RATING RATIONALE
23Mar2026

Sree Rengaraj Ispat Industries (P) Ltd

Brickwork Ratings downgraded the long-term rating and reaffirmed the short-term ratings for the Bank Loan Facilities of Rs. 99.19 Crs. of Sree Rengaraj Ispat Industries (P) Ltd based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(24 Mar 2025)
Present
Fund Based 35.19 35.19 Long Term BWR BB- /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
BWR B + /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
Non Fund Based 64.00 64.00 Short Term BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Grand Total 99.19 99.19 (Rupees Ninety Nine Crores and Nineteen 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) had downgraded the long-term rating and reaffirmed the short-term ratings for "Sree Rengaraj Ispat Industries (P) Ltd"  of the bank loan facilities, amounting to Rs.99.19 crores of Sree Rengaraj Ispat Industries (P) Ltd at BWR B+/Stable/A4 and continues the ratings under ISSUER NOT COOPERATING* on Mar 2026, based on the best available information.

The ratings were due for review, and Brickwork Ratings (BWR) made consistent efforts to contact the entity through emails and telephone calls to obtain the necessary information for the review. Despite BWR's repeated attempts to secure at least the minimum required information, the entity has failed to provide the requisite details. Furthermore, the entity has not been submitting the mandatory monthly "No Default Statement" (NDS) as required by regulatory guidelines. Due to the lack of cooperation from the management, BWR is unable to assess the entity’s financial performance, its ability to service debt, or to maintain a valid rating. Therefore, based on the best available information, the continued lack of management cooperation, and the non-submission of NDS, and in compliance with regulatory requirements, BWR downgrades the long-term rating to BWR B+/Stable, reaffirms the short-term ratings at BWR A4 and continues the ratings under the ISSUER NOT COOPERATING category.

Lenders and investors are advised to exercise due caution when using the rating that mentions "Issuer Not Cooperating*" as the rating lacks any projections or forward-looking components, having been arrived at based on the best available information without any interaction with the management or bankers. Such non-cooperation by a rated entity may indicate a deterioration in its credit risk profile.

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
Industrials Capital Goods Industrial Products Iron & Steel Products

Sree Rengaraj Ispat Industries Private Limited was incorporated in 2004 by Mr. Pandurangan Sampathkumar, Mr. Pandurangan Sivakumar and Mr. Pandurangan Srinivasan. The company’s registered office is at Erode, Tamil Nadu. Presently Mr. Pandurangan Sampathkumar is the Managing Director. The promoters’ father Mr. P.V.Pandurangan established Sree Rengaraj Steels in 1973, taking up the operations of rolling mills, as a proprietorship firm. Later this got incorporated as Sree Rengaraj Steels Alloys Private Limited and operates in Salem as a sister concern of SRIIPL. Sree Rengaraj Ispat Industries Private Limited is engaged in the manufacturing of steel, MS Billets, TMT bars and power generation.

Mr. Pandurangan Sampathkumar is the Managing Director. The company is a family-owned business.

Note: As per information available with BWR as of 27Oct2021

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
IVRLT & ST - "IVR BB+/Negative/A4+" for Rs.142.62 crs. Dated 06-06-2025 - INC - Downgraded.06Jun2025

ANY OTHER INFORMATION

Not Applicable.

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2026) 2025 2024 2023
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 35.19
BWR B+/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
24Mar2025
BWR BB- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
12Jan2024
BWR BBStable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
16Jan2023
BWR BB+Stable
(ISSUER NOT COOPERATING* /Downgrade)
Non Fund Based ST 64.00
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
24Mar2025
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
12Jan2024
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
16Jan2023
BWR A4
(ISSUER NOT COOPERATING* /Downgrade)
Grand Total 99.19 (Rupees Ninety Nine Crores and Nineteen lakhs Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

Harsha Vardhan DC

Ratings Analyst harsha.v@brickworkratings.com

Raghavendra

Senior Manager - Ratings raghavendra.n@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com Customer Support | CustSupport@brickwrokratings.com
Sree Rengaraj Ispat Industries (P) 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 HDFC Bank Bank GuaranteeSanctioned _ 2.00 2.00 Simple##
2 HDFC Bank Letter of CreditSanctioned _ 50.00 50.00 Simple##
3 HDFC Bank Cash CreditSanctioned 12.00 _ 12.00 Simple##
4 State Bank Of India (SBI) Cash CreditSanctioned 7.00 _ 7.00 Simple##
5 State Bank Of India (SBI) Corporate LoanSanctioned 15.87 _ 15.87 Simple##
6 State Bank Of India (SBI) Letter of CreditSanctioned _ 12.00 12.00 Simple##
7 State Bank Of India (SBI) Covid -19 Emergency Line CreditSanctioned 0.32 _ 0.32 Simple##
Total 35.19 64.00 99.19
TOTAL (Rupees Ninety Nine Crores and Nineteen 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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