Press Release April 01, 2025 K PACK SYSTEMS PRIVATE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	3.63	Not Applicable | Withdrawn	-
Bank Loan Ratings	7.00	-	Not Applicable | Withdrawn
Total Outstanding	0.00	-	-
Total Withdrawn	10.63	-	-

Rating Rationale

Acuite has withdrawn its long-term rating and short-term rating  on the Rs. 8.5 Cr. bank facilities of K Pack Systems Private Limited (KPSPL) without assigning any rating as the instrument is fully repaid. The rating is being withdrawn on account of request received from the Company and No Dues Certificate received from the banker. Further, Acuite has also withdrawn its long-term rating on the Rs. 2.13 Cr. bank facilities of f K Pack Systems Private Limited(KPSPL) without assigning any rating as it is a proposed facility. The rating is being withdrawn on account of request received from the Company. The rating withdrawal is in accordance with Acuite’s policy on withdrawal of ratings as applicable to the respective facility / instrument.

About the Company

­K Pack Systems Private Limited (KPSPL) is a manufacturer of wastewater treatment systems. The company is incorporated in the year 1991 by Mr. Pratima Vinay Chipalkatti who holds 5 decades of experience and the current managing director Mr. Vivek Shah holds 3 decades of experience in the wastewater treatment industry. The company is based in Bengaluru and has a Wastewater treatment system manufacturing plant in Bengaluru.

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

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 23 (Actual)	FY 22 (Actual)
Operating Income	Rs. Cr.	23.46	19.38
PAT	Rs. Cr.	0.39	0.55
PAT Margin	(%)	1.66	2.86
Total Debt/Tangible Net Worth	Times	0.91	0.21
PBDIT/Interest	Times	4.71	3.93

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 17 Sep 2024 Bank Guarantee/Letter of Guarantee Short Term 4.00 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+) Bank Guarantee (BLR) Short Term 2.00 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+) Letter of Credit Short Term 0.50 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+) Letter of Credit Short Term 0.50 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+) Cash Credit Long Term 1.50 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB-) Proposed Long Term Bank Facility Long Term 2.13 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB-) 20 Jun 2023 Bank Guarantee/Letter of Guarantee Short Term 4.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Bank Guarantee (BLR) Short Term 2.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Letter of Credit Short Term 0.50 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Letter of Credit Short Term 0.50 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 1.50 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) Proposed Long Term Bank Facility Long Term 2.13 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) 07 Apr 2022 Bank Guarantee/Letter of Guarantee Short Term 4.00 ACUITE A4+ (Reaffirmed) Letter of Credit Short Term 0.50 ACUITE A4+ (Reaffirmed) Letter of Credit Short Term 0.50 ACUITE A4+ (Reaffirmed) Bank Guarantee (BLR) Short Term 2.00 ACUITE A4+ (Assigned) Cash Credit Long Term 1.50 ACUITE BB | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 2.13 ACUITE BB | Stable (Assigned)

­

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Kotak Mahindra Bank 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 Kotak Mahindra Bank Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.00 Simple Not Applicable|Withdrawn Kotak Mahindra Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.50 Simple Not Applicable|Withdrawn Kotak Mahindra Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.50 Simple Not Applicable|Withdrawn Kotak Mahindra Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.50 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. 2.13 Simple Not Applicable|Withdrawn

­

Contacts

Mohit Jain Senior Vice President - Rating Operations Kirti Berlia 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.