Press Release March 27, 2026 Rankers International Private Limited Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	20.00	ACUITE BBB | Stable | Reaffirmed	-
Bank Loan Ratings	90.00	-	ACUITE A3+ | Reaffirmed
Total Outstanding	110.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE BBB’ (read as ACUITE triple B) and short-term rating of 'ACUITE A3+' (read as ACUITE A three plus) on the Rs.110.00 Cr. bank facilities of Rankers International Private Limited (RIPL). The outlook is ‘Stable’. Rationale for rating The rating reaffirmation takes into account improved scale of operations in FY25 backed by strong demand of soda ash from China along with stable margins, moderate financial risk profile, moderate working capital operations and established track record of operations. Further it takes into cognizance, the slowdown in the demand from the export market during FY26 as reflected by moderation in 9MFY26 performance of the company. However, the strengths are partially offset by low profitability margins owing to trading nature of business, geopolitical risk as majority of the business exposure is towards the export market and any disruptions can affect the demand-supply sentiments. Also, the salt produce is susceptible to other climatic conditions as well like unseasonal rains which can potentially lead to lower supply.

About the Company

Incorporated in 2004, RIPL is engaged in the business of processing and trading of various grade of salt such as industrial, edible, de-icing and drilling salts. The company runs its operations from Kutch, Gujarat managing nearly 3 million MT of cargo. The current directors of the company are Mrs. Dinaz Adil Sethna, Mr. Trimurtulu Sarayya Rayudu, Mr. Adil Faramroz Sethna, Mr. Ravichand Nune and Ms. Sujatha Rani Nune.

Unsupported Rating

­Not applicable.

Analytical Approach

­Acuité has considered the standalone business and financial risk profile of RIPL to arrive at the rating.

Key Rating Drivers

Strengths

­Established track record of operation and experienced management Situated in Kutch, RIPL has been engaged in the business of salt processing & trading for almost two decades. The company is owned and managed by two families, Rayudu and Sethna family, who are involved in this industry since 1980. The company procures salts from local salt works and processes the same in its washery to making it fit for use. Further, the company is majorly involved in exports (~84% in FY25) of industrial salt to China, South Korea, Kuwait, Qatar and Singapore, also supplies salt to various reputed domestic players in India for industrial uses. Acuité believes that RIPL will continue to benefit from its established track record of operations and experience of its management team. Healthy scale of operations In FY25, the company traded ~2.3 million tonne of salt, recording Y-o-Y growth of nearly 58% with operating income of Rs.891.03 Cr. in FY25 against Rs.565.63 Cr. in FY24. While realisations declined, the improvement in top line was on account of a significant order of soda ash from China during November 2024 where the company made supply of nearly 1 million MT. However, due to lower demand from China and subdued realisations, revenue during 9MFY26 stood moderated at ~Rs.455 Cr. Further, demand from domestic suppliers is expected to increase with shortage of supply owing to unseasonal rains during the year. Therefore, the scale of operations though declined on a Y-o-Y basis; it is expected to remain healthy at ~Rs.600 Cr. in FY26. Moderate financial risk profile The financial risk profile of RIPL stood moderate marked by moderate net worth, moderate gearing comfortable debt protection metrics. The tangible net worth stood improved at Rs.57.43 Cr. as on 31st March 2025 against Rs.37.03 Cr. as on 31st March 2024 owing to profit accretions. Further, despite increase in debt levels due to truck purchase and washery capex, the gearing (debt-equity) stood improved at 1.72 times as on 31st March 2025 (2.29 times as on 31st March 2024). The debt protection metrics also stood comfortable with interest coverage ratio of 10.14 times in FY25 (13.21 times for FY24) and debt service coverage ratio of 7.64 times in FY25 (10.20 times for FY24).  Acuité believes that the financial risk profile of the company may continue to remain moderate backed by steady cash accruals. Moderate working capital operations The working capital operations of RIPL improved as evident from gross current asset (GCA) of 60 days as on 31st March, 2025 against 101 days as on 31st March, 2024. The inventory levels marginally increased to 28 days in FY25 (16 days for FY24). The debtor days stood improved at 28 days in FY25 (61 days for FY24). Majority debtors fall under the 90 days receivable period and most of the company's customers are supported by sight letters of credit (LC) and usance LC, offering an average credit period of 30-60 days. Further, the creditor days decreased to 16 days in FY25 (28 days in FY24). The freight payments need to be made within five days from issuance of bill of lading. Also, the companies pay in advance to some its suppliers and receives a average credit period of 45 days from others. Acuité believes that the working capital operations of the company will continue to remain moderate given the nature of business operations.

Weaknesses

Low operating margins owing to trading nature of business With the improved topline in FY25, the operating margin also improved to 3.56% from 3.30% in FY24. However, EBITDA margins declined to 2.60% in 9MFY26 due to the reduced scale of operations. Moreover, operating margins are expected to remain low in the range to 2-3% owing to the trading nature of business; improvement in which remains a key rating monitorable. Profitability susceptible to climatic conditions and presence in the highly fragmented salt industry The salt industry is highly fragmented with presence of numerous regional and unorganized players. Further, the business is seasonal and highly dependent on weather conditions and remains exposed to natural calamities. Salt business has been affected in the past due to natural calamities in Kandla region along with reduced exports. However, RIPL’s strategic location in terms of its proximity to Kandla Port provides some benefit to the entity with sizeable exports of salt from India.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

­Growth in the scale of operations with improving EBITDA margins above 4.50%. Improvement in financial risk profile.

Potential triggers (individual or collective) for a downward rating action:

­Decline in the scale of operations with EBITDA margin falling below 2%. Any significant increase in debt profile affecting the financial risk profile.

Liquidity Position

Adequate

Liquidity position of the company is adequate as reflected from sufficient net cash accruals (NCA) Rs.21.67 Cr. in FY25 against maturing debt obligations of Rs.0.12 Cr. Going forward, company is expected to generate cash accruals in the range of Rs.14-15 Cr. over the medium term, while repayment obligations are expected to be in the range of Rs.1.00-2.00 Cr. for the same period. Moreover, the average utilization for the fund-based facilities remained moderately utilized at ~43% for the last 9 months ended December 2025 providing additional liquidity cushion. Besides, the company also has unencumbered cash and bank balances of Rs.0.17 Cr. as on 31st March 2025 and the current ratio stood at 1.31 times as on 31st March 2025.

Outlook: Stable

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Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	891.03	565.63
PAT	Rs. Cr.	20.40	12.43
PAT Margin	(%)	2.29	2.20
Total Debt/Tangible Net Worth	Times	1.72	2.29
PBDIT/Interest	Times	10.14	13.21

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

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 02 Jan 2025 PC/PCFC Short Term 40.00 ACUITE A3+ (Assigned) Post Shipment Credit Short Term 25.00 ACUITE A3+ (Assigned) Proposed Packing Credit Short Term 25.00 ACUITE A3+ (Assigned) Proposed Long Term Bank Facility Long Term 20.00 ACUITE BBB | 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 Bank Of Baroda Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 40.00 Simple ACUITE A3+ | Reaffirmed Bank Of Baroda Not avl. / Not appl. Post Shipment Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE A3+ | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE BBB | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Packing Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE A3+ | Reaffirmed

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Dhruvi Chauhan 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.