Press Release April 08, 2026 BGR DECO CONSORTIUM PRIVATE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	30.00	Not Applicable | Withdrawn	-
Bank Loan Ratings	70.00	-	Not Applicable | Withdrawn
Total Outstanding	0.00	-	-
Total Withdrawn	100.00	-	-

Rating Rationale

Acuite has withdrawn its long-term rating on Rs. 0.10 Cr. bank facilities and short term rating on Rs. 65.00 Cr. bank facilities of BGR Deco Consortium Private Limited (BDCPL) without assigning any rating as the instrument is fully repaid. The rating is being withdrawn on account of the request received from the issuer, No Dues Certificate (NDC) received from the lender. Acuite has also withdrawn its long-term rating on Rs. 29.90 Cr. bank facilities and short-term rating on Rs. 5.00 Cr. bank facilities of BGR Deco Consortium Private Limited (BDCPL) without assigning any rating as it is a proposed facility. The rating is being withdrawn on account of the request received from the issuer. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

About the Company

Incorporated on June 2020, BGR Deco Consortium Private Limited (BDCPL) is a joint venture of BGR Mining & Infra Limited (BGRMIL) and Dhansar Engineering Company Private Limited (DECO), in the ratio 51:49 respectively. Initially, the JV was formed as an association of persons (AOP), but in Mar 2022, the AOP was taken over by a private limited company with the same shareholding pattern. The company has bagged a large-size tender from Northern Coalfields Limited, and the same is subcontracted to BI Mining Private Limited (BMPL). The company is currently headed by Mr. Harsh Agarwalla from DECO and Mr. Induru Dheeraj from BGRMIL.

About the Group

It was Incorporated on 2011, BGR Mining & Infra Limited (BGRMIL) is a Hyderabad-based company majorly engaged in two business segments: contract mining and mine development and operations (MDO). BGR (formerly B Girijapathi Reddy & Co.) was set up in 1988 as a partnership firm by Mr. Girijapathy Reddy, Mr. Bathina Umapathy Reddy, and Mr. I. Sudhakara Reddy. It was reconstituted as a private limited company in 2011. The company has a strong presence across multiple states with a fleet of over 1,200 HEMM (Heavy Earth Moving Machineries). The company is currently headed by Mr. B. Umapathy Reddy, Mr. I. Sudhakara Reddy, and the second-generation promoters. Incorporated on March 2016, BI Mining Private Limited (BMPL) is a Hyderabad, Telangana based company. The company is currently executing the entire work of overburden at BINA Open Cast project (OCP) of Northern Coalfields Limited (NCL) subtracted to them by BGR DECO Consortium Private Limited (BDCPL). BMPL is executing the entire work though leased vehicles as well as though vehicles taken on hire. The company is currently headed by Mr. Umapathy Reddy Bathina and Mr. Induru Sudhakara Reddy. Hyderabad based, Bain Global Resources Private Limited (BGRPL) (Erstwhile Bain Global Resources LLP) was incorporated on May 26, 2023, as LLP later converted as private limited in June 2025. The directors of the company are Mr. Deepak Induru, Mr. Induru Dheeraj, and Mr. Karthik Bathena, who are also part of the promoters / shareholders of BGR Mining & Infra Limited. The LLP was established specifically for carrying out operations of the Manoharpur MDO and Jamkhani MDO projects in Odisha. Skade Minerals LLP, was established on May 26th, 2023, is a Hyderabad, Telangana-based firm. The partners of the company are Mr. Deepak Induru, Mr. Induru Dheeraj, and Mr. Karthik Bathena, who are also the shareholders of BGR Mining and Infra Limited. The promoters bring  extensive experience in  the  industry. The LLP has been (Initially) incorporated for carrying out the operations of the Kerandari MDO project in the Jharkhand region. Shar Projects Private Limited (SPPL) was incorporated on May 16th, 2023, is a Hyderabad, Telangana-based company. The directors are Mr. Rohit Reddy Bathina who represent the shareholders of BGR Mining & Infra Limited and Mrs. Samanvayi Bathina. The promoters possess extensive experience in the industry. The company was established to manage and carry out the operations of the Panchwara MDO project and other MDO projects in West Bengal on behalf of BGR Mining and Infra Limited.

Unsupported Rating

­Not applicable

Analytical Approach

Extent of Consolidation -Not applicable

Rationale for Consolidation or Parent / Group / Govt. Support

­Not applicable.

Key Rating Drivers

Strengths

­Not applicable.

Weaknesses

­Not applicable.

Rating Sensitivities

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

­Not applicable.

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

­Not applicable.

Liquidity Position-Not applicable

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Outlook: Not applicable

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Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	4229.44	3380.85
PAT	Rs. Cr.	996.26	537.42
PAT Margin	(%)	23.56	15.90
Total Debt/Tangible Net Worth	Times	0.19	0.23
PBDIT/Interest	Times	17.94	11.25

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 • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 08 Jan 2025 Cash Credit Long Term 0.10 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Proposed Long Term Bank Facility Long Term 29.90 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Bank Guarantee (BLR) Short Term 45.00 ACUITE A1 (Upgraded from ACUITE A2+) Proposed Short Term Bank Facility Short Term 25.00 ACUITE A1 (Upgraded from ACUITE A2+) 28 Dec 2023 Proposed Long Term Bank Facility Long Term 60.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive) Proposed Short Term Bank Facility Short Term 40.00 ACUITE A2+ (Upgraded from ACUITE A2) 08 Dec 2023 Proposed Short Term Bank Facility Short Term 40.00 ACUITE A2 (Reaffirmed) Proposed Long Term Bank Facility Long Term 60.00 ACUITE BBB+ | Positive (Reaffirmed) 24 Mar 2023 Proposed Short Term Bank Facility Short Term 40.00 ACUITE A2 (Reaffirmed) Proposed Long Term Bank Facility Long Term 60.00 ACUITE BBB+ | Stable (Reaffirmed) 28 Feb 2023 Proposed Short Term Bank Facility Short Term 40.00 ACUITE A2 (Upgraded from ACUITE A3) Proposed Long Term Bank Facility Long Term 60.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB- | Stable)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating YES BANK LIMITED Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 65.00 Simple ACUITE Not Applicable | Withdrawn YES BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.10 Simple ACUITE Not Applicable | Withdrawn Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 29.90 Simple ACUITE Not Applicable | Withdrawn Not Applicable Not avl. / Not appl. Proposed Short Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE Not Applicable | Withdrawn

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

Sr. No. Company name 1 BGR Mining and Infra Limited 2 BGR Deco Consortium Private Limited 3 BI Mining Private Limited 4 Skade Minerals LLP 5 Shar Projects Private Limited 6 Bain Global Resources LLP (Erstwhile Bain Global Resources LLP) ­

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.