­Incorporated in 2006, Pankaj Ispat Limited (PIL) is a Raipur, Chhattisgarh based company, engaged in manufacturing of MS Ingots and TMT bars. Currently, the company is headed by Mr. Pankaj Agarwal, Mr. Lalit Agarwal and Ms. Pooja Agrawal. The company has a capacity of 54000 MTPA of Ingots and 45000 MTPA of TMT bars. 

­Established in 2000, Pankaj group was promoted by Agarwal family of Raipur, Chhattisgarh. The group consists of Pankaj Ispat Limited (PIL), Alankar Alloys Private Limited (AAPL), Sourabh Rolling Mills Private Limited (SRMPL) and Tridev Ispat Private Limited (TIPL). The group is engaged in the business of steel and steel products. Currently, the group has a capacity of 78000 MTPA of Ingots, 156690 MTPA of Billets, 182000 MTPA of TMT and 30000 MTPA of Pipes. The group sells its products under the brand name of "Sagar" for both TMT and pipes. 

Incorporated in 2006, Alankar Alloys Private Limited (AAPL) is a Raipur, Chhattisgarh based company, engaged in manufacturing of MS Billets and TMT bars. Currently, the company is headed by Mr. Akash Agrawal and Mrs. Usha Devi Agrawal. The company has a capacity of 72000 MTPA of Billets and 65000 MTPA of TMT bars. 

Established in 2004, Sourabh Rolling Mills Private Limited (SRMPL) is a Raipur based company, engaged in manufacturing of MS Billets, Pipes, TMT bars and Strips. Currently, the company is headed by Mr. Pankaj Agrawal and Mr. Lalit Agrawal. The company has a capacity of 84960  MTPA of Billets and 72000 MTPA of Rolling Mills and 30000 MTPA of Pipes. 

Incorporated in 2006, Tridev Ispat Private Limited (TIPL) is a Raipur based company, engaged in manufacturing of MS Ingots. Currently, the company has a capacity of 24000 MTPA of Ingots.

­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavoured to gather information about the entity/ industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

­"No information provided by the issuer / available for Acuite to comment upon."

­Not Applicable

­­"No information provided by the issuer / available for Acuite to comment upon."

­Not Applicable

­Not Applicable

Care Ratings vide its press release dated 20 July 2023, has mentioned the rating of Pankaj Ispat Limited to B- Issuer Not Cooperating.

Acuite is yet to receive the latest No Default Statement from the rated entity despite repeated requests and followups.

­­­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in