Press Release

Press Release

November 22, 2024

SHALIMAR PAINTS LIMITED
Rating Downgraded and Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	129.22	ACUITE C \| Downgraded & Withdrawn	-
Bank Loan Ratings	77.00	-	ACUITE A4 \| Downgraded & Withdrawn
Bank Loan Ratings	0.78	-	Not Applicable \| Withdrawn
Total Outstanding	0.00	-	-
Total Withdrawn	207.00	-	-

Rating Rationale

Acuité has downgraded and withdrawn the long-term rating to ‘ACUITE C’ (read as ACUITE C) from ‘ACUITE BB’ (read as ACUITE Double B) on the Rs.129.22 Cr. bank facilities of Shalimar Paints Limited.
Acuité has downgraded and withdrawn the short-term rating to ‘ACUITE A4’ (read as ACUITE A four) from ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 77 Cr. bank facilities of Shalimar Paints Limited.
Acuité has withdrawn the short-term rating of Rs. 0.78 Cr. facility without assigning any rating as it is a proposed facility of Shalimar Paints Limited.
The rating is being withdrawn on account of the request received from the company as per Acuité’s policy on withdrawal of ratings as applicable to the respective facility/instrument and No Objection Certificates (NOCs) received from the lenders.

Rationale for rating
The rating reflects the delays in servicing a GECL loan in September 2024 as reflected in the CRIF Highmark Report. It was also observed that operating income has improved slightly in H1-FY25 to Rs. 273.07 Cr. However, EBITDA has decreased significantly and stood at -12.45% in H1-FY25 compared to -10.10% in H1-FY24. As a result, profit after tax (PAT) has also decreased significantly to -17.07% in H1FY25 compared to -14.64% in H1-FY24.

About the Company

Shalimar Paints Limited (SPL) was incorporated in the year 1902 and is the pioneer in the Indian Paints industry managed by Ashok Gupta. The company is engaged in the manufacturing and marketing of decorative paints and industrial coatings and have four manufacturing plants located strategically at Howrah (Kolkata), Sikandrabad (Uttar Pradesh), Gummidipoondi (Tamil Nadu) and Nashik (Maharshtra). In 1989, the company was acquired by O.P. Jindal Group and Hongkong-based S. S. Jhunjhunwala group. Further, Hella Infra Market Private Limited holds 52.85% shares. It has been listed on National Stock Exchange as well as Bombay Stock Exchange since 1972.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profiles of SPL to arrive at this rating.

Key Rating Drivers

Strengths

Established brand name in the paints industry
Diversified brand portfolio spread across various segments with major brands, ‘Superlac Hi- Gloss Enamel’ & ‘G.P. Synthetic Enamel’ in decorative enamels, ‘Xtra Exterior Emulsion’ in exterior wall finishes, ‘Master Emulsion’ & ‘No.1 Silk Emulsion’ in interior wall finishes and ‘No.1’ (specifically catering to the rural demand) in acrylic distemper. SPL has vintage of 118+ years into the paint industry and is the first paint company of India.

Weaknesses

Delays in servicing term debt obligations
Acuité has observed delays in GECL loan servicing for the month of September 2024 as per CRIF Highmark Report.

Rating Sensitivities

Not Applicable

Liquidity Position

Poor

Acuité has observed delays in GECL loan servicing for the month of September 2024 as per CRIF Highmark Report.

Outlook: Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	534.91	485.55
PAT	Rs. Cr.	(73.75)	(36.10)
PAT Margin	(%)	(13.79)	(7.44)
Total Debt/Tangible Net Worth	Times	0.28	0.42
PBDIT/Interest	Times	(3.55)	(0.47)

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
26 Aug 2024	Cash Credit	Long Term	60.00	ACUITE BB (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	17.00	ACUITE BB (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	12.00	ACUITE BB (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	8.50	ACUITE BB (Reaffirmed & Issuer not co-operating*)
	Working Capital Demand Loan (WCDL)	Long Term	7.57	ACUITE BB (Reaffirmed & Issuer not co-operating*)
	Working Capital Demand Loan (WCDL)	Long Term	2.03	ACUITE BB (Reaffirmed & Issuer not co-operating*)
	Working Capital Demand Loan (WCDL)	Long Term	1.23	ACUITE BB (Reaffirmed & Issuer not co-operating*)
	Working Capital Demand Loan (WCDL)	Long Term	2.89	ACUITE BB (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	13.00	ACUITE BB (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	5.00	ACUITE BB (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	37.50	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Proposed Short Term Bank Facility	Short Term	0.78	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	6.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	15.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	7.75	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Bank Guarantee (BLR)	Short Term	0.75	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Bank Guarantee/Letter of Guarantee	Short Term	10.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
07 Aug 2024	Letter of Credit	Short Term	37.50	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Proposed Short Term Bank Facility	Short Term	0.78	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	6.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	15.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	7.75	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Bank Guarantee (BLR)	Short Term	0.75	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Bank Guarantee/Letter of Guarantee	Short Term	10.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	60.00	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Cash Credit	Long Term	17.00	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Cash Credit	Long Term	12.00	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Cash Credit	Long Term	8.50	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	7.57	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	2.03	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	1.23	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	2.89	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Term Loan	Long Term	13.00	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Cash Credit	Long Term	5.00	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
20 Feb 2024	Working Capital Demand Loan (WCDL)	Long Term	2.89	ACUITE BB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	13.00	ACUITE BB+ \| Stable (Reaffirmed)
	Letter of Credit	Short Term	37.50	ACUITE A4+ (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	1.23	ACUITE BB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	8.50	ACUITE BB+ \| Stable (Reaffirmed)
	Letter of Credit	Short Term	6.00	ACUITE A4+ (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A4+ (Reaffirmed)
	Letter of Credit	Short Term	7.75	ACUITE A4+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	0.75	ACUITE A4+ (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	7.57	ACUITE BB+ \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	2.03	ACUITE BB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BB+ \| Stable (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	10.00	ACUITE A4+ (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	0.78	ACUITE A4+ (Reaffirmed)
	Cash Credit	Long Term	60.00	ACUITE BB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	17.00	ACUITE BB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	12.00	ACUITE BB+ \| Stable (Reaffirmed)
20 Nov 2023	Letter of Credit	Short Term	37.50	ACUITE A4+ (Downgraded from ACUITE A3)
	Proposed Short Term Bank Facility	Short Term	0.78	ACUITE A4+ (Downgraded from ACUITE A3)
	Letter of Credit	Short Term	6.00	ACUITE A4+ (Downgraded from ACUITE A3)
	Letter of Credit	Short Term	15.00	ACUITE A4+ (Downgraded from ACUITE A3)
	Letter of Credit	Short Term	7.75	ACUITE A4+ (Downgraded from ACUITE A3)
	Bank Guarantee (BLR)	Short Term	0.75	ACUITE A4+ (Downgraded from ACUITE A3)
	Bank Guarantee/Letter of Guarantee	Short Term	10.00	ACUITE A4+ (Downgraded from ACUITE A3)
	Cash Credit	Long Term	60.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Cash Credit	Long Term	17.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Cash Credit	Long Term	12.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Cash Credit	Long Term	8.50	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Working Capital Demand Loan (WCDL)	Long Term	7.57	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Working Capital Demand Loan (WCDL)	Long Term	2.03	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Working Capital Demand Loan (WCDL)	Long Term	1.23	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Working Capital Demand Loan (WCDL)	Long Term	2.89	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	13.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Cash Credit	Long Term	5.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
24 Aug 2023	Cash Credit	Long Term	60.00	ACUITE BBB- \| Negative (Reaffirmed)
	Cash Credit	Long Term	17.00	ACUITE BBB- \| Negative (Reaffirmed)
	Cash Credit	Long Term	12.00	ACUITE BBB- \| Negative (Reaffirmed)
	Cash Credit	Long Term	8.50	ACUITE BBB- \| Negative (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	7.57	ACUITE BBB- \| Negative (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	2.03	ACUITE BBB- \| Negative (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	1.23	ACUITE BBB- \| Negative (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	2.89	ACUITE BBB- \| Negative (Reaffirmed)
	Term Loan	Long Term	13.00	ACUITE BBB- \| Negative (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB- \| Negative (Reaffirmed)
	Letter of Credit	Short Term	6.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	7.75	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	0.75	ACUITE A3 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	10.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	37.50	ACUITE A3 (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	0.78	ACUITE A3 (Reaffirmed)
30 Dec 2022	Working Capital Demand Loan (WCDL)	Long Term	2.03	ACUITE BBB- \| Negative (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	1.23	ACUITE BBB- \| Negative (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	2.89	ACUITE BBB- \| Negative (Reaffirmed)
	Term Loan	Long Term	13.00	ACUITE BBB- \| Negative (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB- \| Negative (Reaffirmed)
	Cash Credit	Long Term	60.00	ACUITE BBB- \| Negative (Reaffirmed)
	Cash Credit	Long Term	17.00	ACUITE BBB- \| Negative (Reaffirmed)
	Cash Credit	Long Term	12.00	ACUITE BBB- \| Negative (Reaffirmed)
	Cash Credit	Long Term	8.50	ACUITE BBB- \| Negative (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	7.57	ACUITE BBB- \| Negative (Reaffirmed)
	Letter of Credit	Short Term	37.50	ACUITE A3 (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	0.78	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	6.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	7.75	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	0.75	ACUITE A3 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	10.00	ACUITE A3 (Reaffirmed)
06 Oct 2022	Cash Credit	Long Term	60.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Cash Credit	Long Term	17.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Cash Credit	Long Term	12.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Cash Credit	Long Term	8.50	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Working Capital Demand Loan (WCDL)	Long Term	7.57	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Working Capital Demand Loan (WCDL)	Long Term	2.03	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Working Capital Demand Loan (WCDL)	Long Term	1.23	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Working Capital Demand Loan (WCDL)	Long Term	2.89	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Term Loan	Long Term	13.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Cash Credit	Long Term	5.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Letter of Credit	Short Term	37.50	ACUITE A3 (Upgraded from ACUITE A4+)
	Proposed Short Term Bank Facility	Short Term	0.78	ACUITE A3 (Upgraded from ACUITE A4+)
	Letter of Credit	Short Term	6.00	ACUITE A3 (Upgraded from ACUITE A4+)
	Letter of Credit	Short Term	15.00	ACUITE A3 (Upgraded from ACUITE A4+)
	Letter of Credit	Short Term	7.75	ACUITE A3 (Upgraded from ACUITE A4+)
	Bank Guarantee (BLR)	Short Term	0.75	ACUITE A3 (Upgraded from ACUITE A4+)
	Bank Guarantee/Letter of Guarantee	Short Term	10.00	ACUITE A3 (Upgraded from ACUITE A4+)
13 Jul 2022	Letter of Credit	Short Term	37.50	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
	Proposed Short Term Bank Facility	Short Term	0.31	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
	Letter of Credit	Short Term	6.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
	Letter of Credit	Short Term	15.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
	Letter of Credit	Short Term	7.75	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
	Bank Guarantee (BLR)	Short Term	0.75	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
	Bank Guarantee/Letter of Guarantee	Short Term	10.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
	Cash Credit	Long Term	60.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	22.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	12.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	8.50	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	4.88	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	15.11	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	6.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	1.20	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
12 Feb 2021	Proposed Long Term Bank Facility	Long Term	4.51	ACUITE BBB- (Withdrawn)
	Bank Guarantee (BLR)	Short Term	10.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	3.00	ACUITE A3 (Withdrawn)
	Bank Guarantee (BLR)	Short Term	0.75	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	37.50	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	6.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	7.75	ACUITE A3 (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	0.31	ACUITE A3 (Reaffirmed)
	Cash Credit	Long Term	60.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	22.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	12.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	8.50	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.88	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.11	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	6.00	ACUITE BBB- \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	1.20	ACUITE BBB- \| Stable (Assigned)
25 Jan 2021	Cash Credit	Long Term	60.00	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	22.00	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	12.00	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	8.50	ACUITE BBB- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	4.51	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	4.88	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	15.11	ACUITE BBB- \| Stable (Assigned)
	Bank Guarantee (BLR)	Short Term	10.00	ACUITE A3 (Assigned)
	Bank Guarantee (BLR)	Short Term	3.00	ACUITE A3 (Assigned)
	Bank Guarantee (BLR)	Short Term	0.75	ACUITE A3 (Assigned)
	Letter of Credit	Short Term	37.50	ACUITE A3 (Assigned)
	Letter of Credit	Short Term	6.00	ACUITE A3 (Assigned)
	Letter of Credit	Short Term	15.00	ACUITE A3 (Assigned)
	Letter of Credit	Short Term	7.75	ACUITE A3 (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Union Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.75	Simple	ACUITE A4 \| Downgraded & Withdrawn ( from ACUITE A4+ )
State Bank of India	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A4 \| Downgraded & Withdrawn ( from ACUITE A4+ )
IDFC First Bank Limited	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE C \| Downgraded & Withdrawn ( from ACUITE BB )
HDFC Bank Ltd	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	17.00	Simple	ACUITE C \| Downgraded & Withdrawn ( from ACUITE BB )
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	12.00	Simple	ACUITE C \| Downgraded & Withdrawn ( from ACUITE BB )
Union Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.50	Simple	ACUITE C \| Downgraded & Withdrawn ( from ACUITE BB )
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	60.00	Simple	ACUITE C \| Downgraded & Withdrawn ( from ACUITE BB )
State Bank of India	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	37.50	Simple	ACUITE A4 \| Downgraded & Withdrawn ( from ACUITE A4+ )
HDFC Bank Ltd	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	6.00	Simple	ACUITE A4 \| Downgraded & Withdrawn ( from ACUITE A4+ )
Punjab National Bank	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE A4 \| Downgraded & Withdrawn ( from ACUITE A4+ )
Union Bank of India	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.75	Simple	ACUITE A4 \| Downgraded & Withdrawn ( from ACUITE A4+ )
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.78	Simple	Not Applicable\|Withdrawn
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2024	13.00	Simple	ACUITE C \| Downgraded & Withdrawn ( from ACUITE BB )
Union Bank of India	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.23	Simple	ACUITE C \| Downgraded & Withdrawn ( from ACUITE BB )
Union Bank of India	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.89	Simple	ACUITE C \| Downgraded & Withdrawn ( from ACUITE BB )
State Bank of India	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.57	Simple	ACUITE C \| Downgraded & Withdrawn ( from ACUITE BB )
Punjab National Bank	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.03	Simple	ACUITE C \| Downgraded & Withdrawn ( from ACUITE BB )

Contacts

Mohit Jain
Senior Vice President - Rating Operations

Shubham Jain
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.