Oval Projects Engineering Ltd. Disagrees with Recent CRISIL Rating Rationale
Oval Projects Engineering Limited (OPEPL) has stated that a recent rating rationale issued by CRISIL Ratings Limited on March 30, 2026, does not accurately reflect the company’s position. The rationale, which revised ratings on OPEPL's bank facilities, indicates an "Issuer not cooperating" status.According to a statement released by OPEPL, the company formally disputed the basis of the rating as early as November 2023, citing concerns that it did not account for updated information previously submitted. OPEPL subsequently requested the withdrawal of the rating mandate and sought clarification on the process, submitting banker No Objection Certificates (NOCs) in December 2023 and reiterating the request in March 2024. The company has since communicated its decision to discontinue its engagement with CRISIL.
The revised ratings are as follows:
| Total Bank Loan Facilities Rated | Rs.30 Crore |
|---|---|
| Long Term Rating | Crisil B /Stable (ISSUER NOT COOPERATING) |
| Short Term Rating | Crisil A4 (ISSUER NOT COOPERATING) |
CRISIL stated that it has been attempting to obtain information from OPEPL since February 11, 2026, but has not received a response, classifying the company as “non cooperative.” The rating agency noted that investors and lenders should exercise caution when considering the rating due to the limited information available.
OPEPL is engaged in civil construction works, including the construction of infrastructural works, turnkey projects in oil and gas & power projects. The company was incorporated in 2013 and is owned & managed by Mr. Goutam Debnath.
Key financial indicators for the period are presented below:
| H1 FY26 | FY25 | |
|---|---|---|
| Revenue | 62 | 102 |
| Profit After Tax (PAT) | 7 | 9 |
| Operating Profit Margin (OPM) | 20% | 18 |
| Net Profit Margin (NPM) | 12% | 9 |
The company is taking appropriate steps in relation to the matter and reserves its rights.
Details of the rated instruments are as follows:
| ISIN | Name Of Instrument | Date Of Allotment | Coupon Rate (%) | Maturity Date | Issue Size (Rs. Crore) | Complexity Levels | Rating Outstanding with Outlook |
|---|---|---|---|---|---|---|---|
| NA | Bank Guarantee | NA | NA | NA | 15 | NA | Crisil A4 (Issuer Not Cooperating) |
| NA | Cash Credit | NA | NA | NA | 10.65 | NA | Crisil B/Stable (Issuer Not Cooperating) |
| NA | Overdraft Facility | NA | NA | NA | 3 | NA | Crisil B/Stable (Issuer Not Cooperating) |
| NA | Term Loan | NA | NA | NA | 1.35 | NA | Crisil B/Stable (Issuer Not Cooperating) |
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