Press Release

Press Release

February 24, 2026

DALMIA LAMINATORS LIMITED
Rating Downgraded & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	132.00	ACUITE BB+ \| Downgraded & Withdrawn \| Issuer not co-operating*	-
Bank Loan Ratings	104.17	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*	-
Bank Loan Ratings	37.00	-	ACUITE A4+ \| Downgraded & Withdrawn \| Issuer not co-operating*
Total Outstanding	0.00	-	-
Total Withdrawn	273.17	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

Acuite has downgraded and withdrawn its long-term rating to 'ACUITE BB+' (read as ACUITE double B plus) from ‘ACUITE BBB’ (read as ACUITE triple B) and short-term rating to ‘ACUITE A4+’ (read as ACUITE A four plus) from 'ACUITE A3+' (read as ACUITE A three plus) on the Rs. 169.00 Crore bank facilities of Dalmia Laminators Limited (DLL) . The rating has been withdrawn on account of the request received from the company, and the NOC(No Objection Certificate) received from the banker.

Further, Acuite has withdrawn its the long term rating of Rs.95.40 Cr. bank facility without assigning any rating as the instruments are fully paid of DLL. The rating has been withdrawn on account of the request received from the company, and the NDCs (No Dues Certificates) received from the bankers.

Acuité has also withdrawn its proposed long term rating of Rs. 8.77 Cr. bank facility without assigning any rating as it is a proposed facility of DLL. The rating has been withdrawn on account of the request received from the company.

The rating has been withdrawn on Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility. The rating downgrade is on account of information risk. The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available.

About the Company

Established in 1986 Kolkata based, Dalmia Laminators Limited (DLL) have two units in Tamil Nadu and one in Andhra Pradesh manufacturing Plastic Woven Sacks (PWS) used for bulk packaging of cement, fertilizers, food grains and sugar, chemicals, polymers and other commodities. Mr. Manish Dalmia, Mr. Girdhar Didwania, Mr. Vijay Dalmia, Mr. Girdhar Gopal Dalmia, Mr. Parekh Mani Baro and Ms. Sonam Jalan are the directors of the company.

About the Group

Incorporated in 1997, Kolkata based, Dalmia Tea Plantation and Industries Limited (DTPIL) is one of India’s leading tea cultivating, manufacturing, and processing company owning the most well equipped tea manufacturing plants in West Bengal. It has an annual capacity of ~ 10.50 million kgs per annum. Mr. Manish Dalmia, Mr. Girdhar Didwania, Mr. Vijay Dalmia, Mr. Girdhar Gopal Dalmia, Mr. Parekh Mani Baro and Ms. Sonam Jalan are the directors of the company.

Established in 1919 Kolkata based, Bateli Tea Company Limited is a part of the M L Dalmia Group, is a premium tea producing and marketing company, having a large tea plantation and manufacturing unit in Assam, with an annual capacity of producing ~ 4.00 million kgs per annum. Around 30 percent of the tea is produced from the green leaves internally and the rest 70 percent is purchased from the neighbouring tea producers. BTCL is dedicated to bigger players and available in e-commerce platforms. Mr. Manish Dalmia, Mr. Girdhar Didwania, Mr. Vijay Dalmia, Mr. Girdhar Gopal Dalmia, Mr. Parekh Mani Baro and Ms. Sonam Jalan are the directors of the company.

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 noncooperation by the issuer along with an 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 Sensitivities

"No information provided by the issuer / available for Acuite to comment upon."

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.	691.93	503.92
PAT	Rs. Cr.	20.44	18.23
PAT Margin	(%)	2.95	3.62
Total Debt/Tangible Net Worth	Times	0.71	0.85
PBDIT/Interest	Times	2.20	2.23

Status of non-cooperation with previous CRA

Not Applicable

Any other information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 Oct 2025	Bank Guarantee/Letter of Guarantee	Short Term	8.25	ACUITE A3+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	3.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	12.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	3.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	10.75	ACUITE A3+ (Reaffirmed)
	Cash Credit	Long Term	20.00	ACUITE BBB \| Positive (Reaffirmed)
	Cash Credit	Long Term	6.00	ACUITE BBB \| Positive (Reaffirmed)
	Cash Credit	Long Term	21.50	ACUITE BBB \| Positive (Reaffirmed)
	Cash Credit	Long Term	24.50	ACUITE BBB \| Positive (Reaffirmed)
	Cash Credit	Long Term	45.00	ACUITE BBB \| Positive (Reaffirmed)
	Cash Credit	Long Term	15.00	ACUITE BBB \| Positive (Reaffirmed)
	Term Loan	Long Term	47.70	ACUITE BBB \| Positive (Reaffirmed)
	Proposed Cash Credit	Long Term	8.77	ACUITE BBB \| Positive (Reaffirmed)
	Term Loan	Long Term	47.70	ACUITE BBB \| Positive (Reaffirmed)
12 Aug 2024	Bank Guarantee/Letter of Guarantee	Short Term	15.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	15.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	4.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	3.00	ACUITE A3+ (Reaffirmed)
	Cash Credit	Long Term	24.50	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	22.82	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.68	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	6.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	11.00	ACUITE BBB \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	5.15	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	22.68	ACUITE BBB \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	1.78	ACUITE BBB \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	1.19	ACUITE BBB \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	7.65	ACUITE BBB \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	9.16	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	64.25	ACUITE BBB \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	2.60	ACUITE BBB \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	11.71	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	20.00	ACUITE BBB \| Stable (Reaffirmed)
16 May 2023	Bank Guarantee/Letter of Guarantee	Short Term	15.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	3.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	4.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	3.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	12.00	ACUITE A3+ (Reaffirmed)
	Cash Credit	Long Term	22.82	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.68	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	24.50	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	6.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	11.00	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	10.00	ACUITE BBB \| Stable (Assigned)
	Covid Emergency Line.	Long Term	5.60	ACUITE BBB \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	1.84	ACUITE BBB \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	8.65	ACUITE BBB \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	26.94	ACUITE BBB \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	5.39	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	77.75	ACUITE BBB \| Stable (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
State Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.00	Simple	ACUITE A4+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE A3+ )
INDUSIND 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 A4+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE A3+ )
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.25	Simple	ACUITE A4+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE A3+ )
UCO BANK	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.75	Simple	ACUITE A4+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE A3+ )
UCO BANK	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	45.00	Simple	ACUITE BB+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE BBB )
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	24.50	Simple	ACUITE BB+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE BBB )
YES BANK LIMITED	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE BB+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE BBB )
ICICI BANK LIMITED	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	6.00	Simple	ACUITE BB+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE BBB )
INDUSIND BANK LIMITED	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	21.50	Simple	ACUITE BB+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE BBB )
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE BB+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE BBB )
State Bank of India	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	12.00	Simple	ACUITE A4+ \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE A3+ )
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.77	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Aditya Birla Finance Limited	Not avl. / Not appl.	Term Loan	22 Oct 2024	Not avl. / Not appl.	22 Oct 2034	47.70	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Axis Finance Limited	Not avl. / Not appl.	Term Loan	23 Oct 2024	Not avl. / Not appl.	23 Oct 2034	47.70	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*

* The issuer did not co-operate; based on best available information.

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No.	Company Name
1	Dalmia Laminators Limited
2	Dalmia Tea Plantation and Industries Limited
3	Bateli Tea Company Limited

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

Manvi Khaitan
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.