RATING RATIONALE
09Jun2025

Simplex Castings Ltd

Brickwork Ratings reaffirms the ratings at BWR D for the Bank Loan Facilities of Rs. 94.50 Crs. of Simplex Castings Ltd based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(16 May 2024)
Present
Fund Based 44.50 44.50 Long Term BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Non Fund Based 50.00 50.00 Short Term BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Grand Total 94.50 94.50 (Rupees Ninety Four Crores and Fifty 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 has reaffirmed the long term rating at BWR D for the bank loan facilities of Rs. 94.50 Crs of Simplex Castings Ltd, while retaining the same in the Issuer Not Cooperating’ category, based on best available information as the Issuer did not cooperate.

The rating was due for review on May 2025. BWR took up with the Company and its bankers, over emails, to provide the required information. However, despite the best efforts of BWR to get at least the minimum required information for a review, neither the company nor the banker have provided the same, nor have they shared other relevant information/documents required for a review. The company has also not been submitting the No Default Statements (NDS) for more than 3 months.

In the absence of management cooperation on the part of the company to provide adequate information/documents for a review within the required timelines despite follow-up, coupled with non submission of NDS and lack of banker's feedback, BWR is unable to assess the company's current financial performance or its ability to service its debt and maintain a valid rating. Accordingly, keeping in view the regulatory guidelines in this regard, the long term rating is reaffirmed at BWR D and the ratings are continued under the “Issuer Not Cooperating” category, based on best available information as the Issuer did not cooperate.

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.

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 required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Commodities Metals & Mining Ferrous Metals Iron & Steel

Simplex Castings Limited was established as a partnership firm. The company was engaged in Ferrous Foundry. The company was converted into Private Limited Company on 30th of January 1980. In the year 1993, The company converted itself into Public limited company its shares was listed in Bombay Stock Exchange. The company possess well equipped manufacturing facilities such as Cast, Iron Foundry, Heavy engineering, Fabrication plant for equipment building, Structural Fabrication and Assemble Facility.

Information Available As On August 2020.

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

Creadit Rating AgencyStatus and Reason for Non-CooparationDate of Press Release
INDIND Rating has reaffirmed rating at D for Bank Loan facilities of Rs.15.66 Crs. 14Aug2024
ACUITEACUITE Rating has reaffirmed rating at C/A4 for Bank Loan facilities of Rs.81.45 crs & D for Bank Loan facilities of Rs.50.60 crs28Dec2023

ANY OTHER INFORMATION

CARE Rating vide its press release dated 11Jul2024, has assigned rating of B/stable/A4 for Bank Loan facilities of Rs.72 Crs.
Crisil Rating vide its press release dated 26sept2024, has assigned rating of BB-/stable/A4+ for Bank Loan facilities of Rs.72 Crs.
 

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2025) 2024 2023 2022
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 44.50
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
16May2024
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
24Feb2023
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
Non Fund Based ST 50.00
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
16May2024
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
24Feb2023
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
Grand Total 94.50 (Rupees Ninety Four Crores and Fifty lakhs Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

Surabhi Bisht

Ratings Analyst surabhi.b@brickworkratings.com

Ravi Rashmi Dhar

Associate Director - Ratings ravi.d@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com Customer Support | CustSupport@brickwrokratings.com
Simplex Castings 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 Bank of Baroda Cash CreditSanctioned 20.00 _ 20.00 Simple##
2 Bank of Baroda Bank GuaranteeSanctioned _ 10.50 10.50 Simple##
3 Bank of Baroda Letter of CreditSanctioned _ 16.00 16.00 Simple##
4 State Bank Of India (SBI) Letter of CreditSanctioned _ 6.50 6.50 Simple##
5 State Bank Of India (SBI) Bank GuaranteeSanctioned _ 10.00 10.00 Simple##
6 State Bank Of India (SBI) Cash CreditSanctioned 19.50 _ 19.50 Simple##
7 Union Bank of India Cash CreditSanctioned 5.00 _ 5.00 Simple##
8 Union Bank of India Bank GuaranteeSanctioned _ 7.00 7.00 Simple##
Total 44.50 50.00 94.50
TOTAL (Rupees Ninety Four Crores and Fifty 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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