RATING RATIONALE
28Nov2024

Siyaram Impex Pvt. Ltd.

Brickwork Ratings downgrades the long term rating and reaffirms the short term rating for the Bank Loan Facilities of Rs. 27.21 Crs. of Siyaram Impex Pvt. Ltd. based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(09 Nov 2023)
Present
Fund Based 26.73 26.73 Long Term BWR B+ /Stable
ISSUER NOT COOPERATING* /Downgrade
BWR B /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
(24.00) (24.00)
Non Fund Based 0.48 0.48 Short Term BWR A4
ISSUER NOT COOPERATING* /Reaffirmation
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
(24.00) (24.00)
Grand Total 27.21 27.21 (Rupees Twenty Seven Crores and Twenty One lakhs Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

Brickwork Ratings (BWR) has consistently taken up with Siyaram Impex Pvt. Ltd. through emails and telephone calls to provide the requisite information for the review of the ratings. Despite the best efforts of BWR to get at least the minimum required information for a review, the company continues to be non-cooperative. Further, the company has not been submitting the monthly ‘No Default Statement’ (NDS) in deviation from the extant guidelines. Due to the continued lack of management cooperation and in the absence of adequate information from the company, BWR is unable to assess the company's financial performance and its ability to service its debt and maintain a valid rating. Hence, based on best available information, continued lack of management cooperation and non-submission of NDS and in terms of extant regulatory requirements, BWR has downgraded the long term rating and reaffirmed the short term rating and continued in the ISSUER NOT COOPERATING* category.

The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack any projections or forward looking component as it is arrived at based on the best available information without any management/banker's interaction.

*Issuer did not cooperate; based on best available information.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non cooperation by the rated entities to provide the required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit ratings should therefore take into account the possible deterioration in the credit quality of the rated entity arising from its non-transparency and withholding of information required for a review of the rating.

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Industrials Capital Goods Industrial Products Other Industrial Products

Siyaram Impex Pvt. Ltd. was established in 2008 for the manufacturing of copper alloy (brass) ingots and billets by Mrs. Madhuben R. Maheshwari and Mr. Bhavesh Maheshwari and Mr. Ramgopal O. Maheshwari. It is an ISO-9001 certified company. The promoters had been associated with the brass industry since 1987 through group company, Siyaram Metal Udyog Pvt Ltd. which was in the same line of activity. The company was incorporated by Ramgopal O. Maheshwari to get the benefit of the Export Oriented Unit.

(As per the latest information available in Jul 2019)

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2024) 2023 2022 2021
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 26.73
BWR B/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
09Nov2023
BWR B+ Stable
(ISSUER NOT COOPERATING* /Downgrade)
09Aug2022
BWR BBStable
(Upgrade and Removed from the INC category)
16Dec2021
BWR B Stable
(Downgrade/ISSUER NOT COOPERATING*)
FB SubLimit LT (24.00)
BWR B/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
09Nov2023
BWR B+ Stable
(ISSUER NOT COOPERATING* /Downgrade)
09Aug2022
BWR BBStable
(Upgrade and Removed from the INC category)
NA
NA
Non Fund Based ST 0.48
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
09Nov2023
BWR A4
(ISSUER NOT COOPERATING* /Reaffirmation)
09Aug2022
BWR A4
(Assignment)
NA
NA
NFB SubLimit ST (24.00)
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
09Nov2023
BWR A4
(ISSUER NOT COOPERATING* /Reaffirmation)
09Aug2022
BWR A4
(Assignment)
NA
NA
Grand Total 27.21 (Rupees Twenty Seven Crores and Twenty One lakhs Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

S. Adithya

Rating Analyst adithya.s@brickworkratings.com

Nagaraj K

Director - Ratings Board : +91 80 4040 9940 nagaraj.ks@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Siyaram Impex Pvt. Ltd.
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.) Complexity of the Instrument
1 Union Bank of India Term LoanSanctioned 0.19 _ 0.19 Simple##
2 Union Bank of India Cash CreditSanctioned 24.00 _ 24.00 Simple##
Sub-Limit (Buyers credit ) Sanctioned (24.00)
Sub-Limit (Letter of credit ) Sanctioned (24.00)
3 Union Bank of India Forward ContractSanctioned _ 0.48 0.48 Simple##
4 Union Bank of India GECLOut-standing 2.54 _ 2.54 Simple##
Total 26.73 0.48 27.21
TOTAL (Rupees Twenty Seven Crores and Twenty One lakhs Only)

##BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

ANNEXURE-II
INSTRUMENT DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

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