RATING RATIONALE
18Mar2026

Ratnaveer Metals Ltd.(Formerly Known as Ratnaveer Metals Pvt. Ltd)

Brickwork Ratings reaffirmed the long-term & short-term rating under continues to be in ISSUER NOT COOPERATING* category and has simultaneously withdrawn the ratings for the Bank Loan Facilities of Rs.176.84 Crs. of Ratnaveer Metals Ltd.(Formerly Known as Ratnaveer Metals Pvt. Ltd) .

Particulars
Facilities/Instruments** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(21 Jan 2026)
Present
Fund Based 56.84 56.84 Long Term BWR BB /Stable
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR BB /Stable
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn
(5.00) (5.00)
(10.00) (10.00)
(7.00) (7.00) Short Term BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn
(7.00) (7.00)
(6.25) (6.25)
(30.00) (30.00)
(15.00) (15.00)
(10.00) (10.00)
Non Fund Based 120.00 120.00 Short Term BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn
(36.00) (36.00)
(29.89) (29.89)
Grand Total 176.84 176.84 (Rupees One Hundred Seventy Six Crores and Eighty Four lakhs Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings and for Withdrawal Policy
*Issuer did not cooperate; based on best available information.
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure


RATING ACTION / WITHDRAWAL / NATURE OF NON-COOPERATION

Brickwork Ratings has reaffirmed the ratings and simultaneously withdrawn the rating of the long-term loan facilities of Ratnaveer Metals Ltd.(Formerly Known as Ratnaveer Metals Pvt. Ltd) for Rs. 176.84 crs at "BWR BB/stable  " and reaffirmed  the short-term ratings and simultaneously withdrawn the ratings at "BWR A4" while retaining the same in the Issuer Not Cooperating’ category, based on best available information as the Issuer did not cooperate.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 march 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 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 lack any projections or forward-looking component as it is arrived at based on the best available information without any management/banker's interaction.

Hence , as per the client's request , upon the receipt of withdrawal request  letter and NOC submitted by the lead banker ( IndusInd Bank ) , BWR has reaffirmed the ratings  at "BWR BB/stable/A4 " and simultaneously withdrawn the ratings .

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.
 

KEY FINANCIAL INDICATORS (Standalone)
Key Parameters Units FY 24 - 25
(Projected)
FY 25 - 26
(Projected)
FY 26 - 27
(Projected)
Operating Revenue Not Available Not Available Not Available
EBITDA Not Available Not Available Not Available
PAT Not Available Not Available Not Available
Tangible Net Worth Not Available Not Available Not Available
Total Debt / Tangible Net Worth Not Available Not Available Not Available
Current Ratio Not Available Not Available Not Available
COMPANY PROFILE
Macro Economic Indicator Sector Industry Basic Industry
Industrials Capital Goods Industrial Products Iron & Steel Products

Incorporated in the year 2002, Ratnaveer Metals Limited manufactures stainless steel products at Vadodara, Gujarat. RML is promoted and managed by Mr  Vijay Sanghvi and family. The Company manufactures stainless steel washers, solar mounting hooks, tubes, sheet metal products. The manufacturing facilities located at Vadodara and Ahmedabad, Gujarat with an installed capacity of 22000 metric tons per annum. The company has changed its name to Ratnaveer Precision Engg. Ltd .

Note : As per information available with BWR during Aug 2022 

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY IF ANY

Not Applicable

ANY OTHER INFORMATION

NA

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities /
Instruments**
Current Rating  (2026) 2026 (History) 2025 2024 2023
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Fund Based LT 56.84
BWR BB/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
21Jan2026
BWR BB Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
20Jan2025
BWR BB Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
NA
NA
25Oct2023
BWR BB+ Stable
(ISSUER NOT COOPERATING* /Downgrade)
FB SubLimit LT (5.00)
BWR BB/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
NA
NA
NA
NA
NA
NA
NA
NA
(10.00)
BWR BB/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
NA
NA
NA
NA
NA
NA
NA
NA
FB SubLimit ST (7.00)
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
21Jan2026
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
20Jan2025
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
25Oct2023
BWR A4
(ISSUER NOT COOPERATING* /Downgrade)
FB SubLimit ST (7.00)
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
NA
NA
NA
NA
NA
NA
NA
NA
FB SubLimit ST (6.25)
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
NA
NA
NA
NA
NA
NA
NA
NA
FB SubLimit ST (30.00)
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
NA
NA
NA
NA
NA
NA
NA
NA
FB SubLimit ST (15.00)
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
NA
NA
NA
NA
NA
NA
NA
NA
FB SubLimit ST (10.00)
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
NA
NA
NA
NA
NA
NA
NA
NA
Non Fund Based ST 120.00
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
21Jan2026
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
20Jan2025
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
25Oct2023
BWR A4
(ISSUER NOT COOPERATING* /Downgrade)
NFB SubLimit ST (36.00)
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
NA
NA
NA
NA
NA
NA
NA
NA
(29.89)
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
NA
NA
NA
NA
NA
NA
NA
NA
Grand Total 176.84 (Rupees One Hundred Seventy Six Crores and Eighty Four lakhs Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

Manvitha Ashok

Ratings Analyst manvitha.a@brickworkratings.com

Raghavendra

Senior Manager - Ratings raghavendra.n@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com Customer Support | CustSupport@brickwrokratings.com
ANNEXURE-I
Ratnaveer Metals Ltd.(Formerly Known as Ratnaveer Metals Pvt. Ltd)
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 Bandhan Bank Cash CreditSanctioned 19.50 _ 19.50 Simple##
Sub-Limit (Working Capital Demand Loan ) Sanctioned (5.00)
2 Bandhan Bank Letter of CreditSanctioned _ 5.00 5.00 Simple##
3 Bandhan Bank Emergency Credit Line Guarantee Scheme (ECLGS)Out-standing 13.32 _ 13.32 Simple##
4 HDFC Bank Letter of CreditSanctioned _ 30.00 30.00 Simple##
Sub-Limit (Cash Credit) Sanctioned (10.00)
Sub-Limit (Pre-shipment Finance EPC/PCFC ) Sanctioned (15.00)
Sub-Limit (SBLC) Sanctioned (30.00)
Sub-Limit (Working Capital Demand Loan) Sanctioned (10.00)
5 HDFC Bank Cash CreditSanctioned _ _ 0.00 Simple##
6 IndusInd Bank Cash CreditSanctioned 7.00 _ 7.00 Simple##
Sub-Limit (Export Packing Credit) Sanctioned (7.00)
Sub-Limit (Foreign Bill Discount ) (7.00)
Sub-Limit (SBLC/BG) Sanctioned (36.00)
7 IndusInd Bank Letter of CreditSanctioned _ 36.00 36.00 Simple##
8 Karur Vysya Bank Cash CreditSanctioned 6.25 _ 6.25 Simple##
Sub-Limit (WCDL/PCL/PCFC/FBN/FBP) Sanctioned (6.25)
9 Karur Vysya Bank ILC/FLCSanctioned _ 19.00 19.00 Simple##
10 UCO Bank ILC/FLCSanctioned _ 29.89 29.89 Simple##
Sub-Limit (LOC/LOU) Sanctioned (29.89)
11 UCO Bank Bank GuaranteeSanctioned _ 0.11 0.11 Simple##
12 UCO Bank Covid -19 Emergency Line CreditOut-standing 2.17 _ 2.17 Simple##
13 UCO Bank Gold CardSanctioned 1.35 _ 1.35 Simple##
14 UCO Bank FBWC (CC/EPC/FBD/FBP)Sanctioned 7.25 _ 7.25 Simple##
Total 56.84 120.00 176.84
TOTAL (Rupees One Hundred Seventy Six Crores and Eighty Four 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 (NCD/Bonds/CP/FDs) DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

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About Brickwork Ratings

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