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CRISIL has assigned its rating of ‘C/P4’ to the various bank facilities of Ratna Infrastructure Projects Pvt Ltd (Ratna Infra). The rating factors in recent instances of delay by Ratna Infra in repayment of loan, its limited geographical and industrial diversification, and the fragmented nature of the construction industry. These rating weaknesses are, however, partly offset by Ratna Infra’s high revenue visibility on account of healthy growth and good order book position.
About Ratna Infra
Ratna Infra was originally constituted as a partnership firm by Mr. M M L Narasimhan in 1997 in the name of Ratna Constructions. It was converted into a private limited company in April 2007. Its primary business involves commissioning of irrigation projects, which contributed around 80 per cent to its 2007-08 (refers to financial year, April 1 to March 31) revenues. As part of its diversification plans, it has begun operations in other segments, such as mining, urban, electrical and industrial infrastructure. Its operational model involves sub-contracting parts of projects to other players. However, the management has indicated that the model may shift away from sub-contracting over the medium term.
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CRISIL Rating Desk
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Pawan Agrawal
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Gurpreet S Chhatwal
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