Sai Infinium Ltd.

Brickwork Ratings downgrades the ratings for the Bank Loan Facilities of Rs. 54.35 Crs. of Sai Infinium Ltd. based on best available information, as the issuer did not cooperate.

Particulars

Facilities	Amount (Rs.Crs.)		Tenure	Rating		Regulator
	Previous	Present		Previous (02 Jul 2025)	Present
Fund Based	54.35	54.35	Long Term	BWR BBB /Stable Assignment	BWR BBB - /Stable ISSUER NOT COOPERATING* /Downgrade	RBI
Grand Total	54.35	54.35	(Rupees Fifty Four Crores and Thirty Five lakhs Only)

Note:
1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings
2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated
*Issuer did not cooperate; based on best available information.

RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

Brickwork Ratings has assigned the long-term rating at "BWR BBB/Stable" for the bank loan facilities of Rs 54.35Crs dated 2nd July 2025. BWR has consistently taken up with the entity through emails and telephone calls to provide the documents and for the mandate creation. The entity has been submitting the monthly “No Default Statement” (NDS) till June 2026 as required by regulatory guidelines. Due to the unavailability of required documents and delay in onboarding of surveillance mandate within the timeline, BWR is unable to assess the entity’s financial performance and its ability to service its debt and maintain a valid rating. Hence, based on the best available information, BWR downgrades the long-term rating at "BWR BBB-/Stable "and migrates the 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

Established in 2004 and formerly known as Sai Bandhan Infinium Limited, Sai Infinium Limited is a private limited company based in Bhavnagar, Gujarat, India. Initially focused on ship dismantling for approximately one and a half decades, the company has since diversified its operations. Sai Infinium Limited has expanded into the manufacturing sector with the establishment of a steel re-rolling mill producing TMT bars under the brand name "Bandhan TMT Bars" and "Tejas TMT Bars". The company benefits from over four decades of management expertise in the ship dismantling industry, contributing to its established market reputation. The key directors of the company are Mr. Nikhil Gupta, Mr. Munish Bansal, Mr. Sandeep Kothari, Mr. Shivnarayan Bansal, and Mrs. Ishu Bansal.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

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	54.35	BWR BBB-/Stable (ISSUER NOT COOPERATING* /Downgrade)	02Jul2025	BWR BBB Stable (Assignment)	NA	NA	NA	NA
Grand Total		54.35	(Rupees Fifty Four Crores and Thirty Five lakhs Only)

Hyperlink/Reference to applicable Criteria

• General Criteria
• Approach to Financial Ratios
• Policy On Issuer Non -Cooperation
• Manufacturing Company

Analytical Contacts
Srija Das Ratings Analyst srija.das@brickworkratings.com	Sabitha M Nayak Associate Director-Ratings sabitha.nayak@brickworkratings.com
Client Support | clientsupport@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	Bank of India	Term Loan - Out-standing	24.88	_	24.88	Simple##
2	Bank of India	Term Loan - Out-standing	9.47	_	9.47	Simple##
3	Bank of India	Cash Credit - Sanctioned	20.00	_	20.00	Simple##
Total			54.35	0.00	54.35
TOTAL (Rupees Fifty Four Crores and Thirty Five lakhs Only)

##The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or complexity related to the structural,transactional or legal aspects. Details on the complexity levels of the instruments are available on BWR's website Complexity Levels.

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