Press Release April 15, 2025 CRYSTAL SILICATES PRIVATE LIMITED Rating Downgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	1.20	ACUITE C | Downgraded	-
Bank Loan Ratings	18.80	ACUITE D | Downgraded	-
Total Outstanding	20.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuite has downgraded its long-term rating to 'ACUITE D' (read as ACUITE D) from 'ACUITE B+' (read as ACUITE B plus) on the Rs.18.80 Cr. bank facilities of Crystal Silicates Private Limited (CSPL). Acuité has downgraded its long-term rating to 'ACUITE C' (read as ACUITE C) from 'ACUITE B+' (read as ACUITE B plus) on the Rs.1.20 Cr. bank facilities of Crystal Silicates Private Limited (CSPL). Rationale of Rating Downgrade The downgrade in rating is on account of banker feedback received mentioning delays in servicing of debt obligations by the company in recent months .

About the Company

­Maharashtra based, Crystal Silicates Private Limited was incorporated in the year 2020. The company is involved in mining of aggregates. The major product are aggregates (10MM/ 20MM/ Crushed Sand) & Artificial Sand. The directors of the company are Ms. Kiran Sampat Sakore, Mr. Sagar Dattatray Zurunge and Mr. Balasaheb Yashwantrao Mulik.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuite has considered standalone approach for Crystal Silicates Private Limited (CSPL) to arrive at the rating.

Key Rating Drivers

Strengths

­Established track record of operation along with experienced management. CSPL was incorporated in 2020 and is in the business of trading and manufacturing of Low Ash Metallurgical Coke. The company is enagaged in mining of fine aggregates and coarse aggregates from quarries owned by it. The directors of the company are Ms. Kiran Sampat Sakore, Mr. Sagar Dattatray Zurunge and Mr. Balasaheb Yashwantrao Mulik.

Weaknesses

­Instances of delays servicing of debt obligations Instances of delays in servicing of debt obligations in recent past as per written communication received from the banker.

Rating Sensitivities

­Timely servicing of debt obligations

Liquidity Position

Stretched

­Liquidity position of the company is marked stretched due to instances of delays in servicing of debt obligations by the company in recent past.

Outlook: Not Applicable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	19.64	14.56
PAT	Rs. Cr.	1.09	0.83
PAT Margin	(%)	5.57	5.67
Total Debt/Tangible Net Worth	Times	5.70	7.88
PBDIT/Interest	Times	2.10	2.86

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

­Not Applicable

Interaction with Audit Committee anytime in the last 12 months (applicable for rated-listed / proposed to be listed debt securities being reviewed by Acuite)

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 04 Sep 2024 Term Loan Long Term 4.56 ACUITE B+ | Stable (Assigned) Proposed Long Term Bank Facility Long Term 1.20 ACUITE B+ | Stable (Assigned) Cash Credit Long Term 9.00 ACUITE B+ | Stable (Assigned) Term Loan Long Term 0.68 ACUITE B+ | Stable (Assigned) Term Loan Long Term 4.56 ACUITE B+ | Stable (Assigned)

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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 Abhyudaya Cooperative Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.00 Simple ACUITE D | Downgraded ( from ACUITE B+ ) Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.20 Simple ACUITE C | Downgraded ( from ACUITE B+ ) Abhyudaya Cooperative Bank Not avl. / Not appl. Term Loan 09 Mar 2022 Not avl. / Not appl. 15 Sep 2029 0.68 Simple ACUITE D | Downgraded ( from ACUITE B+ ) Abhyudaya Cooperative Bank Not avl. / Not appl. Term Loan 09 Mar 2022 Not avl. / Not appl. 15 Sep 2029 4.56 Simple ACUITE D | Downgraded ( from ACUITE B+ ) Abhyudaya Cooperative Bank Not avl. / Not appl. Term Loan 09 Mar 2022 Not avl. / Not appl. 15 Sep 2029 4.56 Simple ACUITE D | Downgraded ( from ACUITE B+ )

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Contacts

Mohit Jain Senior Vice President - Rating Operations Sayali Parab 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.