Trimurti Stampings Pvt. Ltd.

Brickwork Ratings assigns the long term and short term ratings for the Bank Loan Facilities of Rs. 47.46 Crs. of Trimurti Stampings Pvt. Ltd.

Particulars

Facilities**	Amount(Rs.Crs.)	Tenure	Rating#
Fund Based	42.46	Long Term	BWR BB /Stable Assignment
	(0.50)
Non Fund Based	5.00	Short Term	BWR A4 Assignment
	(0.00)
Grand Total	47.46	(Rupees Forty Seven Crores and Forty Six lakhs 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 RATING ACTION / OUTLOOK

BWR has assigned the long-term rating BWR BB with a Stable Outlook and short term rating BWR A4, for the bank loan facilities of Rs 47.46 Crs of Trimurti Stampings Pvt. Ltd.

Brickwork Ratings (BWR) has assigned the ratings of Trimurti Stampings Pvt. Ltd. (the company), considering factors such the Long operational track record and extensive industry experience of the promoters, and Moderate financial risk profile. However, the rating is constrained by the Moderate scale of operations, Exposure to client and industry concentration risks. However, Going forward, the company’s ability to improve its operational scale and profitability, as well as to strengthen its liquidity and overall credit profile, would be the key rating sensitivities.

The outlook has been assigned as Stable as BWR believes that the business risk profile of the company will be maintained over the medium term. The Stable outlook indicates a low likelihood of a rating change over the medium term.

For assigning the rating, BWR has relied on the audited financials for the last three years up to FY25, the projected financials for FY26 and FY27, and publicly available information and clarification provided by management.

KEY RATING DRIVERS

Credit Strengths:

• Long operational track record and extensive industry experience of the promoters :

  The company commenced its operation in 2010 and has a successful track record of operation across Satara, Maharashtra.  The company has more than two decades of experience in the manufacturing of high-quality electrical stampings and laminations, primarily serving to OEMs in the Indian automotive and industrial sectors. Stable relationship with the key customer (Varroc Engineering Ltd., Flash Electronics India Pvt Ltd, and KSB Limited) should continue to support the business. Earlier the they were operating under the firm name Trimurti Stampings from 2010, promoted by Mr. Binayendra Ghorpade, Mr. Subash Jadhav and Mr. Rahul Khatavkar. The partnership firm was discontinued in July 2022 and subsequently converted into a private limited company.

• Moderate financial risk profile :

  The financial risk profile of the company is marked by a moderate net-worth of Rs. 16.29 Cr. as on 31st March 2025 against Rs. 13.79 Cr. as on 31st March 2024. The total debt of the company is Rs. 39.51 Cr. as on 31st March 2025 (LT – Rs. 14.14 Cr. and ST – Rs. 25.37 Cr.). The gearing stands at 2.43 times in FY25. Further, the interest coverage ratio decreased to 2.96 times in FY25 from 3.88 times in FY24. The debt service coverage ratio stood at 2.02 times in FY25 against 2.32 times in FY24. A slight moderation in the coverage indicators was observed because of the increase in the total debt and interest repayments of the company. BWR believes that the financial risk profile of the company is likely to remain moderate over the medium term.

Credit Risks:

• Exposure to client and industry concentration risks :

  The company faces significant client concentration risk, as a major portion of its revenue (around 75% in FY2025) is derived from its top five customers. However, risk remains relatively low given the strong financial profile of the company. In addition, the company is exposed to industry concentration risk, with more than 50% of its FY2025 revenue coming from OEMs operating in the automobile sector. 

• Moderate scale of operations :

  The company was incorporated on 14 June 2022 in Karad, Satara, Maharashtra. and the company has a long operating track record, The company is a medium scale player in a very competitive industry, as reflected by a top line of Rs 139.33 revenue in FY2025. BWR expects the revenue to grow gradually on the back of expanded product line and addition of new clients. Furthermore, the promoters are qualified and experienced professionals with over 35 years of industry experience. Their long-standing relationships with customers and suppliers are expected to support the company’s growth and scaling up of operations. 

ANALYTICAL APPROACH - Standalone

Standalone - For arriving at its ratings, BWR has considered the standalone performance of Trimurti Stampings Pvt. Ltd.. BWR has applied its rating methodology as detailed in the Rating Criteria (hyperlinks provided at the end of this rationale).

RATING SENSITIVITIES

Going forward the company’s ability to improve the scale of operations, improve and maintain profitability, the debt servicing capability & liquidity, and manage its working capital efficiently will be the key rating sensitivities.

Positive:

• The rating may be upgraded in case of substantial improvement in revenues by around 15% to 18% along with improvement in the operating profitability with EBITDA margins exceeding 8% and PAT margins above 2.50%.
• A healthier debt profile, including Total Debt/TNW below 1.30x, along with better liquidity, would strengthen working capital efficiency. 

Negative:

• The ratings may be downgraded if revenue declines by more than 5% to 10% due to weaker demand, or if profitability weakens, with EBITDA margins falling below 7.40% and PAT margins dropping under 1.80%. 
• A rising debt burden, where Total Debt/TNW exceeds 2.00x, could indicate a weakened financial position. 

LIQUIDITY INDICATORS - Stretched

The company's liquidity position is stretched. The tangible net worth of the company stood at 16.29 Crores in FY25 as compared to Rs 13.79 Crores in FY24. moderate debt protection metrics with ISCR and DSCR at 2.96 times and 2.02 times in FY25. The company has net cash accruals of Rs 5.91 Crs and 6.17 Crs to cover CPLTD of Rs 3.03 Crs and 7.61 Crs in FY25 and FY26(Projected). The current ratio of the company was moderate at 1.18 times in FY25. The cash and cash equivalents of the company stood at Rs. 1.05 Crores in FY25. The average utilization of working capital limits stands at 90% for the past 12 months.

ABOUT THE ENTITY

The company was incorporated on 14 June 2022 in Karad, Satara, Maharashtra. The company engaged in the manufacturing of high-quality electrical stampings and laminations, mainly serving OEMs in the Indian industry. The company capacity to Manufacture Stator / Rotor Laminations up to 425 mm in diameter, which are used in a wide range of applications such as ignition coils, alternators, starter motors, AC/DC electric motors, industrial motors, submersible pumps, home appliances, BLDC motors, fan motors, power tools, and ballast applications. Earlier the they were operating under the firm name Trimurti Stampings from 2010, promoted by Mr. Binayendra Ghorpade, Mr. Subash Jadhav and Mr. Rahul Khatavkar. The partnership firm was discontinued in July 2022 and subsequently converted into a private limited company.

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 22 - 23 (Audited)	FY 23 - 24 (Audited)	FY 24 - 25 (Audited)
Operating Revenue	Rs.Crs.	83.39	124.98	139.33
EBITDA	Rs.Crs.	5.48	9.13	10.35
PAT	Rs.Crs.	2.10	3.69	2.50
Tangible Net Worth	Rs.Crs.	10.10	13.79	16.29
Total Debt / Tangible Net Worth	Times	1.64	2.12	2.43
Current Ratio	Times	1.14	1.04	1.18

KEY COVENANTS OF THE FACILITY RATED

The terms of sanction include standard covenants normally stipulated for Bank loan facilities.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

Not Applicable 

RATING HISTORY FOR LAST 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	42.46	BWR BB/Stable (Assignment)	NA	NA	NA	NA	NA	NA
FB SubLimit	LT	(0.50)	BWR BB/Stable (Assignment)	NA	NA	NA	NA	NA	NA
Non Fund Based	ST	5.00	BWR A4 (Assignment)	NA	NA	NA	NA	NA	NA
Grand Total		47.46	(Rupees Forty Seven Crores and Forty Six lakhs Only)

Hyperlink/Reference to applicable Criteria

• General Criteria
• Approach to Financial Ratios
• Short Term Debt
• Manufacturing Companies

Analytical Contacts
Md Saif Ali Khan Rating Analyst saifali.k@brickworkratings.com	Ravi Rashmi Dhar Director - Ratings ravi.d@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com	Customer Support | CustSupport@brickwrokratings.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 Baroda	Term Loan - Out-standing	0.62	_	0.62	Simple##
2	Bank of Baroda	Term Loan - Out-standing	1.36	_	1.36	Simple##
3	Bank of Baroda	Term Loan - Out-standing	0.02	_	0.02	Simple##
4	Bank of Baroda	Term Loan - Sanctioned	2.85	_	2.85	Simple##
5	Bank of Baroda	Term Loan - Sanctioned	1.40	_	1.40	Simple##
6	Bank of Baroda	Term Loan - Sanctioned	2.32	_	2.32	Simple##
7	Bank of Baroda	Term Loan - Out-standing	0.89	_	0.89	Simple##
8	Bank of Baroda	Cash Credit - Sanctioned	26.00	_	26.00	Simple##
	Sub-Limit (CC sublimit at Karad Branch ) - Sanctioned	(0.50)
9	Bank of Baroda	Bank Guarantee - Sanctioned	_	5.00	5.00	Simple##
	Sub-Limit (LC Inland Submitlimit of BG ) - Sanctioned		(0.00)
10	Bank of Baroda	Working Capital Demand Loan	2.00	_	2.00	Simple##
11	TATA Capital Financial Services Limited	Channel Finance Facility - Sanctioned	5.00	_	5.00	Simple##
Total			42.46	5.00	47.46
TOTAL (Rupees Forty Seven Crores and Forty Six 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.