Press Release July 18, 2025 JODHPUR VIDYUT VITRAN NIGAM LIMITED Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	1560.56	ACUITE BB+ | Downgraded | Issuer not co-operating*	-
Bank Loan Ratings	926.00	-	ACUITE A4+ | Downgraded | Issuer not co-operating*
Total Outstanding	2486.56	-	-
Total Withdrawn	0.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

­Acuite has downgraded the long-term rating to 'ACUITE BB+' (read as ACUITE double B plus) from 'ACUITE BBB+' (read as ACUITE triple B plus) and downgraded the short-term rating to 'ACUITE A4+' (read as ACUITE A four plus) from 'ACUITE A2' (read as ACUITE A two) on the Rs. 2486.56 Cr. bank facilities of Jodhpur Vidyut Vitran Nigam Limited (JVVNL). The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available. The rating is downgraded is on account of information risk.

About the Company

­Incorporated in the year 2000, Jodhpur Vidyut Vitran Nigam Limited. (JVVNL) is a state power distribution company of Rajasthan State Electricity Board (RSEB). As per the Rajasthan Power Sector Reforms Act, 1999 of GoR, the erstwhile Rajasthan State Electricity Board (RSEB) was unbundled into a generation Company, a transmission Company and three distribution companies (Discoms) w.e.f. July 19, 2000. Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) was incorporated as the sole generation company, Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPNL) was incorporated as the sole transmission company & three Discoms were incorporated in the form of Ajmer Vidyut Vitran Nigam Limited. (AVVNL), Jaipur Vidyut Vitran Nigam Limited. (JVVNL) and Jodhpur Vidhyut Vitran Nigam Limited (JVVNL). JDVVNL’s area of operations covers 10 districts of Rajasthan, namely Jodhpur, Jaisalmer, Jalore, Sirohi,Pali, Barmer, Bikaner, Churu, Ganganagar and Hanumangarh. The company has its registered office located in Jodhpur. The current directors of the company are Ms Aparna Arora, Mr Ashutosh Pednekar, Mr Anil Kumar Gupta, Mr Pranab Kumar Sinha , Mr Bhaskar Sawant , Mr Naresh Kumar Thakral , Ms Kirti Kachhawaha , Mr Pramod Tak and Mr Harsh Baweja.

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 & reviewof 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

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivities

­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 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	25420.72	21172.48
PAT	Rs. Cr.	(292.88)	(1526.13)
PAT Margin	(%)	(1.15)	(7.21)
Total Debt/Tangible Net Worth	Times	(1.90)	(1.55)
PBDIT/Interest	Times	1.21	0.81

Status of non-cooperation with previous CRA

­Not Applicable

Any other information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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 Apr 2024 Bank Guarantee/Letter of Guarantee Short Term 276.83 ACUITE A2 (Assigned) Bank Guarantee/Letter of Guarantee Short Term 649.17 ACUITE A2 (Reaffirmed) Term Loan Long Term 416.69 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 118.68 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 347.32 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 226.50 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 228.06 ACUITE BBB+ | Stable (Reaffirmed) Cash Credit Long Term 140.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 83.31 ACUITE BBB+ | Stable (Assigned) 20 Jan 2023 Bank Guarantee/Letter of Guarantee Short Term 649.17 ACUITE A2 (Assigned) Term Loan Long Term 286.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 465.30 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 210.00 ACUITE BBB+ | Stable (Assigned) Cash Credit Long Term 140.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 375.95 ACUITE BBB+ | Stable (Assigned)

­

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating State Bank of India Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 926.00 Simple ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A2 ) State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 140.00 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ ) Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 387.46 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ ) State Bank of India Not avl. / Not appl. Term Loan 27 Mar 2024 Not avl. / Not appl. 01 Apr 2032 500.00 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ ) State Bank of India Not avl. / Not appl. Term Loan 03 Jan 2021 Not avl. / Not appl. 01 Nov 2025 75.20 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ ) State Bank of India Not avl. / Not appl. Term Loan 14 Jun 2021 Not avl. / Not appl. 01 Jul 2028 176.00 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ ) Punjab and Sind Bank Not avl. / Not appl. Term Loan 25 Mar 2021 Not avl. / Not appl. 31 Jul 2028 256.94 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ ) Indian Overseas Bank Not avl. / Not appl. Term Loan 13 May 2020 Not avl. / Not appl. 01 Aug 2025 24.96 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ )

* The issuer did not co-operate; based on best available information.

­

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Anuja Bele Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@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. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.