Brickwork Ratings reaffirms and withdraws the long-term and short-term ratings under ISSUER NOT COOPERATING* category for the Bank Loan Facilities of Rs. 32.92 Crs. of Rajputana Stainless Ltd.
Particulars| Facilities/Instruments** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (22 Aug 2024) |
Present | ||
| Fund Based | 64.64 | 20.42 | Long Term |
BWR B /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
BWR B
/Stable Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
| (12.50) | (0.00) | Short Term |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
|
| (5.00) | (0.00) | ||||
| (5.00) | (0.00) | ||||
| Non Fund Based | 35.00 | 12.50 | Short Term |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
| (5.00) | (5.00) | ||||
| (5.00) | (5.00) | ||||
| (2.00) | (2.00) | ||||
| (5.00) | (0.00) | ||||
| Grand Total | 99.64 | 32.92 | (Rupees Thirty Two Crores and Ninety Two lakhs Only) | ||
Brickwork Ratings (BWR) had last rated the bank loan facilities of “Rajputana Stainless Ltd.” in Aug 2024 by downgrading the long-term rating to BWR B/ Stable and reaffirming the short-term rating at BWR A4 with continuation of ratings under the ISSUER NOT COOPERATING* category. Rajputana Stainless Ltd. has requested to withdraw its ratings. The request letter along with No Objection Certificate (NOC) from its lender IDBI Bank and No Due Certificate (NDC) from lender Punjab National Bank confirming their approval for the withdrawal of the ratings from BWR was submitted. BWR has taken up with the company 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 has not been submitting the monthly “No Default Statement” (NDS) as required by regulatory guidelines and remains to be non-cooperative. Due to the lack of management cooperation, BWR is unable to assess the company’s financial performance and its ability to service its debt and maintain a valid rating. Hence, owing to lack of management cooperation, Brickwork Ratings reaffirms and withdraws the long-term and short-term ratings at BWR B/Stable / BWR A4 amounting to Rs. 32.92 crs and continues the ratings under ISSUER NOT COOPERATING* category, based on best available information.
The lenders/investors may note to exercise due caution while using the rating which mentions "Issuer Not Cooperating" since the rating lacks 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.
KEY FINANCIAL INDICATORS (Standalone)| Key Parameters | Units |
FY 22 - 23 (Audited) |
FY 23 - 24 (Audited) |
FY 24 - 25 (Unaudited) |
|---|---|---|---|---|
| Operating Revenue | Rs.Crs. | Not Available | Not Available | Not Available |
| EBITDA | Rs.Crs. | Not Available | Not Available | Not Available |
| PAT | Rs.Crs. | Not Available | Not Available | Not Available |
| Tangible Net Worth | Rs.Crs. | Not Available | Not Available | Not Available |
| Total Debt / Tangible Net Worth | Times | Not Available | Not Available | Not Available |
| Current Ratio | Times | Not Available | Not Available | Not Available |
| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Industrials | Capital Goods | Industrial Products | Iron & Steel Products |
The Company was set up in 1991 as Rajputana Castings Pvt Ltd by Mr. Om Prakash Agarwal. In 1999, the company was acquired by Mr. Shankar Lal Deep Chand Mehta and Mr. Babu Lal Deep Chand Mehta and was renamed in 2006. The company manufactures mainly stainless steel products like billets, rolled round, hex, square, flats, wire rod, wire etc (website: SS bars, Billets, angles, wire rods, forged ingots, etc.). The company also manufactures alloy steel products.
The company has its registered office and manufacturing facility, both located at 213, Madhwas, Halol Kalol Road, Kalol, Dist. Panchmahals, Gujarat - 389330, India.
The company has in house facility of Melting, Refining, Casting, Rolling, Drawing and Converting into Bright.
The company’s products are mainly used in Infrastructure, Automobile, Engineering sector.
Company’s Quality Management Systems are certified to be in compliance under ISO 9001:2008 and have been awarded the prestigious “TUV” Certification.
Company sells its goods through its Marketing offices located at Vadodara and Mumbai. In addition to that the company has various dealers across India.
The company is also having a Windmill with the installed capacity of 2.1 MW which helps to offset power consumed at the main plant. (As per information received during FY2021 review).
Not Applicable
ANY OTHER INFORMATIONNA
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)| Facilities / Instruments** |
Current Rating (2025) | 2024 | 2023 | 2022 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
| Fund Based | LT | 20.42 |
BWR B/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
22Aug2024 |
BWR B Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
22Aug2023 |
BWR B+ Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
27Jul2022 |
BWR BB Stable
(Downgrade/ISSUER NOT COOPERATING*) |
| FB SubLimit | ST | NA |
NA
|
22Aug2024 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
22Aug2023 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
27Jul2022 |
BWR A4
(Downgrade/ISSUER NOT COOPERATING*) |
| Non Fund Based | ST | 12.50 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
22Aug2024 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
22Aug2023 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
27Jul2022 |
BWR A4
(Downgrade/ISSUER NOT COOPERATING*) |
| NFB SubLimit | ST | (5.00) |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
22Aug2024 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
22Aug2023 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
27Jul2022 |
BWR A4
(Downgrade/ISSUER NOT COOPERATING*) |
| NFB SubLimit | ST | (5.00) |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| NFB SubLimit | ST | (2.00) |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| Grand Total | 32.92 | (Rupees Thirty Two Crores and Ninety Two lakhs Only) | |||||||
| Analytical Contacts | |
|---|---|
|
Harshit Rastogi Ratings Analyst harshit.r@brickworkratings.com |
Hari Kishan Yadav Associate Director - Ratings hari.ky@brickworkratings.com |
| 1-860-425-2742 | media@brickworkratings.com | |
| 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 | IDBI Bank | Cash CreditSanctioned | 17.50 | _ | 17.50 | Simple## |
| 2 | IDBI Bank | GECLSanctioned | 2.92 | _ | 2.92 | Simple## |
| 3 | IDBI Bank | ILC/FLCSanctioned | _ | 12.50 | 12.50 | Simple## |
| Sub-Limit (BG (Inner limit to LC)) Sanctioned | (5.00) | |||||
| Sub-Limit (BG/SBLC) Sanctioned | (5.00) | |||||
| Sub-Limit (LER) Sanctioned | (2.00) | |||||
| 4 | Punjab National Bank | ILC/FLCSanctioned | _ | _ | 0.00 | Simple## |
| Sub-Limit (ILG) Sanctioned | (0.00) | |||||
| 5 | Punjab National Bank | GECLSanctioned | _ | _ | 0.00 | Simple## |
| 6 | Punjab National Bank | Cash CreditSanctioned | _ | _ | 0.00 | Simple## |
| Sub-Limit (Bill Discounting) Sanctioned | (0.00) | |||||
| Sub-Limit (FOBP/FOUBP/FABC) Sanctioned | (0.00) | |||||
| Sub-Limit (PC) Sanctioned | (0.00) | |||||
| Total | 20.42 | 12.50 | 32.92 | |||
| TOTAL (Rupees Thirty Two Crores and Ninety Two 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.
| Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
|---|---|---|---|
| Nil | Nil | Nil | Nil |
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