Press Release October 28, 2025 RECYCLING SOLUTIONS PRIVATE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	102.50	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	102.50	-	-

Rating Rationale

Acuité has withdrawn its long-term rating on the Rs.101.73 crore bank facilities of Recycling Solutions Private Limited (RSPL). The rating is withdrawn without assigning any rating as the facilities have been redeemed. The rating is withdrawn on receipt of withdrawal request from the company and No Dues Certificate (NDC) received from the banker. Further, Acuite has also withdrawn Rs.0.77 crore of proposed long term facility without assigning any rating as the same is a proposed facility of Recycling Solutions Private Limited (RSPL). The rating is withdrawn on receipt of withdrawal request from the company. The withdrawal is in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument.

About the Company

Incorporated in 2012, ­Surat based Recycling Solutions Private Limited (RSPL) was engaged in the business of operation and maintenance of infrastructure project for waste management having two operating pre-processing facility in Panoli, Gujarat. Pursuant to the approved scheme of amalgamation duly approved by NCLT, Mumbai Bench vide their order dated 11th February 2025, the RSPL have been amalgamated with M/s Green Gene Enviro Protection & Infrastructure Limited with effect from 1st April 2024.

About the Group

Surat based Green Gene group is engaged in the waste management business through different entities catering to industrial waste and municipal waste management. Additionally, the group is undertaking the development of wastewater management system by setting up 30 million liters per day (MLD) CETP and ZLD facility. The group in total has 9 operating facilities across India located one each at Dadar Nagar Haveli, Tamil Nadu, Telangana & Haryana,  two plants in Maharashtra, three in Gujarat.

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation-Not Applicable

Rationale for Consolidation or Parent / Group / Govt. Support

­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 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	380.96	377.01
PAT	Rs. Cr.	61.51	63.27
PAT Margin	(%)	16.15	16.78
Total Debt/Tangible Net Worth	Times	0.42	0.65
PBDIT/Interest	Times	6.06	7.02

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

­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 • Service Sector: https://www.acuite.in/view-rating-criteria-50.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 05 Aug 2024 Term Loan Long Term 20.92 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.40 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.93 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 48.25 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 4.61 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.89 ACUITE A- | Stable (Reaffirmed) 16 Feb 2024 Term Loan Long Term 20.93 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.92 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.40 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 48.25 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 4.61 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.89 ACUITE A- | Stable (Reaffirmed) 28 Jul 2023 Term Loan Long Term 23.11 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 22.22 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.92 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 0.25 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 48.25 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.89 ACUITE A- | Stable (Assigned) Proposed Long Term Bank Facility Long Term 0.86 ACUITE A- | Stable (Assigned) 19 May 2023 Proposed Long Term Bank Facility Long Term 42.50 ACUITE A- | Stable (Reaffirmed) Secured Overdraft Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.50 ACUITE A- | Stable (Reaffirmed) 27 Apr 2022 Proposed Long Term Bank Facility Long Term 42.50 ACUITE A- | Stable (Assigned) Secured Overdraft Long Term 0.50 ACUITE A- | Stable (Assigned) Term Loan Long Term 8.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.50 ACUITE A- | 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 SVC Co-Op Bank Limited Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.50 Simple Not Applicable|Withdrawn YES BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 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. 0.77 Simple Not Applicable|Withdrawn Bajaj Finserv Limited Not avl. / Not appl. Term Loan 09 Sep 2022 Not avl. / Not appl. 09 Sep 2028 10.00 Simple Not Applicable|Withdrawn SVC Co-Op Bank Limited Not avl. / Not appl. Term Loan 21 Aug 2021 Not avl. / Not appl. 21 Aug 2028 1.02 Simple Not Applicable|Withdrawn State Bank of India Not avl. / Not appl. Term Loan 19 Jul 2022 Not avl. / Not appl. 19 Jul 2027 27.60 Simple Not Applicable|Withdrawn Bajaj Finserv Limited Not avl. / Not appl. Term Loan 09 Sep 2022 Not avl. / Not appl. 09 Sep 2028 18.55 Simple Not Applicable|Withdrawn Axis Finance Limited Not avl. / Not appl. Term Loan 30 Mar 2022 Not avl. / Not appl. 30 Mar 2029 19.30 Simple Not Applicable|Withdrawn SVC Co-Op Bank Limited Not avl. / Not appl. Term Loan 21 Aug 2021 Not avl. / Not appl. 21 Aug 2028 4.76 Simple Not Applicable|Withdrawn

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

­ Sr.No. Company Name 1 Green Gene Enviro Protection and Infrastructure Limited 2 Gujarat Enviro Protection and Infrastrcture Haryana Private Limited 3 Green Gene Recyclers Private Limited 4 Sayan Utility and Common Infrastructure Private Limited 5 Weave Water Enviro Private Limited

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Parth Patel Senior 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.