Press Release May 06, 2024 VISHAKHA POLYFAB PRIVATE LIMITED Rating Reaffirmed & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	180.64	ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*	-
Bank Loan Ratings	29.10	-	ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding	0.00	-	-
Total Withdrawn	209.74	-	-

Rating Rationale

­Acuité has reaffirmed and withdrawn the long-term rating of ‘ACUITE BB+’ (read as ACUITE double B plus) and short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 209.74 Cr. bank facilities of Vishakha Polyfab Private Limited (VPPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. The withdrawal is in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the company, and NOC (No Objection Certificate) received from the banker. The rating is reaffirmed on account of information risk.

About the Company

­Vishakha Polyfab Private Limited (VPPL) is a joint venture between Vishakha Group & Adani Wilmar Limited incorporated in the year 1993. Adani Wilmar Limited (AWL) holds 50 per cent stake and the rest is held by the Doshi Family (Vishakha Group). It is headed by Mr. Jigish Doshi. VPPL is one of the largest high barrier multilayer flexible film manufacturers in India. It manufactures 3, 5, 7 and 9 layer films, rolls and pouches (printed and plain) that are used for edible oil packaging. The company has a manufacturing facility in Vadsar, Gujarat. It currently has an installed capacity of 16,000 tons. It primarily caters to domestic market and also exports to Europe and USA.

Unsupported Rating

­Not Applicable

Non-cooperation by the issuer/borrower:

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 non cooperation 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.

Limitation regarding information availability:

­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 endeavored 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.

Rating Sensitivity

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

Liquidity Position

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

Outlook

­Not Applicable

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 23 (Actual)	FY 22 (Actual)
Operating Income	Rs. Cr.	521.80	387.36
PAT	Rs. Cr.	0.76	12.11
PAT Margin	(%)	0.14	3.13
Total Debt/Tangible Net Worth	Times	1.43	1.19
PBDIT/Interest	Times	1.76	2.92

Status of non-cooperation with previous CRA

­Not Applicable

Any other information

­None

Applicable Criteria

• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on Complexity Levels of the Rated Instrument

­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.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 19 Jul 2023 Letter of Credit Short Term 29.10 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 21.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 10.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 58.87 ACUITE BB+ (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 12.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 12.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 28.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 11.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 5.50 ACUITE BB+ (Reaffirmed & Issuer not co-operating*) External Commercial Borrowing Long Term 22.27 ACUITE BB+ (Reaffirmed & Issuer not co-operating*) 25 Apr 2022 Cash Credit Long Term 12.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable) Cash Credit Long Term 12.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable) Cash Credit Long Term 28.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable) Term Loan Long Term 11.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable) Term Loan Long Term 5.50 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable) External Commercial Borrowing Long Term 22.27 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable) Letter of Credit Short Term 29.10 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A2) Term Loan Long Term 21.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable) Cash Credit Long Term 10.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable) Term Loan Long Term 58.87 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Indusind Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* Standard Chartered Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.00 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* RBL Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.00 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 28.00 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* EDC Canada Not avl. / Not appl. External Commercial Borrowing Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 22.27 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* State Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 29.10 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* RBL Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 21.00 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* Indusind Bank Ltd Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 58.87 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* Standard Chartered Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 11.00 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* State Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.50 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*

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Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Akshat Shah Associate - Rating Operations Tel: 022-49294065 akshat.shah@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.