Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 15.00 ACUITE A | Stable | Assigned -
Bank Loan Ratings 853.00 ACUITE A | Stable | Upgraded -
Bank Loan Ratings 253.00 - ACUITE A1 | Assigned
Bank Loan Ratings 2077.00 - ACUITE A1 | Upgraded
Total Outstanding 3198.00 - -
 
Rating Rationale

­Acuité has upgraded its long-term rating to ‘ACUITÉ A’ (read as ACUITÉ A) from ‘ACUITÉ A-’ (read as ACUITÉ A minus) and its short-term rating to  ‘ACUITÉ A1’ (read as ACUITÉ A one) from ‘ACUITÉ A2+’ (read as ACUITÉ A two plus) on the Rs.2930.00 crore bank facilities of Skipper Limited. The outlook remains ‘Stable’.
Furthermore, Acuité has assigned the long-term rating of ‘ACUITÉ A’ (read as ACUITÉ A) and short-term rating of ‘ACUITÉ A1’ (read as ACUITÉ A one) on the Rs.268.00 crore bank facilities of Skipper Limited. The outlook is ‘Stable’.

Rationale for Upgrade
The rating takes into cognizance the sound business risk profile of the company majorly driven by diversified revenue streams and a well-established customer base, including prestigious government undertakings in the power sector, Indian railways, reputable EPC contractors, and telecom companies.
The revenue from operations of the company increased to Rs. 3,282.04 Cr. in FY2024 compared to Rs. 1,980.30 Cr.  in FY2023 on account of healthy order inflow in the engineering division and improved operations in the polymer business during the period. The improvement in operating performance of the company was also supported by improvement of business from the infrastructure segment of the business.
The rating also factors in the healthy order book of the company which stood at Rs. 6,215 Cr. as on 31 March, 2024, which is the highest among all orders received till date. The rating also draws comfort from management’s extensive experience and healthy financial position, characterized by a strong net worth base supported by rights issue of shares and low gearing. The debt protection metrices although healthy remained moderate for FY2024.
Skipper has maintained its EBIDTA of 9.71% as on March 31, 2024. The management usually enters into short term contracts with their customers which ensures no major raw material price fluctuation risk to be borne by the Company. Also, with better execution of projects and better profitability in polymer and infrastructure business, the Company is expected to maintain such profitability over the medium term. 
The rating is constrained by intensive working capital management reflected by high Gross Current Asset (GCA) days.

About the Company
­Skipper Limited (Skipper) is a Kolkata based company, incorporated in 1981. Present directors are, Mr. Sharan Bansal, Mr. Sajan Kumar Bansal, Mr. Devesh Bansal, Mr. Ashok Bhandari, Mr. Yash Pall Jain, Mr. Siddharth Bansal, Mr. Amit Kiran Deb, and Mr. Raj Kumar Patodi, Mrs. Mamta Binani and Mr. Pramod Kumar Shah. The company has a diversified business profile as it has three business segments, viz. engineering, polymer pipes and infrastructure. The engineering segment with capacities of 3,00,000 MTPA is into manufacturing of transmission tower, telecom towers, poles, distribution poles, angles, fasteners and railway structures. The polymer segment with manufacturing capacities of 62,000 MTPA (enhanced from 51,000 MTPA) is into manufacturing of various kinds of UPVC pipes, CPVC pipes, SWR pipes which are used for plumbing and irrigation purpose. Third segment is EPC where company executes projects related to power transmission. The company has four manufacturing units located in West Bengal and Assam with 3 units and 1 unit respectively.
 
Unsupported Rating
­Not Applicable 
 
Analytical Approach
­Acuité has considered the standalone business and financial risk profiles of Skipper Limited to arrive at this rating.
 
Key Rating Drivers

Strengths
 
  • Diversified business profile with long track record
The company benefits from a seasoned management team, led by Mr. Sajan Kumar Bansal, with over four decades of experience in the same industry. He is supported by his three sons and a team of qualified personnel. This wealth of experience and expertise has established Skipper as one of the leading players in the power transmission tower sector in India. The company exhibits a versatile business profile, evident through its three distinct divisions - engineering goods, polymer, and infrastructure, contributing 68%, 14% and 18% respectively to its revenue in FY2024. It boasts a strong customer base, comprising renowned construction, power transmission, and distribution firms like Tata Projects Limited, Power Grid Corporation of India Limited, and UP Power Transmission Corporation Limited, among others. With over four decades of operational experience, it holds a prominent position in the power transmission and distribution structure manufacturing segment. Additionally, the company serves both domestic and international markets, including Middle Eastern countries, Australia, LATAM countries, SE Asia and African nations. Moreover, in the polymers division, it maintains an extensive distribution network with over 30,000 retail touch points across various states of India. Acuité believes that the diversified business profile and experience management will continue to benefit the operations of the company over the medium term.
  • Improvement in scale of operations and healthy order book positionof India
The revenue of the company stood healthy at Rs.3,282.04 crore in FY2024 as compared to Rs.1980.30 crore in FY2023, registering a growth of 66% during the year mainly due to higher growth from both engineering (46% y-o-y) and polymer (11% y-o-y) divisions. In engineering segment, the growth had come from the effective execution of a part of the BSNL order book and also other T&D projects. The growth in the polymer division can be attributed to increase in sales volume and successful launch of new plumbing products like water tanks, coupled with an expansion in the distribution channel. The order book position of the company remained healthy and stood at Rs.6215 Cr. as on 31 March 2024. Approximately 87 percent of these orders originate from the domestic market and 13 per cent from export market, with 34 percent coming from sectors like telecom, railways, solar, fasteners, and other steel structural items (Non T&D), and 66% from the Power Transmission & Distribution (T&D) sector. The Order Book/ Operating Income (OB/OI) for the Company only for engineering & EPC division is 2.19 times. Going forward, Acuité believes that the company’s revenues would continue to grow given the robust unexecuted order book alongwith increasing focus in polymer division.

The company’s profitability remained stagnant with operating profit margin of 9.71 percent in FY2024 compared to 9.77 per cent in FY2023. This has largely been a result of focus on better quality contracts in engineering divisions and economies of scale being achieved at an overall level. Furthermore, in FY2024, the company reported a net profitability margin of 2.28 percent compared to 1.65 percent  in FY2023. Acuité believes that the profitability margin will remain at similar levels over the medium term, on account of benefits of economies, addition of capacities leading to economies of scale.
  • Healthy financial risk profile
The financial risk profile of the company is marked by healthy net worth, low gearing and moderate debt protection metrics. The tangible net worth of the company stood at Rs.890.16 Cr. as on March 31, 2024 as compared to Rs.766.74 Cr. as on March 31, 2023 due to accretion to reserves and right issue of shares of which proceeds of Rs.49.80 Cr . Furthermore, gearing of the company continues to stand below unity at 0.65 times as on 31 March 31, 2024, despite a significant increase in external borrowings in FY2024. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 2.52 times as on March 31, 2024 as compared to 1.90 times as on March 31, 2023. The debt protection metrices of the company remain moderate marked by Interest coverage ratio (ICR) of 2.13 times and debt service coverage ratio (DSCR) of 1.33 times for FY2024. The net cash accruals to total debt (NCA/TD) stood healthy at 0.22 times in FY2024. Going forward, Acuité believes that going forward the financial risk profile will remain healthy over the medium term, supported by healthy internal accrual generation, even though the company is expected to incur capex to expand its engineering capacities.

Weaknesses
­­Working capital intensive nature of operation
The operation of the company are working capital intensive marked by high gross current asset days of 243 days for FY2024 as compared to 263 days for FY2023. The high GCA days are mainly on account of high inventory days. The inventory days stood at 148 days in FY2024 as compared to 187 days in FY2023 largely because the capacity utilization has improved leading to reduction in inventory cycle. The debtors stood at 86 days in FY2024 compared to 67 days in FY2023 and is largely in line with past trends. Further, the GCA days of the company has also emanates from the high other current asset of Rs.218.40 Cr. in FY2024, which mainly consists of other loans and advances and material on loan. Against this, the company has creditors, which stood at 209 days as on March 31, 2024. The company has minimum dependence on its bank lines to meet its working capital requirement which stood utilised at ~57.74% over last 12 months ended March 2024. Acuité believes that the working capital operations of the company will continue to remain intensive due to nature of business over the medium term.
ESG Factors Relevant for Rating
­­­In April 2022, a 90 KLD capacity STP was installed to promote water conservation and explore opportunities for reusing treated sewage water. The treatment of generated sewage utilized specially designed engineered bacteria. Additionally, in April 2022, FO was replaced with LPG for furnace operation in Jangalpur. In the same period, a Process Effluent Treatment facility (ETP unit Integrated with MBBR, Clarifier & Tertiary treatment Facilities) was established. Later, in July 2022, an encapsulated GI process with an integrated APCD arrangement was implemented. Subsequently, in August 2022, RO water from the STP treated water (20 KLD) was utilized for GI operation, and water recirculation through Chiller & Cooling tower units HDPE was implemented. Furthermore, a 1.38 MW rooftop solar plant in Uluberia was set up in September 2022. It is expected to generate 1605164 units per year on average and 40129109 KWH in 25 years, providing clean energy and reducing carbon emissions by approximately 1360 MT/year. Additionally, numerous Tree Plantation Initiatives were undertaken at Skipper.
 
Rating Sensitivities
­
  • Sustainable growth in revenues while improving margins
  • Significant improvement in coverage and leverage ratios backed by sustained improvement in profit margin
  • Any deterioration in liquidity profile due to stretched receivable and high inventory level
 
Liquidity Position
Adequate
­Skipper Limited has liquidity marked by adequate net cash accruals of Rs.127.21 Cr. as on March 31, 2024  as against Rs.67.88 Cr. long-term debt obligations over the same period. The current ratio of the company stood comfortable at 1.32 times in FY2024. The cash and bank balance stood at Rs. 1.84 Cr. for FY 2024. Moreover, the bank limit of the company has been ~57.74 percent utilized for the twelve months ended in March 2024. However, the working capital cycle is high marked by gross current asset days of 243 days for FY2024 as compared to 263 days for FY2023. Furthermore, the Company has capex plans of Rs. 200 Cr. in next 2 years to further increase its existing capacities, which is expected to be funded by external commercial borrowings (ECBs) and   internal accruals, yet the liquidity is expected to be comfortable. Acuité believes that going forward the company will continue to maintain adequate liquidity position owing to steady accruals backed by improvement in earnings led by high demand and comfortable current ratio.
 
Outlook: Stable
­Acuité believes the outlook of Skipper will remain ‘Stable’ over the medium term backed by its long track record of operations, strong business profile, healthy order book and comfortable financial risk profile. The outlook may be revised to ‘Positive’ if the company is able to improve its coverage and leverage parameters significantly with sustained revenue growth. Conversely, the outlook may be revised to ‘Negative’ in case of a deterioration in its profitability margin or liquidity profile due to stretched working capital requirement.
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 24 (Actual) FY 23 (Actual)
Operating Income Rs. Cr. 3282.04 1980.30
PAT Rs. Cr. 74.68 32.70
PAT Margin (%) 2.28 1.65
Total Debt/Tangible Net Worth Times 0.65 0.63
PBDIT/Interest Times 2.13 2.01
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.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
09 Oct 2023 Cash Credit Long Term 142.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 24.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 125.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 90.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 78.00 ACUITE A- | Stable (Reaffirmed)
Letter of Credit Short Term 28.50 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 45.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 70.00 ACUITE A2+ (Assigned)
Letter of Credit Short Term 21.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 70.00 ACUITE A2+ (Assigned)
Letter of Credit Short Term 29.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 85.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 130.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 250.00 ACUITE A2+ (Assigned)
Letter of Credit Short Term 25.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 111.50 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 154.50 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 94.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 80.00 ACUITE A2+ (Assigned)
Bank Guarantee (BLR) Short Term 36.50 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 75.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 199.50 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 250.00 ACUITE A2+ (Assigned)
Bank Guarantee (BLR) Short Term 50.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 150.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 100.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 40.50 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 60.00 ACUITE A2+ (Assigned)
Cash Credit Long Term 25.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 5.55 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 12.94 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 30.27 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 59.66 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 141.58 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 31.00 ACUITE A- | Stable (Reaffirmed)
02 Aug 2023 Bank Guarantee (BLR) Short Term 40.50 ACUITE A2+ (Assigned)
Bank Guarantee (BLR) Short Term 10.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 36.50 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 144.50 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 94.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 75.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 50.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 199.50 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 100.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 150.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 21.00 ACUITE A2+ (Assigned)
Letter of Credit Short Term 21.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 65.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 46.50 ACUITE A2+ (Assigned)
Letter of Credit Short Term 80.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 60.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 25.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 45.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 29.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 3.79 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 3.71 ACUITE A2+ (Assigned)
Letter of Credit Short Term 25.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 50.00 ACUITE A2+ (Reaffirmed)
Term Loan Long Term 42.18 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 37.50 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 5.55 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 12.94 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 9.62 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 1.80 ACUITE A- | Stable (Assigned)
Term Loan Long Term 4.75 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 17.48 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 60.40 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 32.26 ACUITE A- | Stable (Assigned)
Term Loan Long Term 22.39 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 3.13 ACUITE A- | Stable (Assigned)
Cash Credit Long Term 20.90 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 2.10 ACUITE A- | Stable (Assigned)
Cash Credit Long Term 28.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 25.00 ACUITE A- | Stable (Assigned)
Cash Credit Long Term 25.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 6.00 ACUITE A- | Stable (Assigned)
Cash Credit Long Term 40.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 18.00 ACUITE A- | Stable (Assigned)
Cash Credit Long Term 84.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 24.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 125.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 67.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE A- | Stable (Reaffirmed)
03 Oct 2022 Bank Guarantee (BLR) Short Term 10.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 40.50 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 240.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 94.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 75.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 50.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 100.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 199.50 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 166.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 29.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 80.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 60.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 25.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 45.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 65.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 21.00 ACUITE A2+ (Reaffirmed)
Proposed Long Term Bank Facility Long Term 2.03 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 7.45 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 24.19 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 9.62 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 7.50 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 9.70 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 12.78 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 11.33 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 20.11 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 60.40 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 22.39 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 37.50 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 25.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 40.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 84.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 24.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 125.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 67.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE A- | Stable (Reaffirmed)
07 Jul 2021 Bank Guarantee (BLR) Short Term 94.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 240.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 10.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 100.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 166.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 20.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 179.50 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 75.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee (BLR) Short Term 75.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 29.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 5.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 75.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 23.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 25.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 45.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 65.00 ACUITE A2+ (Reaffirmed)
Proposed Long Term Bank Facility Long Term 44.20 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 10.49 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 27.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 8.32 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 3.06 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 10.83 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 69.30 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 27.20 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 31.96 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 19.46 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 2.34 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 19.34 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 65.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 150.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 24.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 84.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 40.00 ACUITE A- | Stable (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
Indian Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 154.50 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Canara Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 36.50 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Bank of Baroda Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 94.00 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 75.00 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
State Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Punjab National Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 449.50 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Union Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 150.00 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Exim Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
UCO Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.50 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Canara Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 27.50 Simple ACUITE A1 | Assigned
ICICI Bank Ltd Not avl. / Not appl. Bills Discounting Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE A1 | Assigned
Federal Bank Not avl. / Not appl. Bills Discounting Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE A1 | Assigned
Yes Bank Ltd Not avl. / Not appl. Bills Discounting Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE A1 | Assigned
UCO Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 78.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Canara Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 31.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Indian Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 142.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Bank of Baroda Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 24.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 125.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 90.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE A | Stable | Assigned
Indian Bank Not avl. / Not appl. Covid Emergency Line. Not avl. / Not appl. Not avl. / Not appl. 31 Mar 2028 12.96 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Bank of India Not avl. / Not appl. Covid Emergency Line. Not avl. / Not appl. Not avl. / Not appl. 28 Feb 2026 3.64 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
State Bank of India Not avl. / Not appl. Covid Emergency Line. Not avl. / Not appl. Not avl. / Not appl. 28 Feb 2026 10.26 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Union Bank of India Not avl. / Not appl. Covid Emergency Line. Not avl. / Not appl. Not avl. / Not appl. 31 Dec 2027 37.78 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Indian Bank Not avl. / Not appl. Covid Emergency Line. Not avl. / Not appl. Not avl. / Not appl. 31 Mar 2026 7.29 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Punjab National Bank Not avl. / Not appl. Covid Emergency Line. Not avl. / Not appl. Not avl. / Not appl. 31 Mar 2026 4.75 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Punjab National Bank Not avl. / Not appl. Covid Emergency Line. Not avl. / Not appl. Not avl. / Not appl. 31 Mar 2027 3.77 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
UCO Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 91.00 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
IDBI Bank Ltd. Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 60.00 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
State Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.00 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Union Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 29.00 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Punjab National Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 380.00 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Indian Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 111.50 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Canara Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 28.50 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Bank of Baroda Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 45.00 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
State Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 85.00 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE A1 | Upgraded ( from ACUITE A2+ )
Canara Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 22.50 Simple ACUITE A1 | Assigned
State Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE A1 | Assigned
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.81 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
State Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Mar 2030 50.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Exim Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Mar 2029 50.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Punjab National Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Sep 2027 48.19 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Punjab National Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 29 Jun 2029 32.79 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Union Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Jun 2028 14.85 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
Punjab National Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 29 Sep 2028 35.91 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )
IDBI Bank Ltd. Not avl. / Not appl. Working Capital Demand Loan (WCDL) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE A- )

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