Press Release

Press Release

August 26, 2025

PRA INDIA PRIVATE LIMITED (erstwhile P R AGRAWAL PROJECT PRIVATE LIMITED)
Rating Assigned and Downgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	20.00	ACUITE C \| Assigned	-
Bank Loan Ratings	20.00	ACUITE C \| Downgraded	-
Bank Loan Ratings	20.00	-	ACUITE A4 \| Assigned
Bank Loan Ratings	140.00	-	ACUITE A4 \| Downgraded
Total Outstanding	200.00	-	-
Total Withdrawn	0.00	-	-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 Rs. 20.00 Cr. of bank facilities and short-term rating to 'ACUITE A4' (read as ACUITE A four) from 'ACUITE A1' ( read as ACUITE A three plus) on Rs. 140.00 Cr. bank facilities of PRA India Private limited (PIPL) .

Acuite has assigned its long-term rating of 'ACUITE C' (read as ACUITE C) on Rs. 20.00 Cr. of bank facilities and short-term rating of 'ACUITE A4' (read as ACUITE A four) on Rs. 20.00 Cr. bank facilities of PRA India Private limited (PIPL).

Rationale for Downgrade:
The rating downgarde of PIPL 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. The rating also factors in the consolidated approach resulting in the downgrade of the rating at the group level.

About Company

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.

About the Group

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.

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 well-established 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 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	8.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	10.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE A \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	40.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	52.00	ACUITE A1 (Reaffirmed)
	Proposed Bank Guarantee	Short Term	48.00	ACUITE A1 (Reaffirmed)
24 Jul 2024	Cash Credit	Long Term	2.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	8.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	10.00	ACUITE A \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	40.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	52.00	ACUITE A1 (Reaffirmed)
	Proposed Bank Guarantee	Short Term	48.00	ACUITE A1 (Reaffirmed)
08 Jan 2024	Proposed Cash Credit	Long Term	10.00	ACUITE A \| Stable (Assigned)
	Cash Credit	Long Term	2.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	8.00	ACUITE A \| Stable (Assigned)
	Bank Guarantee (BLR)	Short Term	40.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Bank Guarantee (BLR)	Short Term	52.00	ACUITE A1 (Assigned)
	Proposed Bank Guarantee	Short Term	48.00	ACUITE A1 (Assigned)
06 Apr 2023	Cash Credit	Long Term	1.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	9.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	11.00	ACUITE A2+ (Reaffirmed)
17 Nov 2022	Cash Credit	Long Term	1.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	9.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	11.00	ACUITE A2+ (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Union Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	52.00	Simple	ACUITE A4 \| Downgraded ( from ACUITE A1 )
HDFC Bank Ltd	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	48.00	Simple	ACUITE A4 \| Downgraded ( from ACUITE A1 )
A U Small Finance Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	40.00	Simple	ACUITE A4 \| Downgraded ( from ACUITE A1 )
HDFC Bank Ltd	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE A4 \| Assigned
A U Small Finance Bank	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 )
Union Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.00	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 )
Not Applicable	Not avl. / Not appl.	Proposed Bank Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	18.00	Simple	ACUITE A4 \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE C \| Assigned

*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.

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