J. P. Singhal & Company

Brickwork Ratings reaffirms the long-term and short-term ratings for the Bank Loan Facilities of Rs. 13.19 Crs. of J. P. Singhal & Company based on best available information, as the issuer did not cooperate.

Particulars

Facilities**	Amount (Rs.Crs.)		Tenure	Rating#
Facilities**	Previous	Present	Tenure	Previous (17 Apr 2025)	Present
Fund Based	10.00	10.00	Long Term	BWR D Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed	BWR D Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Fund Based	(2.00)	(2.00)	Long Term
Non Fund Based	3.19	3.19	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	13.19	13.19	(Rupees Thirteen 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 has reaffirmed the rating of the long-term and short-term facilities of "J. P. Singhal & Company" for Rs. 13.19 crores to "BWR D/D" 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 has been consistently taking up with the company to provide required information over 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 entity, 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 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
Services	Services	Commercial Services & Supplies	Diversified Commercial Services

J.P. Singhal & Company (JPSC) set up in 1982 as a proprietorship firm and reconstituted as a partnership in 2013 having its registered office at Station Road, Barmer, Rajasthan. The firm provides support required in terms of manpower recruitment service, catering services, house keeping & accommodation service, survey & exploration services and construction work. The firm is also in purchasing & selling of stationary, game & sports items, operation of vehicle hiring, camp rent, bunk house hiring works, generator rent, etc in Barmer, Rajasthan. Mr. Madan Lal Singhal is the promoter of the firm and having experience over 55 years in business. JPSC is owned by Mr. Jai Prakash Singhal, Mr. Dinesh Singhal, Mr. Narendra Kumar Singhal, and Mr. Madan Lal Singhal.

Note: As per information provided to BWR as of 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 Agency Status and Reason for Non-Cooparation Date of Press Release
CARE Care Ratings Vide its press release dated 24-Nov-2025 reaffirmed the long-term and short-term ratings at "CARE D/D" under Issuer not cooperating category for the Bank loan facilities of Rs. 15.00 Crs 24Nov2025
CRISIL Crisil Ratings Vide its press release dated 13-Mar-2025 reaffirmed the long-term ratings at "CRISIL D" under Issuer not cooperating category for the Bank loan facilities of Rs. 10.00 Crs. 13Mar2025

Creadit Rating Agency	Status and Reason for Non-Cooparation	Date of Press Release
CARE	Care Ratings Vide its press release dated 24-Nov-2025 reaffirmed the long-term and short-term ratings at "CARE D/D" under Issuer not cooperating category for the Bank loan facilities of Rs. 15.00 Crs	24Nov2025
CRISIL	Crisil Ratings Vide its press release dated 13-Mar-2025 reaffirmed the long-term ratings at "CRISIL D" under Issuer not cooperating category for the Bank loan facilities of Rs. 10.00 Crs.	13Mar2025

ANY OTHER INFORMATION

Nil

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	10.00	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	17Apr2025	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	04Apr2024	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	10Jan2023	BWR B-Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
FB SubLimit	LT	(2.00)	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	17Apr2025	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	04Apr2024	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	10Jan2023	BWR B-Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
Non Fund Based	ST	3.19	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	17Apr2025	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	04Apr2024	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	10Jan2023	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
Grand Total		13.19	(Rupees Thirteen Crores and Nineteen lakhs Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
N Jagadeesh Ratings Analyst jagadeesh.n@brickworkratings.com	Siva Kumar V S Senior Manager - Ratings sivakumar.vs@brickworkratings.com
1-860-425-2742 \| media@brickworkratings.com

J. P. Singhal & Company

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	Canara Bank	Open Cash Credit / Cash Credit (Hypothecation/Pledge) - Sanctioned	10.00	_	10.00	Simple##
	Sub-Limit (ODBD) - Sanctioned	(2.00)
2	Canara Bank	Bank Guarantee - Sanctioned	_	3.19	3.19	Simple##
Total			10.00	3.19	13.19
TOTAL (Rupees Thirteen 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

Instrument	Issue Date	Amount (Rs.Crs)	Coupon Rate (%)	Maturity Date	ISIN Particulars	Complexity of the Instrument
Nil	Nil	Nil	Nil	Nil	Nil	Nil

ANNEXURE-III

List of entities consolidated

Name of Entity	% Ownership	Extent of consolidation	Rationale for consolidation
Nil	Nil	Nil	Nil

List of Instruments and Regulators

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

Grievance Management: For any grievances relating to rating of instruments regulated by SEBI, please contact sebigrievance@brickworkratings.com. Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available

For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.

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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.

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