RATING RATIONALE
15Apr2026
Ratnadeep Metal and Tubes Ltd
Brickwork Ratings reaffirms the long-term and short-term ratings for the Bank Loan Facilities of Rs. 72.09 Crs. of Ratnadeep Metal and Tubes Ltd based on best available information, as the issuer did not cooperate.
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (15 Apr 2025) |
Present | ||
| Fund Based | 36.09 | 36.09 | Long Term |
BWR C
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR C
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
| Non Fund Based | 36.00 | 36.00 | 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 | 72.09 | 72.09 | (Rupees Seventy Two Crores and Nine lakhs Only) | ||
**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 ratings of the long-term and short-term loan facilities of " Ratnadeep Metal and Tubes Ltd " for Rs. 72.09 Crs at " BWR C/A4 " and retaining the same in the Issuer Not Cooperating category, based on best available information, as the Issuer did not cooperate.
The ratings are due for review in April 2026. BWR has been consistently reaching out to the company to provide the required information via emails apart from telephonic communication, but no response has been received from the client. Further, BWR is unable to reach the banker. The banker's feedback regarding the conduct of the account is not available. Despite the best efforts of BWR to get at least the minimum required information for the review, the entity has not provided the same. In the absence of adequate information from the firm, BWR is unable to assess the firm's financial performance and its ability to service its debt and maintain a valid rating.
The lenders/investors may note to exercise due caution while using the above 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.
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 | Plastic Products - Industrial |
Ratnadeep Metal and Tubes Ltd was incorporated in 2002 by Mr. Bharat Sanghavi and Mr. Jayant Jain and is engaged in manufacturing of seamless and welded steel pipes and tubes. The company manufactures stainless steel (SS) seamless and welded tubes, carbon steel (CS) seamless tubes and alloy steel seamless tubes.
Note : As per the information available in the year 2014.
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
Not Applicable
ANY OTHER INFORMATIONNo Other Information.
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 | 36.09 |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
15Apr2025 |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
15Apr2024 |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
16Feb2023 |
BWR B- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
| Non Fund Based | ST | 36.00 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
15Apr2025 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
15Apr2024 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
16Feb2023 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
| Grand Total | 72.09 | (Rupees Seventy Two Crores and Nine lakhs Only) | |||||||
- General Criteria
- Approach to Financial Ratios
- Policy On Issuer Non -Cooperation
- Short Term Debt
- Manufacturing Company
| Analytical Contacts | |
|---|---|
|
Murugu Bhanu Sankar Naidu Ratings Analyst bhanusankar.n@brickworkratings.com |
Raghavendra Senior Manager - Ratings raghavendra.n@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 | Axis Bank Ltd. | Term LoanOut-standing | 2.01 | _ | 2.01 | Simple## |
| 2 | Axis Bank Ltd. | Cash CreditSanctioned | 19.67 | _ | 19.67 | Simple## |
| 3 | Axis Bank Ltd. | Bank GuaranteeSanctioned | _ | 2.00 | 2.00 | Simple## |
| 4 | Axis Bank Ltd. | Letter of CreditSanctioned | _ | 17.50 | 17.50 | Simple## |
| 5 | Bank of India | Letter of CreditSanctioned | _ | 13.50 | 13.50 | Simple## |
| 6 | Bank of India | Bank GuaranteeSanctioned | _ | 3.00 | 3.00 | Simple## |
| 7 | Bank of India | Cash CreditSanctioned | 10.50 | _ | 10.50 | Simple## |
| 8 | Bank of India | Term LoanOut-standing | 3.91 | _ | 3.91 | Simple## |
| Total | 36.09 | 36.00 | 72.09 | |||
| TOTAL (Rupees Seventy Two Crores and Nine 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 |
| Instrument / Activity | Regulator |
|---|---|
| Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| SEBI | |
Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| SEBI | |
Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| RBI | |
| Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs 2| RBI | |
| External Commercial Borrowings and other similar borrowings | RBI |
| Certificates of Deposit | RBI |
| Fixed Deposits raised by NBFC's, Banks, HFCs, Fis | RBI |
| Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, Fis | MCA |
| Inter Corporate Deposits/Loans extended by Corporates | MCA |
Borrowing programme 3| - | |
Issuer Ratings 4| - | |
| Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) | SEBI |
| Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| Listed Security Receipts | SEBI |
| Unlisted Security Receipts | RBI |
| Independent Credit Evaluation (ICE) | RBI |
| Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis) | RBI |
| Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| Investor-side Regulator | such as IRDAI, PFRDA 5 |
| Monitoring Agency | SEBI |
| Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 | NA |
- Includes securitisation transactions involving assignee payout, acquirer's payout.
- Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
- The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), BWR shall separately capture the rated quantum details along with names of respective regulators.
- There is no instrument being rated and hence, Regulator of the Instrument is not applicable.
- These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026, and accordingly, investor side regulators have been included.
- Permitted by SEBI vide SEBI Master Circular for CRAs
For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.
About Brickwork Ratings
Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI]. BWR is the 5th agency to get a credit rating registration in India in 2009 and its corporate office in Bengaluru. It has a country-wide presence with representatives in 150+ locations. Canara Bank is Brickwork’s strategic partner and promoter.
Brickwork offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitisation Products, Municipal Bonds, etc. BWR has also rated NGOs, Educational Institutions, Hospitals, Urban Local Bodies and Municipal Corporations.
Nature of Ratings & Information: BWR ratings are opinions on the relative ability of an entity/instrument to meet its financial obligations and are based on information obtained from issuers and other sources believed to be reliable. BWR does not conduct audits, due diligence, or independent verification of such information and does not guarantee its accuracy, adequacy, or completeness.Ratings are current only as of the date of publication and may be revised based on new or unavailable information.
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