Press Release April 14, 2026 JO BLAND ENTERPRISES Rating Upgraded & Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	3.96	ACUITE BB | Upgraded & Withdrawn	-	RBI
Bank Loan Ratings	0.00	7.44	Not Applicable | Withdrawn	-	RBI
Bank Loan Ratings	0.00	1.60	-	ACUITE A4+ | Upgraded & Withdrawn	RBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	13.00	-	-	-

Rating Rationale

­Acuité has upgraded and withdrawn the long-term rating to ‘ACUITE BB’ (read as ACUITE Double B) from ‘ACUITE BB-’ (read as ACUITE Double B minus) and short-term rating to ‘ACUITE A4+’ (read as ACUITE A Four Plus) from ‘ACUITE A4’ (read as ACUITE A Four) on Rs. 5.56 Cr. bank facilities of Jo Bland Enterprises (JBE). The rating has been withdrawn on account of the request received from the issuer along with No objection certificate (NOC) received from the banker. Acuité has also withdrawn the long-term rating on the Rs. 7.25 crore bank facilities of Jo Bland Enterprises (JBE) without assigning any rating as the Instrument is fully repaid. The rating is being withdrawn on account of request received from the issuer, and No Dues Certificate (NDC) received from the banker. Acuité has also withdrawn its rating on the proposed long-term bank facilities of Rs. 0.19 Cr. of Jo Bland Enterprises (JBE)  without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the issuer. The withdrawal is in accordance with Acuite's policy on withdrawal of rating as applicable to the respective facility / instrument. Rationale for upgrade: The rating upgrade considers the migration from 'Issuer Non-Cooperating' status. The rating considers the experienced management and established operational track record of  of the company, moderate scale of operations and profitability. The rating further draws comfort from the adequate liquidity position and efficient working capital management. The rating is however constrained on account of below average financial risk profile, risk associated with withdrawal of capital by partners, and susceptibility of profitability to volatility in raw material prices.

About the Company

­Jo Bland Enterprises (JBE) is a partnership firm established in the year 1990 is engaged in manufacturing of plastic films and flexible packaging products consisting of LPDE Bags, Stretch films, Shrink films and HMHDPE bags. In addition, the firm manufactures printed bags as per specifications received from its customers. The manufacturing facilities are situated in Manur and Kolar districts of Karnataka. Mr. Jose James K and Ms. Sindhu Jose are the partners of the firm.

Unsupported Rating

­Not Applicable

Analytical Approach

­­Acuité has considered the standalone business and financial risk profiles of Jo Bland Enterprises (JBE) to arrive at the rating.

Key Rating Drivers

Strengths

Long track record of operations and experienced promoters Jo Bland Enterprises (JBE) has been operating since 1990 promoted by Mr. Jose James and Mrs. Sindhu James, having extensive experience of almost three decades in the packaging industry. Their extensive experience has enabled JBE to establish relationship with reputed market player such as Nestle, HUL and ITC. Acuite believes that the experience of the management is expected to support the improvement of the business risk profile over the medium term. Modest Scale of operations with subdued profitability The firm has reported revenues of Rs. 52.93 Cr. in FY2025 as against Rs. 54.26 Cr. in FY2024. The operating profit margin of the company declined to 6.34 percent in FY2025 as against 8.08 percent in FY2024. The PAT margin also declined stood at 2.26 percent in FY2025 as against 3.28 percent in FY2024. The marginal decline in revenues, coupled with elevated raw material prices and limited ability to fully pass on cost increases to customers, resulted in moderation in profitability. Further, higher input costs and increased overhead expenses led to contraction in net profitability. ­Efficient Working capital management The working capital management of the firm remained efficient marked by gross current assets (GCA) of 69 days as on March 31, 2025, as against GCA of 65 days as on March 31, 2024. The inventory days stood at 12 days for FY2025 as against 14 days for FY2024. The creditors days stood at 3 days for FY2025 against 6 days for FY2024. The debtors’ days increased and stood at 55 days for FY2025 as against 52 days for FY2024. Acuite believes that the operations of JBE will remain efficient over the medium term.

Weaknesses

Below Average financial risk profile The financial risk profile of the firm remained below average. It is marked by low net worth, moderate gearing, and average debt protection metrics. The net worth of the firm increased and stood at Rs. 9.37 Cr. as on 31st March 2025 as compared to Rs. 8.91 Cr. as on 31st March 2024. The increase in the net worth is due to accumulation of profits into reserves. The gearing ratio (debt-equity) of the firm stood at 0.81 times as on March 31, 2025 against 0.82 times as on March 31, 2024. The improvement in gearing is on account of repayment of long-term debt. Further debt protection metrics stood with debt service coverage ratio (DSCR) at 1.56 times in FY2025 as compared to 1.74 times in the previous year. Interest coverage ratio (ICR) stood at 4.63 times in FY2025 as against 6.16 times in FY2024. The Debt-EBITDA of the company stood at 2.23 times in FY2025 as against 1.65 times in FY2024. The total debt of the firm consists of long-term debt of Rs. 0.52 crore and short-term debt of Rs. 6.66 crore as on March 31, 2025. Acuite believes that the financial risk profile of the company would improve supported by expected increase in accruals over the medium term. Risk associated with withdrawal of capital by the partners The Firm is susceptible to the inherent risk of capital withdrawal given its constitution as a partnership. Any significant withdrawal from the partner’s capital will have a negative bearing on the financial risk profile of the firm.  ­Susceptibility of profitability to volatility in raw material prices The prices of plastic polymers, being a derivative of crude, are highly volatility in nature. Margins of the firm are susceptible to volatility in raw material prices. Any unfavourable movement in raw material pricing will significantly impact the profitability of firm, especially with major FMCG companies as major clients with whom, the firm does not have adequate bargaining power.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

­Not Applicable

Potential triggers (individual or collective) for a downward rating action:

­Not Applicable

Liquidity Position

Adequate

­The firm’s liquidity position is adequate marked by generation of sufficient net cash accruals of Rs. 2.02 Cr. in FY2025 as against maturing debt obligations of Rs. 1.02 Cr. in the same tenure. The cash and bank balances of the firm stood at Rs. 0.15 Cr. as on March 31, 2025. The current ratio stood at 1.27 times as on March 31, 2025, as compared to 1.13 times as on March 31, 2024.

Outlook

­Not Applicable

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	52.93	54.26
PAT	Rs. Cr.	1.19	1.78
PAT Margin	(%)	2.26	3.28
Total Debt/Tangible Net Worth	Times	0.81	0.82
PBDIT/Interest	Times	4.63	6.16

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

­Not Applicable

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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 11 Apr 2025 Letter of Credit Short Term 1.60 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+) Cash Credit Long Term 7.25 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) Working Capital Term Loan Long Term 1.54 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) Term Loan Long Term 1.66 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) Term Loan Long Term 0.76 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) Proposed Long Term Loan Long Term 0.19 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) 24 Jan 2024 Letter of Credit Short Term 1.60 ACUITE A4+ (Reaffirmed) Cash Credit Long Term 7.25 ACUITE BB | Stable (Reaffirmed) Working Capital Term Loan Long Term 1.54 ACUITE BB | Stable (Reaffirmed) Proposed Long Term Loan Long Term 0.19 ACUITE BB | Stable (Reaffirmed) Term Loan Long Term 1.66 ACUITE BB | Stable (Reaffirmed) Term Loan Long Term 0.76 ACUITE BB | Stable (Reaffirmed)

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Ritika Lalwani Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

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