Press Release June 22, 2026 CHANDRESH CABLES LIMITED Rating Reaffirmed, Withdrawn & Issuer Not Cooperating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	147.11	ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*	-	RBI
Bank Loan Ratings	0.00	5.50	ACUITE Not Applicable | Withdrawn | Issuer not co-operating*	-	RBI
Bank Loan Ratings	0.00	9.50	-	ACUITE Not Applicable | Withdrawn | Issuer not co-operating*	RBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	162.11	-	-	-
* The issuer did not co-operate; based on best available information.

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

­Acuite has reaffirmed and withdrawn its long-term rating at 'ACUITE BB+' (read as ACUITE double B Plus) on Rs. 147.11 Cr. bank facilities of Chandresh Cables Limited (CCL). The rating has been withdrawn on account of the request received from the issuer along with No objection certificate (NOC) received from the banker. Further Acuite has also withdrawn its short-term rating on bank facilities of Rs. 9.50 Cr. of Chandresh Cables Limited without assigning any rating as the instrument is fully repaid. The rating has been withdrawn on account of the request received from the issuer along with No Due certificate (NDC) received from the banker. Acuité has also withdrawn its rating on the proposed long-term bank facilities of Rs. 5.50 Cr. of Chandresh Cables Limited, 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 The rating has been withdrawn on account of the request received from the issuer.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. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.

About the Company

­Incorporated in 1981, Chandresh Cables Limited was established by Mr. Parasmal Jain, Mr. Tejraj Jain and Mr. Pukhraj Bafna. The company is engaged in the manufacturing of cables and wires. The company is based in Gujarat. The present directors of the company are Mr. Abhishek Jain, Mr. Rajendra Khimraj Jain, Mr. Anilkumar Khimraj Jain, Mr. Abhivandan Chandresh Lodha, Mr. Ankit Chandreshji Lodha, Mrs. Suhani Simlote and Mr. Pawan Kumar Muraka.

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

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 Sensitivity

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

­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 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	914.30	690.70
PAT	Rs. Cr.	31.81	29.59
PAT Margin	(%)	3.48	4.28
Total Debt/Tangible Net Worth	Times	1.25	1.76
PBDIT/Interest	Times	3.66	3.67

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 01 Dec 2025 Letter of Credit Short Term 5.50 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A2) Bank Guarantee/Letter of Guarantee Short Term 4.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A2) Cash Credit Long Term 6.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB | Stable) Term Loan Long Term 28.94 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB | Stable) Cash Credit Long Term 29.95 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB | Stable) Term Loan Long Term 0.29 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB | Stable) Secured Overdraft Long Term 20.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB | Stable) Term Loan Long Term 1.93 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB | Stable) Cash Credit Long Term 60.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB | Stable) Proposed Cash Credit Long Term 5.50 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB | Stable) 06 Sep 2024 Letter of Credit Short Term 5.50 ACUITE A2 (Upgraded from ACUITE A4) Bank Guarantee/Letter of Guarantee Short Term 4.00 ACUITE A2 (Upgraded from ACUITE A4) Term Loan Long Term 1.93 ACUITE BBB | Stable (Assigned) Proposed Cash Credit Long Term 5.50 ACUITE BBB | Stable (Assigned) Cash Credit Long Term 25.00 ACUITE BBB | Stable (Upgraded from ACUITE B+) Cash Credit Long Term 35.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 0.29 ACUITE BBB | Stable (Assigned) Cash Credit Long Term 29.95 ACUITE BBB | Stable (Assigned) Secured Overdraft Long Term 20.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 28.94 ACUITE BBB | Stable (Assigned) Cash Credit Long Term 6.00 ACUITE BBB | Stable (Assigned) 07 Jun 2024 Letter of Credit Short Term 5.50 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+) Bank Guarantee/Letter of Guarantee Short Term 4.00 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+) Cash Credit Long Term 25.00 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB-) 14 Mar 2023 Letter of Credit Short Term 5.50 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Bank Guarantee/Letter of Guarantee Short Term 4.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 25.00 ACUITE BB- (Reaffirmed & Issuer not co-operating*) * The issuer did not co-operate; based on best available information.

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Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php • Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Roshni Gupta Associate 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

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below: A. Rating Activity:   Sr. No. Instrument / activity Name Regulator of the instrument 1 Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities) SEBI 2 Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) MCA 3 Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)1 SEBI 4 Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)1 SEBI 5 Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)1 RBI 6 Listed Commercial Paper and NCDs with original maturity less than 1 year RBI 7 Unlisted Commercial Paper and NCDs with original maturity less than 1 year RBI 8 Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs 2 RBI 9 External Commercial Borrowings and other similar borrowings RBI 10 Certificates of Deposit RBI 11 Fixed Deposits raised by NBFCs, Banks, HFCs, FIs RBI 12 Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs MCA 13 Inter Corporate Deposits/Loans extended by Corporates MCA 14 Borrowing programme 3 - 15 Issuer Ratings 4 - 16 Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) SEBI 17 Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs SEBI 18 Listed Security Receipts SEBI 19 Unlisted Security Receipts RBI 20 Independent Credit Evaluation (ICE) RBI 21 Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) RBI 22 Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities)) SEBI 23 Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities)) MCA 24 Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1 Investor-side Regulator such as IRDAI, PFRDA 5   1 Includes securitisation transactions involving assignee payout, acquirer's payout. 2 Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions. 3 The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators. 4 There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. 5 These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.   B. Other activities:   Sr. No. Activity Name Regulator of the activity 1 Monitoring Agency SEBI 2 Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 Not applicable 6 permitted by SEBI vide SEBI Master Circular for CRAs. 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