MINOVA RUNAYA RECEIVES LONG TERM RATING “A-/STABLE” FROM CRISIL IN ITS MAIDEN YEAR
MINOVA RUNAYA RECEIVES LONG TERM RATING “A-/STABLE” FROM CRISIL IN ITS MAIDEN YEAR
- KEY DRIVERS FOR RATINGS ARE PRESENCE OF STRONG JV PARTNERS, HIGH REVENUE VISIBILITY, ROBUST RETURN RATIOS AND HEALTHY FINANCIAL RISK PROFILE
National, June 22, 2022: 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.”
About Minova Runaya:
Incorporated on March 6, 2019, Minova Runaya Pvt. Ltd. is 51:49 JV between Minova Minetek Pvt. Ltd. (MMPL) and Runaya Metsource LLP. The company manufactures ground support used in mines and tunnels with its manufacturing plant located in Bhilwara, Rajasthan.
About Runaya:
Runaya’s vision is to deploy cutting-edge technology to enable innovation, sustainability, and efficiency improvement in the natural resources industry. The key focus of Runaya is on executing projects that enable a circular economy and promote the concept of waste to wealth. In addition to ground support products, Runaya’s portfolio includes sustainability solutions for the aluminium industry, minor metals recovery, gas atomized metallurgical powders and other semi-finished products for the telecommunication cable and steel industries. Please visit www.runaya.com for more.
