Press Release

Press Release

July 02, 2026

SENDOZ COMMERCIALS PRIVATE LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	5.00	ACUITE BBB+ \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	72.25	ACUITE BBB+ \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	25.00	-	ACUITE A2+ \| Assigned	RBI
Bank Loan Ratings	0.00	55.00	-	ACUITE A2+ \| Reaffirmed	RBI
Total Outstanding	0.00	157.25	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has reaffirmed its long-term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs. 72.25 Cr. bank facilities and the short-term rating of ‘ACUITE A2+’ (read as ACUITE A two plus) on the Rs. 55.00 Cr. bank facilities of Sendoz Commercials Private Limited (SCPL). The outlook is 'Stable'.
Further, Acuité has assigned the long-term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs. 5.00 Cr. bank facilities and the short-term rating of ‘ACUITE A2+’ (read as ACUITE A two plus) on the Rs. 25.00 Cr. bank facilities of Sendoz Commercials Private Limited (SCPL). The outlook is 'Stable'.

Rationale for rating:
The rating reaffirmation factors in the moderation group’s revenues owing to lower price realisations and impacted volumes. The rating also factors in the group’s established track record of operations of over three decades in the industry and long-standing experience of its management, moderate financial risk profile and adequate liquidity position. However, the rating remains constrained on account of intensive working capital operations, exposure to group and other companies and the group's presence in a regulated industry.

About the Company

Incorporated in 1999 and based in Kolkata, Sendoz Commercials Private Limited (SCPL) is engaged in trading of coal and providing transportation, logistics and liaising work for companies with coal linkages.

About the Group

Incorporated in 1994, Sendoz Impex Limited (SIL) is based in Kolkata and managed by Mr. Anurag Poddar and Mr. Siddharth Poddar. The company is primarily engaged in the trading of coal. Apart from this, SIL is also involved in coal transportation and logistics services.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has consolidated the business and financial risk profiles of Sendoz Commercials Private Limited (SCPL) and Sendoz Impex Limited (SIL), together referred to as the ‘Sendoz Group’ (SG). The consolidation is in view of the common management, strong operational linkages between the entities and similar line of business.

Key Rating Drivers

Strengths

Established operational track record and experienced management
The group has a long track record of operations of over three decades and is supported by the extensive experience of the director, Mr. Laxman Poddar, who possess more than five decades of industry expertise. With the promoters’ support, the group has established healthy relationships with the customers and suppliers.

Moderation in operating performance
The scale of operations of the group witnessed significant growth of 35.75 percent in FY2025, with revenues increasing to Rs. 1,015.62 crore from Rs. 748.16 crore in FY2024. The group’s revenue is estimated in FY26 (Estd.) of Rs. ~945.81 crore, indicating stable operating performance, which was partly offset by moderation in coal prices. The EBITDA margin moderated to 5.85 percent in FY2025 from 6.68 percent in FY2024, primarily due to higher input costs and increased administrative expenses associated with scaling operations. The EBITDA margin estimated to improve ~6.65 percent in FY26 (Estd.), supported by better operational efficiency. The PAT margin declined marginally to 2.60 percent in FY2025 from 2.98 percent in FY2024, mainly due to an increase in finance costs.
Acuite expects that the group's operations will improve in the medium term, supported by steady coal demand in the market.

Moderate financial risk profile
The group’s financial risk profile remained moderate marked by moderate net worth, comfortable gearing and stable coverage indicator. The group’s net worth is estimated at around Rs. ~266.00 Cr. as on March 31, 2026. The tangible net worth of the group stood at Rs. 238.32 Cr. as on 31st March 2025 as against Rs. 230.48 Cr. as on 31st March 2024. The increase in net worth is on account of the accretion of profits into reserves and supported by corporate actions including issue of bonus shares and buyback of shares.
The total debt of the group stood at Rs. 184.85 Cr. as on March 31, 2025, as against Rs. 138.26 Cr. as on March 31, 2024. The growing scale of operations has led to increased requirement of working capital limits, which has led to increase in the overall debt levels of the group. The debt profile of the group in FY2025 comprises of Rs. 3.17 Cr. of long-term debt, Rs. 129.49 Cr. of short-term debt, Rs. 49.35 Cr. of unsecured loans, and Rs. 2.84 Cr. of maturing portion of long-term debt. The debt to EBITDA of the group stood at 2.90 times in March 2025 as against 2.64 times in FY2024. The gearing of the group is estimated at ~0.77 times as on March 31, 2026(Est.), and stood at 0.78 times as on March 31, 2025, as compared to 0.60 times as on March 31, 2024.
The total outside liabilities to tangible net worth (TOL/TNW) is estimated at ~1.58 times as on March 31, 2026. The Total outside Liabilities/Tangible Net Worth (TOL/TNW) of the group stood at 1.99 times as on March 31, 2025 as against 1.50 times as on March 31, 2024. Further, the debt protection metrics of the company stood moderate reflected by debt service coverage ratio of 1.69 times for FY2025 as against 1.64 times for FY2024. The interest coverage ratio stood at 2.36 times for FY2025 as against 2.48 times for FY2024. Net Cash Accruals/Total Debt (NCA/TD) stood at 0.15 times as on March 31, 2025, as compared to 0.17 times in the previous year. Acuite believes that, the financial risk profile of the group will remain moderate over the medium term in the absence of major debt funded capex plans.

Weaknesses

Working capital intensive nature of operations
The group's working capital management remains intensive, marked by improving yet elevated gross current assets (GCA) of ~220 days in FY2026 (Est.) from 215 days in FY2025 compared to 238 days in FY2024. The high GCA days are primarily on account of elevated inventory levels, increased debtor days and high other current assets, mainly comprising of significant advances given to supplier, loans and advances to others and balances with statutory authorities. The improvement in GCA days was partially driven by reduced inventory days, which stood at 42 days in FY2025 (49 days in FY2024). However, debtor days continued to remain high at 115 days as of March 31, 2025 (98 days in FY2024). The majority of the customers are governmental entities. Further, the creditor days stood at 67 days in FY2025 as compared to 58 days in FY2024. The consolidated average fund-based bank limit utilization stood at 91.53 percent and non-fund-based limits stood at 78.21 percent for six months ended May 2026. Acuite believes that the working capital operations of the group will remain around similar levels given the nature of the industry over the medium term.

Exposure to group/related entities
The group on a consolidated basis has invested Rs. 47.41 Cr. (approximately 20% of the FY25 net worth) in Utkal Energy Resources Ltd. (which is a subsidiary company of Sendoz Impex Limited). Any substantial increase in such investments or extension of loans and advances to these companies without substantial returns may impact on the group’s overall credit risk profile and will therefore remain a key monitorable.

Presence in a regulated industry
Coal traded and transported by the group find their end use by companies involved in power generation, manufacturing of cement and iron & steel. The consumers that the group caters to are under high regulation from the government. Also, there are many suppliers in the coal industry catering to these end user segments. Any policy changes affecting the highly regulated coal industry or its end users will impact the financial risk profile of the group.

Rating Sensitivities

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

Significant growth in revenues along with improvement in profitability
Improvement in working capital management with GCA below 130 days on a sustained basis.
Improvement in financial risk profile.

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

Significant decline in revenue and EBITDA margin falls below 3.00 percent
Deterioration in financial risk profile due to additional in debt or weakening of coverage indicators with DSCR below 1.20 times.
Elongation in working capital cycle exerting pressure on liquidity

Liquidity Position

Adequate

The group’s liquidity position is adequate marked by sufficient net cash accruals of Rs. 27.25 Cr. in FY2025 as against its maturing debt obligations of Rs. 5.07 Cr. The group is expected to generate sufficient cash accrual in the range of Rs. 28.00-32.00 Cr. against its maturing repayment obligations in the range of Rs. 1.00-3.00 Cr. over FY2026-27. The current ratio stood comfortable at ~1.55 times as on March 31, 2026(Est.) and stood at 1.43 times as on March 31, 2025. The consolidated average fund-based bank limit utilization stood at 91.53 percent and non-fund-based limits stood at 78.21 percent for six months ended May 2026. The cash and bank balances of the group stood at Rs. 6.41 Cr. as on March 31, 2026(Est.). Acuite believes that going forward the group will maintain adequate liquidity position owing to steady accruals.

Outlook

Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	1015.62	748.16
PAT	Rs. Cr.	26.43	22.31
PAT Margin	(%)	2.60	2.98
Total Debt/Tangible Net Worth	Times	0.78	0.60
PBDIT/Interest	Times	2.36	2.48

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
• 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
11 Aug 2025	Bank Guarantee (BLR)	Short Term	12.00	ACUITE A2+ (Assigned)
	Letter of Credit	Short Term	12.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	11.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	5.00	ACUITE A2+ (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE BBB+ \| Stable (Assigned)
	Cash Credit	Long Term	28.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	37.50	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.75	ACUITE BBB+ \| Stable (Reaffirmed)
19 Dec 2024	Bank Guarantee (BLR)	Short Term	11.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	12.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	5.00	ACUITE A2+ (Reaffirmed)
	Cash Credit	Long Term	28.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	17.50	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	20.00	ACUITE BBB+ \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	0.75	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB+ \| Stable (Reaffirmed)
27 Nov 2024	Bank Guarantee (BLR)	Short Term	14.50	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	12.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A2+ (Assigned)
	Bank Guarantee (BLR)	Short Term	5.00	ACUITE A2+ (Assigned)
	Cash Credit	Long Term	28.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	13.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	1.75	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB+ \| Stable (Assigned)
20 Nov 2023	Bank Guarantee (BLR)	Short Term	14.50	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	12.00	ACUITE A2+ (Assigned)
	Cash Credit	Long Term	9.75	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	18.25	ACUITE BBB+ \| Stable (Assigned)
	Cash Credit	Long Term	13.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	1.75	ACUITE BBB+ \| Stable (Assigned)
09 Oct 2023	Bank Guarantee (BLR)	Short Term	14.50	ACUITE A2+ (Upgraded from ACUITE A2)
	Cash Credit	Long Term	9.75	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	13.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	11.00	Simple	ACUITE A2+ \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A2+ \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	12.00	Simple	ACUITE A2+ \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A2+ \| Assigned
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	37.50	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	28.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE BBB+ \| Stable \| Assigned
YES BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE A2+ \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	12.00	Simple	ACUITE A2+ \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.75	Simple	ACUITE BBB+ \| Stable \| Reaffirmed

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

Sr. No.	Company Name
1.	Sendoz Impex Limited
2.	Sendoz Commercials Private Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Ritika Lalwani
Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

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.