RMC Switchgears’ Bank Loan Ratings Reaffirmed and Withdrawn by Brickwork Ratings
RMC Switchgears Limited, a manufacturer of electrical enclosures and laminates, has confirmed the reaffirmation and subsequent withdrawal of credit ratings assigned to its bank loan facilities by Brickwork Ratings India Private Limited.The company reported that the rating withdrawal was processed following the submission of the requisite withdrawal request and No Objection Certificates (NOCs) from its lenders.
Loan Facility Details and Rating Status
The ratings covered bank loan facilities totaling Rs. 42.14 crores. The facilities include both Fund Based and Non Fund Based components.The rating details are summarized below:
| Facilities/Instruments | Amount (Rs. Crs.) | Tenure | Previous Rating (29 May 2025) | Present Rating |
|---|---|---|---|---|
| Fund Based | 14.74 | Long Term | BWRD Continues to be in ISSUER NOT COOPERATING category/Reaffirmed | BWRD Continues to be in ISSUER NOT COOPERATING category/Reaffirmed and withdrawn |
| Non Fund Based | 27.40 | Short Term | BWRD Continues to be in ISSUER NOT COOPERATING category/Reaffirmed | BWRD Continues to be in ISSUER NOT COOPERATING category/Reaffirmed and withdrawn |
| Grand Total | 42.14 | (Rupees Forty Two Crores and Fourteen lakhs Only) | (Rupees Forty Two Crores and Fourteen lakhs Only) |
The rating was affirmed at "BWR D/D" for the bank loan facilities and continued under the 'Issuer Not Cooperating' category while simultaneously being withdrawn.
Company Statement on Rating Withdrawal
In relation to the rating rationale, the company noted that the reference to 'Issuer Not Cooperating' did not reflect the factual position, as the company was not engaged in any active rating review process requiring the submission of updated information at that stage. Furthermore, RMC Switchgears stated that the rating rationale appeared to have been published without any ongoing requirement from the company's side.RMC Switchgears emphasized that it currently maintains a valid and active credit rating with Infomerics Valuation and Rating Pvt. Ltd., which it utilizes for all relevant purposes, and suggested that the rating rationale issued by Brickwork Ratings might not be considered reflective of the company's current position.
Company Profile and Financial Snapshot
RMC Switchgears Ltd. was incorporated on August 23, 1994, and is engaged in the manufacturing and supply of electrical enclosures and laminates from its plant in Jaipur. The company was initially incorporated as RFH Metal Castings Pvt Ltd and later changed its name to RMC Switchgears Ltd in 2016.The company has promoters and directors including Ashok Kumar Agarwal and Ankit Agarwal, alongside Anand Chaturvedi, Akhilesh Kumar Jain, Neha Agrawal, Shriram Vishwasrao Mane, Kuljit Singh Popli, Kuldeep Kumar Gupta, Pushpendra Singh, and Krati Agarwal.
The company's key financial indicators (Standalone) over the last three fiscal years are:
| Key Parameters | Units | FY23 - 24 (Unaudited) | FY24 - 25 (Unaudited) | FY25 - 26 (Provisional) |
|---|---|---|---|---|
| Operating Revenue | Rs. Crs. | Not Available | Not Available | Not Available |
| EBITDA | Rs. Crs. | Not Available | Not Available | Not Available |
| PAT | Rs. Crs. | Not Available | Not Available | Not Available |
| Tangible Net Worth | Rs. Crs. | Not Available | Not Available | Not Available |
| Total Debt / Tangible Net Worth | Times | Not Available | Not Available | Not Available |
| Current Ratio | Times | Not Available | Not Available | Not Available |
RMC Stock Price Movement
On Monday, RMC Switchgears Limited shares slipped, shedding ₹14.20 to settle at ₹398.9, marking a 3.44% decline for the session. Despite closing below its 52-week high of ₹415.15, the stock traded on a volume of 13,340 shares.Source:
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