Please find enclosed the Intimation of Credit Rating.
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Infomerics Valuation and Rating Limited has assigned fresh credit ratings to Simplex Castings' bank facilities totaling Rs. 72 crore, effective January 5, 2026. Long-term bank facilities of Rs. 46 crore received IVR BB+/Stable outlook, while short-term bank facilities of Rs. 26 crore received IVR A4+. This is a first-time rating by Infomerics; three other agencies (ACUITE, Brickworks, India Ratings) had previously kept the company in the 'issuer not cooperating' category due to non-submission of information. The company showed strong improvement in FY25 with revenue rising ~40% to Rs. 171.88 crore, EBITDA margin expanding from 10.84% to 18.08%, and overall gearing improving sharply from 3.62x to 0.75x. Rating strengths include four-decade track record and experienced promoters, while weaknesses are an elongated 150-200 day working capital cycle and intense competition in the castings industry.
The BB+ rating is in the speculative (non-investment grade) category, indicating moderate credit risk, though the stable outlook and improving financials (revenue growth, margin expansion, deleveraging) suggest the company is on a stronger footing than its previous non-cooperative status suggested. Shareholders can view this as a return to formal credit assessment with a stable baseline rating.