Siddheshwari Paper Udyog Private Limited (erstwhile Siddheshwari Paper Udyog Ltd)

Brickwork Ratings reaffirms the long-term and short-term ratings with continuation of ratings under the ISSUER NOT COOPERATING* category for the Bank Loan Facilities of Rs. 70.00 Crs. of Siddheshwari Paper Udyog Private Limited (erstwhile Siddheshwari Paper Udyog Ltd) based on best available information, as the issuer did not cooperate.

Particulars

Facilities**	Amount (Rs.Crs.)		Tenure	Rating#
Facilities**	Previous	Present	Tenure	Previous (06 Feb 2025)	Present
Fund Based	65.75	65.75	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
Non Fund Based	4.25	4.25	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	70.00	70.00	(Rupees Seventy Crores 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) has last rated the bank loan facilities of “Siddheshwari Paper Udyog Private Limited (erstwhile Siddheshwari Paper Udyog Ltd)” in Feb 2025 by downgrading the long-term rating to "BWR B-/Stable" from "BWR B/Stable" and reaffirmed the short-term rating at "BWR A4" with continuation of ratings under the ISSUER NOT COOPERATING category. BWR has consistently 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 the long-term and short-term ratings at "BWR B-/Stable/BWR A4" with continuation of ratings under the 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

ABOUT THE ENTITY

Macro Economic Indicator	Sector	Industry	Basic Industry
Commodities	Forest Materials	Paper, Forest & Jute Products	Paper & Paper Products

Siddheshwari Paper Udyog Private Limited (SPUPL) was incorporated in 1990 as a Private Limited company and is based in Kashipur, Uttarakhand. SPUPL is a part of “Sidharth group of Industries” having established market presence in North India. Sidharth group is engaged in the manufacturing of different grades of paper such as kraft & duplex board paper. SPUPL was earlier engaged in manufacturing of Kraft Paper from agriculture waste with an installed capacity of 33000 MTPA. However, in FY18 the company has modified its product line and has started manufacturing Duplex board paper with an enhanced capacity of producing 40000 MTPA of paper. During FY19 it further increased to 48000 MTPA.

(As per the information available with BWR in May 2019.)

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
CRISIL CRISIL Ratings has downgraded the long-term rating to CRISIL B/Stable and the short-term rating to CRISIL A4 and continued the ratings under the 'Issuer Not Cooperating' category. 12Jun2025

Creadit Rating Agency	Status and Reason for Non-Cooparation	Date of Press Release
CRISIL	CRISIL Ratings has downgraded the long-term rating to CRISIL B/Stable and the short-term rating to CRISIL A4 and continued the ratings under the 'Issuer Not Cooperating' category.	12Jun2025

ANY OTHER INFORMATION

None

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	65.75	BWR B-/Stable (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	06Feb2025	BWR B-Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	NA	NA	19Dec2023	BWR B Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
Non Fund Based	ST	4.25	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	06Feb2025	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	NA	NA	19Dec2023	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
Grand Total		70.00	(Rupees Seventy Crores Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Mohammed Farzan Rating Analyst mohammed.f@brickworkratings.com	Suryanarayan N Associate Director - Ratings suryanarayan.n@brickworkratings.com
1-860-425-2742 \| media@brickworkratings.com

Siddheshwari Paper Udyog Private Limited (erstwhile Siddheshwari Paper Udyog 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	Punjab National Bank	Term Loan - Sanctioned	31.75	_	31.75	Simple##
2	Punjab National Bank	Cash Credit - Sanctioned	28.00	_	28.00	Simple##
3	Punjab National Bank	Bank Guarantee - Sanctioned	_	0.25	0.25	Simple##
4	Punjab National Bank	ILC/FLC - Sanctioned	_	4.00	4.00	Simple##
5	State Bank Of India (SBI)	Term Loan - Sanctioned	6.00	_	6.00	Simple##
Total			65.75	4.25	70.00
TOTAL (Rupees Seventy 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.

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

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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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