RATING RATIONALE
15Apr2026
SPM Medicare Pvt. Ltd.
Brickwork Ratings downgrades the long term ratings for the Bank Loan Facilities of Rs. 12.00 Crs. of SPM Medicare Pvt. Ltd. based on best available information, as the issuer did not cooperate.
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (14 Apr 2025) |
Present | ||
| Fund Based | 12.00 | 12.00 | Long Term |
BWR B- /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
BWR C
Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
| Grand Total | 12.00 | 12.00 | (Rupees Twelve Crores 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 Downgrades the rating of the long-term loan facilities of "
SPM Medicare Pvt. Ltd." for Rs.12 crores to "BWR C " and while 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 took up with the issuer and its banker over emails and through telephone calls to provide the required information. Despite the best efforts of BWR to get at least the minimum required information for a review, neither the entity nor its banker has provided the same. In the absence of adequate information from the entity and its banker, BWR is unable to assess the entity's financial performance or its ability to service its debt and maintain a valid rating. The entity has also been irregular with respect to the submission of the monthly No Default Statements. Hence, based on best available information, continued lack of management cooperation, non-submission of NDS, and lack of banker’s feedback, Downgraded the long-term ratings to "BWR B-Stable" and continued in the Issuer Not Cooperating* category, 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.
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 |
|---|---|---|---|
| Healthcare | Healthcare | Healthcare Equipment & Supplies | Medical Equipment & Supplies |
SPM Medicare Pvt. Ltd. was incorporated in July 2014 under the Companies Act 2013 with one of the main objectives to carry on the business of manufacturing, developing, trading, buying, selling, distributing, importing, exporting, reaching, milling, packing, sterilization, dehydration, bottling and generally dealing in any types of healthcare, surgical, and medical devices and products in India including disposable syringes, insulin syringes, IV Sets, absorbent Cotton, and any other drug or product related to healthcare.Directors of SPM MEDICARE PRIVATE LIMITED are UMANG MATHUR, and VIVEK SHANKAR PANDEY.
(Note :- As per information available to BWR as on 2022).
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 INFORMATIONNIL
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 | 12.00 |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
14Apr2025 |
BWR B- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
04Apr2024 |
BWR B Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
06Mar2023 |
BWR B+Stable
(ISSUER NOT COOPERATING* /Downgrade) |
| Grand Total | 12.00 | (Rupees Twelve Crores Only) | |||||||
- General Criteria
- Policy On Issuer Non -Cooperation
- Approach to Financial Ratios
- Manufacturing Company
| Analytical Contacts | |
|---|---|
|
Sneha N Ratings Analyst sneha.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 | Canara Bank | Term LoanSanctioned | 2.80 | _ | 2.80 | Simple## |
| 2 | Canara Bank | Term LoanSanctioned | 2.00 | _ | 2.00 | Simple## |
| 3 | Canara Bank | Term LoanProposed | 3.08 | _ | 3.08 | Simple## |
| 4 | Canara Bank | GECLSanctioned | 1.12 | _ | 1.12 | Simple## |
| 5 | Canara Bank | OCC/ODBDSanctioned | 3.00 | _ | 3.00 | Simple## |
| Total | 12.00 | 0.00 | 12.00 | |||
| TOTAL (Rupees Twelve Crores 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.
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