Press Release January 24, 2025 DURGA POLYSTERS PRIVATE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	57.00	Not Applicable | Withdrawn	-
Bank Loan Ratings	3.00	-	Not Applicable | Withdrawn
Total Outstanding	0.00	-	-
Total Withdrawn	60.00	-	-

Rating Rationale

Acuite has withdrawn the long term rating and the short term rating on the Rs. 60.00 Cr. bank facilities of Durga Polysters Private Limited. The withdrawal is on account of amalgamation of Durga Polysters Private Limited with Durga Processors Private Limited (DPPL) based on NCLT order dated July 16, 2024, amalgamation w.e.f April 01, 2023. The withdrawal is in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the company, No Objection Certificate received from the banker and receipt of NCLT order for amalgamation.

About the Company

Surat, Gujarat, Durga Polysters Private Limited was incorporated in 1997 by Mr. Kunj Bihari Sultania and Mr. Vipul Desai. In FY2020, the promoters of DPPL took over Durga Polysters Private Limited from the Desai family. The company was primarily engaged in dyeing and printing of various textile products on job work basis. The company was also engaged in investment business (demerged in FY2024) and trading of coal. Further, basis the order dated July 16, 2024, Durga Polysters Private Limited was amalgamated with DPPL w.e.f April 01, 2023.

Unsupported Rating

­Not Applicable

Analytical Approach

­Not Applicable

Key Rating Drivers

Strengths

Not Applicable

Weaknesses

­Not Applicable

Rating Sensitivities

­Not Applicable

Liquidity Position

­Not Applicable

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.	554.87	539.54
PAT	Rs. Cr.	50.60	41.41
PAT Margin	(%)	9.12	7.68
Total Debt/Tangible Net Worth	Times	0.40	0.88
PBDIT/Interest	Times	10.98	6.97

Key Financials :

­FY2024 financials considers the amalgamation of Durga Polysters Private Limited into DPPL

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 • Trading Entities: https://www.acuite.in/view-rating-criteria-61.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 Nov 2023 Cash Credit Long Term 9.00 ACUITE A- | Positive (Reaffirmed) Cash Credit Long Term 13.50 ACUITE A- | Positive (Reaffirmed) Term Loan Long Term 1.21 ACUITE A- | Positive (Reaffirmed) Term Loan Long Term 7.39 ACUITE A- | Positive (Reaffirmed) Term Loan Long Term 3.69 ACUITE A- | Positive (Reaffirmed) Term Loan Long Term 4.95 ACUITE A- | Positive (Reaffirmed) Proposed Long Term Bank Facility Long Term 17.26 ACUITE A- | Positive (Reaffirmed) Bank Guarantee (BLR) Short Term 2.00 ACUITE A2+ (Reaffirmed) Bank Guarantee (BLR) Short Term 1.00 ACUITE A2+ (Reaffirmed) 09 Aug 2022 Cash Credit Long Term 9.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Cash Credit Long Term 13.50 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.49 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.26 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.57 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 3.01 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.56 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.60 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.83 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 0.47 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 10.50 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.50 ACUITE A- | Stable (Assigned) Term Loan Long Term 7.63 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Proposed Long Term Bank Facility Long Term 0.08 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Bank Guarantee (BLR) Short Term 2.00 ACUITE A2+ (Upgraded from ACUITE A2) Bank Guarantee (BLR) Short Term 1.00 ACUITE A2+ (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 State Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple Not Applicable|Withdrawn Bank of Baroda Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple Not Applicable|Withdrawn State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.00 Simple Not Applicable|Withdrawn Bank of Baroda Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 13.50 Simple Not Applicable|Withdrawn Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 17.26 Simple Not Applicable|Withdrawn Bank of Baroda Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Sep 2029 1.21 Simple Not Applicable|Withdrawn State Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Mar 2029 7.39 Simple Not Applicable|Withdrawn Bank of Baroda Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Sep 2029 3.69 Simple Not Applicable|Withdrawn Bank of Baroda Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Sep 2029 4.95 Simple Not Applicable|Withdrawn

Contacts

Mohit Jain Senior Vice President - Rating Operations Kruti Patel 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.