Press Release

Press Release

August 04, 2026

CRYSTAL SILICATES PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	5.68	ACUITE C \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	14.32	ACUITE D \| Reaffirmed	-	RBI
Total Outstanding	0.00	20.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

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 its long-term rating of 'ACUITE D' (read as ACUITE D) on the Rs.14.32 Cr. bank facilities of Crystal Silicates Private Limited (CSPL).
Acuite has reaffirmed its long-term rating of 'ACUITE C' (read as ACUITE C) on the Rs.5.68 Cr. of proposed bank facilities of Crystal Silicates Private Limited (CSPL).

Rationale for Rating
The rating reaffirmation considers the migration from ‘Issuer Not Cooperating’ status. The rating is constrained by delays reported in debt servicing during July 2026, as per the written confirmation received by the banker, indicating poor liquidity and pressure on cash flows. The rating also factors in the continuous decline in the operating performance along with intensive working capital nature of operations and average financial risk profile. The rating takes note of experienced management and established operational track record.

About the Company

Maharashtra based, Crystal Silicates Private Limited was incorporated in the year 2020. The company is involved in mining of aggregates. 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

Acuité has considered the standalone view of the business and financial risk profile of CSPL to arrive at this 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.

Average Financial Risk Profile
The financial risk profile of the company stood average, marked by low net worth, high gearing (debt-equity) and below average debt protection metrics. Tangible net worth increased to Rs.7.46 crores as of 31st March 2026 (Prov.), reflecting sustained profitability and an increase from Rs.4.98 Cr. on 31st March 2025. The total debt of the company stood at Rs.13.95 Cr. which includes short term loan of Rs.4.61 Cr. and long-term loan of Rs.9.34 Cr. as on 31st March 2026 (Prov.). The gearing (debt equity) ratio improved to 1.87 times as on 31st March 2026 (Prov.) as compared to 3.17 times as on 31st March 2025. Interest Coverage Ratio stood at 3.11 times for FY2026 (Prov.) as against 1.81 times for FY2025. Debt Service Coverage Ratio (DSCR) stood at 1.10 times in FY2026 (Prov.) as against 0.70 times in FY2025. Total outside Liabilities/Total Net Worth (TOL/TNW) improved to 2.02 times as on 31st March 2026 (Prov.). Net Cash Accruals to Total Debt (NCA/TD) stood at 0.21 times for FY2026 (Prov.) as against 0.12 times for FY2025. Further the debt levels of the company are going to reduce since the company is planning to sell of the plots in Daund with a sale consideration of Rs.6.90 crores. Acuite believes, the financial risk profile of the company is expected to remain average due to low net worth base.

Weaknesses

Instances of delays servicing of debt obligations
Instances of delays in servicing of debt obligations in for the period December 2025 to March 2026 and further also in the month of July 2026 due to insufficient funds available to service the debt obligation. Acuite has received written confirmation regarding these delays from the lender.

Significant decline in operating performance
The company has witnessed a significant decline in its revenue, which stood at Rs.5.87 crores in Fy26 (Prov.) as against Rs.12.89 crore in FY25 and Rs.19.64 crore in FY24. The decline is primarily attributable to the closure of Plant 1, as mining operations ceased following the complete exhaustion of the stone reserves available for extraction, however the profitability margins remained comfortable due to minimal cost outlay.
Acuite believes that the operations of the company are going to remain in a similar range in near to medium terms.

Intensive Working Capital Operations
The working capital operation of the company is intensive marked by gross current asset (GCA) of 944 days in FY2026 (Prov.) as against 95 days in FY2025. This increase in GCA days is attributed to increase in inventory (raw materials). The inventory days stood at 18151 days in FY2026 (prov.) as against 0 days in FY2025. Subsequently, the debtor’s collection period stood at 225 days in FY2026 (Prov.) as against 78 days for FY2025. The creditors’ days stood at 222 days in FY2026 (Prov.) as against 362 days in FY2025. The working capital limits are highly utilized which stood at 93.01% in the last 6 months ended June 2026.
Acuite believes, that the operations of the company would remain working capital intensive on the back of high inventory holding.

Rating Sensitivities

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

Timely servicing of debt obligation
Increase in net cash accruals (NCA) against its repayment obligation with NCA consistently above Rs.5.00 crores.

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

Not Applicable

Liquidity Position

Poor

Liquidity position of the company is poor as there are delay in servicing the debt obligation in the term loan facility. The net cash accruals (NCA's) are tightly matched with the repayment obliogation and stood at Rs.2.96 crore as against maturing debt obligations of Rs.2.54 crore in FY2026 (Prov.). The cash and bank balance of the company stood at ~Rs.30000 for FY26(Prov.). The current ratio stood at 1.74 times on March 31, 2026 (Prov.). The working capital limits are marked by high utilizations of fund-based limit of 93.01% in the last 6 months ended June 2026.

Outlook: Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	5.87	12.89
PAT	Rs. Cr.	2.47	0.55
PAT Margin	(%)	42.10	4.24
Total Debt/Tangible Net Worth	Times	1.87	3.17
PBDIT/Interest	Times	3.11	1.81

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
07 Jul 2026	Proposed Long Term Bank Facility	Long Term	1.20	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	9.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	0.68	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	4.56	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	4.56	ACUITE D (Reaffirmed & Issuer not co-operating*)
15 Apr 2025	Proposed Long Term Bank Facility	Long Term	1.20	ACUITE C (Downgraded from ACUITE B+ \| Stable)
	Cash Credit	Long Term	9.00	ACUITE D (Downgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	0.68	ACUITE D (Downgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	4.56	ACUITE D (Downgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	4.56	ACUITE D (Downgraded from ACUITE B+ \| Stable)
04 Sep 2024	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)
	Term Loan	Long Term	4.56	ACUITE B+ \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	1.20	ACUITE B+ \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Abhyudaya Cooperative Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.50	Simple	ACUITE D \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.68	Simple	ACUITE C \| Reaffirmed
Abhyudaya Cooperative Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	09 Mar 2022	Not avl. / Not appl.	15 Sep 2029	0.46	Simple	ACUITE D \| Reaffirmed
Abhyudaya Cooperative Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	09 Mar 2022	Not avl. / Not appl.	15 Sep 2029	3.18	Simple	ACUITE D \| Reaffirmed
Abhyudaya Cooperative Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	09 Mar 2022	Not avl. / Not appl.	15 Sep 2029	3.18	Simple	ACUITE D \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Akshat Shah
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

¹Includes 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.
³The 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.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

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.