Press Release February 11, 2026 PRITAM JEWELLERS PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	46.00	ACUITE BBB- | Stable | Assigned	-
Bank Loan Ratings	14.00	-	ACUITE A3 | Assigned
Total Outstanding	60.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­­Acuite has assigned the long term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) on the Rs. 46 Cr. bank facilities and short-term rating of 'ACUITE A3' (read as ACUITE A three) on the Rs. 14 Cr. bank facilities of Pritam Jewellers Private Limited. The outlook is 'Stable'. Rationale for rating The rating takes cognizance benefits derived from experienced promoters, healthy relationship with customers like Tribhovandas Bhimji Zaveri Limited, Lalithaa Jewellery Mart Limited, Sky Gold and Diamonds Limited among others, improvement in revenues and operating profitability in FY 25, efficient working capital cycle and adequate liquidity. However, these strengths are partly offset by average financial risk profile and susceptibility of operating performance due to volatility in prices of gold.

About the Company

­­West Bengal based, Pritam Jewellers Private Limited was incorporated in 2010, the company is engaged in the manufacturing of gold ornaments. It also exports gold ornaments to UAE (30% of the revenue contribution in FY 25). The gold ornaments majorly include necklaces, bangles among others. The company also provides job work services for Titan Company Limited. The operations of the company are managed by Mr. Goutam Chakraborty, Mrs. Kakoli Chakbratory and Mr Pritam Chakraborty.

Unsupported Rating

­Not Applicable

Analytical Approach

­­Acuite has taken standalone business and financial risk profile of Pritam Jewellers Private Limited to arrive at the rating.

Key Rating Drivers

Strengths

­Benefits derived from Experienced promoters The operations are managed by Mr. Goutam Chakraborty and Mr. Pritam Chakraborty who have decades of experience in the jewellery business. The company has a pan-India presence to cater to its customers. Some of the reputed customers are Tribhovandas Bhimji Zaveri Limited, Lalithaa Jewellery Mart Limited, Sky Gold And Diamonds Limited among others.  Over the years, the Company has also developed export markets largely in UAE (30% of revenue contribution in FY25) Acuite believes that the benefits derived from promoters and relationship with customers will help the company going forward. ­Increase in Revenues and operating profitability The revenues have increased to Rs. 331.61 Cr. in FY 25 as compared to Rs. 158.59 Cr. in FY 24 and Rs. 181.71 Cr. in FY 23. The increase in revenues in FY 25 is on account of increase in volume sold and realization. The company has achieved revenues of about Rs. 412 Cr. up to January 2025. The operating profitability has largely remained stable at 2.38 percent in FY 25 as compared to 2.28 percent in FY 24. Acuite believes that the scale of operations and operating profitability is expected to increase in the near to medium term.  Efficient Working Capital Cycle The working capital cycle of the company is efficient as reflected by Gross Current Assets (GCA) of 61 days for March 31, 2025 as compared to 105 days for March 31, 2024. The debtor period stood at 34 days as on March 31, 2025 as compared to 38 days as on March 31, 2024. In terms of domestic, the payments are received from the customers within 10-25 days and for exports, the payments are received within 7-20 days. Further, the inventory days of the company stood at 22 days as on March 31, 2025 as compared to 66 days in FY2024. For procurement of inventory, the company follows replenishment model and for accounting purpose it uses 'Weighted Average Cost of Computation' method. The creditors stood at 3 days as on March 31, 2025 as compared to 11 days as on March 31, 2024. The payments are made within 7-10 days to the suppliers. Acuité believes that the working capital operations of the company is expected to remain in similar lines over the medium term.

Weaknesses

­­Average financial risk profile albeit comfortable debt protection metrices The financial risk profile of the company is average marked by improving net worth, moderate gearing and moderate debt protection metrices. The tangible net worth of the company stood at Rs. 18.33 Cr. as on March 31, 2025 as compared to Rs. 14.32 Cr. as on March 31, 2024 due to accretion to reserves. The gearing of the company stood at 1.91 times as on March 31, 2025 and 1.86 times as on March 31, 2024. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 2.19 times as on March 31, 2025 as compared to 2.38 times as on March 31, 2024. The debt protection metrices of the company remain moderate marked by Interest Coverage ratio (ICR) of 3.10 times as on March 31, 2025 and debt service coverage ratio (DSCR) of 2.06 times for March 31, 2025. The net cash accruals to total debt (NCA/TD) stood at 0.12 times as on March 31, 2025 as compared to 0.07 times as on March 31, 2024. Debt/EBITDA stood high at 4.37 times as on March 31, 2025 as compared to 6.82 times as on March 31, 2024. Acuité believes that the financial risk profile is expected to improve over the medium term, with small yet steady cash accruals in the absence of any major debt funded capex plans.

Rating Sensitivities

­­Movement in revenues and operating profitability Movement in capital structure Working capital cycle

Liquidity Position

Adequate

­The company has adequate liquidity marked by net cash accruals of Rs. 4.09 Cr. in FY 25 as against long term debt repayment of Rs. 0.66 Cr. over the same period. The cash and bank balance stood at Rs. 0.03 Cr. as on March 31, 2025 and March 31, 2024. Further, the current ratio of the company stood at 1.42 times as on March 31, 2025 as compared to 1.46 times as on March 31, 2024. The average bank utilization limit of the company for 7 months ended December 2025 is 95 percent. Acuité believes that the liquidity of the company is likely to remain adequate over the near to medium term on account of small yet steady cash accruals in the absence of any major debt funded capex plans.

Outlook: Stable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	331.61	158.59
PAT	Rs. Cr.	4.01	1.82
PAT Margin	(%)	1.21	1.15
Total Debt/Tangible Net Worth	Times	1.91	1.86
PBDIT/Interest	Times	3.10	1.94

Status of non-cooperation with previous CRA (if applicable)

­None

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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:Not Applicable

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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 AXIS BANK LIMITED Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE A3 | Assigned AXIS BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 27.00 Simple ACUITE BBB- | Stable | Assigned YES BANK LIMITED Not avl. / Not appl. Covid Emergency Line. 24 Sep 2025 Not avl. / Not appl. 24 Sep 2026 0.90 Simple ACUITE BBB- | Stable | Assigned YES BANK LIMITED Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 11.00 Simple ACUITE A3 | Assigned Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 18.10 Simple ACUITE BBB- | Stable | Assigned

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Vedika Lahoti 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.