Crisil Ratings (part of S&P Global) announced that it has assigned Minova Runaya Private Limited (MRPL) a Long-Term Rating of ‘Crisil A-‘ with a ‘Stable’ outlook and short-term rating of ‘Crisil A2+’.
The rating is a testimony of its strong financial risk profile, with healthy leverage and debt protection metrics, reflecting the strong JV partnership between Minova and Runaya, high revenue visibility due to long term contracts, robust return ratios due to healthy profitability and low capital, and efficient working capital management. Further, both JV partners enjoy healthy financial flexibility.
Minova is one of the global leaders in providing ground support and geotechnical solutions for mining, tunnelling, and surface ground engineering projects. Runaya, is one of the fastest growing manufacturing companies in India that leverages its strong management and project execution capabilities. Runaya is focussed on waste to wealth, circular economy & ESG based businesses.
Naivedya Agarwal, Chairman, MRPL said, “We leverage the global technology of Minova, and the manufacturing strengths & market reach of Runaya to occupy a premium space in the market for ground support solutions. Safety is a critical aspect of any mining or tunnelling activity, and it is our endeavour to provide products and services that achieve this objective. The current rating reflects the quality of business that MRPL is building.”