Margin	(%)	8.50	6.55
Total Debt/Tangible Net Worth	Times	0.23	0.31
PBDIT/Interest	Times	9.34	9.78

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

­Not applicable

Any Other Information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 06 Aug 2024 Cash Credit Long Term 2.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 6.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 15.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE A | Stable (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A1 (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 50.00 ACUITE A1 (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 22.00 ACUITE A1 (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 80.00 ACUITE A1 (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 10.00 ACUITE A1 (Reaffirmed) Proposed Bank Guarantee Short Term 32.00 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 30.00 ACUITE A1 (Reaffirmed) 24 Jul 2024 Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 6.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 15.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 19.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE A | Stable (Assigned) Proposed Cash Credit Long Term 16.00 ACUITE A | Stable (Assigned) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A1 (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 50.00 ACUITE A1 (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 22.00 ACUITE A1 (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 80.00 ACUITE A1 (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 10.00 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 30.00 ACUITE A1 (Assigned) Proposed Bank Guarantee Short Term 16.00 ACUITE A1 (Assigned) 08 Jan 2024 Cash Credit Long Term 2.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Cash Credit Long Term 10.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Cash Credit Long Term 10.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Cash Credit Long Term 7.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Cash Credit Long Term 6.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Cash Credit Long Term 15.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Proposed Cash Credit Long Term 10.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A1 (Upgraded from ACUITE A2+) Bank Guarantee/Letter of Guarantee Short Term 50.00 ACUITE A1 (Upgraded from ACUITE A2+) Bank Guarantee/Letter of Guarantee Short Term 22.00 ACUITE A1 (Upgraded from ACUITE A2+) Bank Guarantee/Letter of Guarantee Short Term 58.00 ACUITE A1 (Upgraded from ACUITE A2+) Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A1 (Upgraded from ACUITE A2+) Proposed Bank Guarantee Short Term 34.00 ACUITE A1 (Upgraded from ACUITE A2+) Bank Guarantee (BLR) Short Term 10.00 ACUITE A1 (Upgraded from ACUITE A2+) 06 Apr 2023 Cash Credit Long Term 7.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE A- | Stable (Reaffirmed) Proposed Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A2+ (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 50.00 ACUITE A2+ (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 22.00 ACUITE A2+ (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 58.00 ACUITE A2+ (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 34.00 ACUITE A2+ (Reaffirmed) Proposed Bank Guarantee Short Term 67.00 ACUITE A2+ (Reaffirmed) 17 Nov 2022 Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 7.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE A- | Stable (Reaffirmed) Proposed Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A2+ (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 50.00 ACUITE A2+ (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 22.00 ACUITE A2+ (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 58.00 ACUITE A2+ (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 34.00 ACUITE A2+ (Reaffirmed) Proposed Bank Guarantee Short Term 67.00 ACUITE A2+ (Reaffirmed)

­

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Federal Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A4 | Downgraded ( from ACUITE A1 ) Bandhan Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple ACUITE A4 | Downgraded ( from ACUITE A1 ) State Bank of India Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 38.00 Simple ACUITE A4 | Downgraded ( from ACUITE A1 ) Yes Bank Ltd Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE A4 | Downgraded ( from ACUITE A1 ) ICICI Bank Ltd Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 22.00 Simple ACUITE A4 | Downgraded ( from ACUITE A1 ) HDFC Bank Ltd Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 80.00 Simple ACUITE A4 | Downgraded ( from ACUITE A1 ) Kotak Mahindra Bank Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 38.00 Simple ACUITE A4 | Downgraded ( from ACUITE A1 ) Federal Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE C | Downgraded ( from ACUITE A ) State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE C | Downgraded ( from ACUITE A ) Yes Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE C | Downgraded ( from ACUITE A ) HDFC Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE C | Downgraded ( from ACUITE A ) ICICI Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE C | Downgraded ( from ACUITE A ) Kotak Mahindra Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.00 Simple ACUITE C | Downgraded ( from ACUITE A ) Bandhan Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE C | Downgraded ( from ACUITE A ) Not Applicable Not avl. / Not appl. Proposed Bank Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 32.00 Simple ACUITE A4 | Downgraded ( from ACUITE A1 )

­

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No. Company name 1 PRA India Private limited (Erstwhile P R Agrawal Project Private Limited) 2 Barbrik Project Limited ­

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Moparthi Anuradha Devi Senior Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.