Press Release ROHAN DYES AND INTERMEDIATES LIMITED November 01, 2023 Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	32.75	ACUITE C | Downgraded | Issuer not co-operating*	-
Bank Loan Ratings	17.25	-	ACUITE A4 | Downgraded | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	50.00	-	-

Rating Rationale

­Acuité has downgraded the long-term rating to ‘ACUITE C' (read as ACUITE C) from ‘ACUITE BB’ (read as ACUITE BB) and also downgraded the short term rating to ‘ACUITE A4’ (read as ACUITE A four ) from ‘ACUITE A4+’ (read as ACUITE A four plus)  on the Rs. 50.00 crore bank facilities of Rohan Dyes and Intermediates Limited (RDIL). The rating continues to be an indicative rating and is based on the best available information.  The downgrade is on the basis of credit bureau information report about ongoing delays in their repayments and other publicly available information.

About the Company

­Rohan Dyes and Intermediates Limited (RDIL) is an Ahmedabad based company incorporated in 1992. The company is promoted by Mr. Radhe Shyam Agarwal and his son Mr. Rohan Agarwal. The company is engaged in manufacturing and export of synthetic organic dyes such as acid dyes, direct dyes and reactive dyes. The company mainly exports to European countries, China, South Korea and Taiwan to name few. RDIL has two manufacturing units in Gujarat with an aggregate installed capacity of 15,000 MT of dyes and intermediates at Khambhat and an installed capacity of 6000 MT of dyes at Vatva. Further, company has ongoing backward integration project for manufacturing of inorganic products located at Anand, Gujarat. RDIL is installing a manufacturing unit for production of Sulphuric Acid 98% (300 TPD), Oleum 65 % (30 TPD), Chlorosulphonic acid (100 TPD), and Thionyl chloride (15 TPD). It is also under implementation of captive solar power plant of 2.10 MW.

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 due date. Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with 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:

­­The rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower). Acuité endeavoured to gather information about the entity / industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based

About the Rated Entity - Key Financials

­­The rated entity has not shared the latest Financial Statements despite repeated attempts

Rating Sensitivity

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

All Covenants

­None

Liquidity Position

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

Outlook: Not Applicable­

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Other Factors affecting Rating

­None

Status of non-cooperation with previous CRA

­Not Applicable

Any other information

None

Applicable Criteria

• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.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 27 Sep 2022 Packing Credit Short Term 4.00 ACUITE A4+ ( Issuer not co-operating*) Bills Discounting Short Term 9.00 ACUITE A4+ ( Issuer not co-operating*) Proposed Short Term Loan Short Term 0.25 ACUITE A4+ ( Issuer not co-operating*) Cash Credit Long Term 0.75 ACUITE BB (Downgraded and Issuer not co-operating*) Letter of Credit Short Term 4.00 ACUITE A4+ ( Issuer not co-operating*) Term Loan Long Term 32.00 ACUITE BB (Downgraded and Issuer not co-operating*) 30 Jun 2021 Term Loan Long Term 32.00 ACUITE BB+ (Downgraded and Issuer not co-operating*) Packing Credit Short Term 4.00 ACUITE A4+ (Downgraded and Issuer not co-operating*) Letter of Credit Short Term 4.00 ACUITE A4+ (Downgraded and Issuer not co-operating*) Proposed Short Term Loan Short Term 0.25 ACUITE A4+ (Downgraded and Issuer not co-operating*) Bills Discounting Short Term 9.00 ACUITE A4+ (Downgraded and Issuer not co-operating*) Cash Credit Long Term 0.75 ACUITE BB+ (Downgraded and Issuer not co-operating*) 23 Apr 2020 Term Loan Long Term 32.00 ACUITE BBB | Stable (Assigned) Proposed Short Term Loan Short Term 0.25 ACUITE A3+ (Upgraded from ACUITE A4+) Cash Credit Long Term 0.75 ACUITE BBB | Stable (Upgraded from ACUITE BB+) Packing Credit Short Term 4.00 ACUITE A3+ (Upgraded from ACUITE A4+) Bills Discounting Short Term 9.00 ACUITE A3+ (Upgraded from ACUITE A4+) Letter of Credit Short Term 4.00 ACUITE A3+ (Upgraded from ACUITE A4+)

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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 Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 9.00 Simple ACUITE A4 | Downgraded | Issuer not co-operating* State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 0.75 Simple ACUITE C | Downgraded | Issuer not co-operating* State Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 4.00 Simple ACUITE A4 | Downgraded | Issuer not co-operating* State Bank of India Not Applicable Packing Credit Not Applicable Not Applicable Not Applicable 4.00 Simple ACUITE A4 | Downgraded | Issuer not co-operating* Not Applicable Not Applicable Proposed Short Term Loan Not Applicable Not Applicable Not Applicable 0.25 Simple ACUITE A4 | Downgraded | Issuer not co-operating* State Bank of India Not Applicable Term Loan 15 Feb 2019 10.30 14 Jan 2028 32.00 Simple ACUITE C | Downgraded | Issuer not co-operating*

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Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Abhishek Singh Analyst - Rating Operations Tel: 022-49294065 abhishek.s@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in Tel: 022-49294011 rating.desk@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.