Press Release May 28, 2025 SRI SHYAM FASHION INDIA PRIVATE LIMITED Rating Downgraded,Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	83.00	ACUITE BB | Downgraded | Issuer not co-operating*	-
Bank Loan Ratings	7.50	-	ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Total Outstanding	90.50	-	-
Total Withdrawn	0.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

­­Acuité has downgraded the long-term rating to ‘ACUITE BB’ (read as ACUITE Double B) from ‘ACUITE BB+’ (read as ACUITE Double B plus) on the Rs.83.00 Cr. bank facilities and reaffirmed the short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.7.50 Cr. bank facilities of Sri Shyam Fashion India Private Limited (SSFIPL). The rating is now flagged as “Issuer Not Cooperating” based on the best available information and is downgraded on account of information risk.

About the Company

­Incorporated in November 2015, Sri Shyam Fashion India Private Limited (SSFIPL) is a Gujarat based company engaged in the manufacturing and trading of grey fabrics as well as denim fabrics. The products manufactured by the company are majorly sold to traders of textile products in the domestic market. The current directors of the company are Mr. Suresh Kumar Jalan, Mr. Vaibhav Jalan, and Mr. Saurav Jalan.

About the Group

­Incorporated in March 2003, Sri Shyam Fashion Textile Private Limited (SSFTPL) is engaged in the trading of various types of fabrics. The products are sold to readymade garments maufacturers in the domestic market. The company operates through its registered & corporate office located at Strand Road in Kolkata, West Bengal. The day-to-day operations of the company are looked after by Mr. Suresh Jalan along with his sons – Mr. Saurav Jalan and Mr. Vaibhav Jalan.

Unsupported Rating

­Not Applicable.

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

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivities

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

Liquidity Position

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

Outlook: Not Applicable

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Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	465.57	517.17
PAT	Rs. Cr.	8.39	11.60
PAT Margin	(%)	1.80	2.24
Total Debt/Tangible Net Worth	Times	0.91	0.63
PBDIT/Interest	Times	2.61	2.86

Status of non-cooperation with previous CRA

­Not Applicable.

Interaction with Audit Committee anytime in the last 12 months (applicable for rated-listed / proposed to be listed debt securities being reviewed by Acuite)

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 • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Trading Entitie: 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 Mar 2024 Bank Guarantee (BLR) Short Term 1.50 ACUITE A4+ (Assigned) Bank Guarantee (BLR) Short Term 3.00 ACUITE A4+ (Assigned) FBN/FBP/FBD/PSFC/FBE Short Term 3.00 ACUITE A4+ (Assigned) Cash Credit Long Term 15.50 ACUITE BB+ | Stable (Assigned) Cash Credit Long Term 4.50 ACUITE BB+ | Stable (Assigned) Covid Emergency Line. Long Term 0.79 ACUITE BB+ | Stable (Assigned) Covid Emergency Line. Long Term 2.28 ACUITE BB+ | Stable (Assigned) Term Loan Long Term 5.64 ACUITE BB+ | Stable (Assigned) Term Loan Long Term 49.60 ACUITE BB+ | Stable (Assigned) Proposed Long Term Bank Facility Long Term 4.69 ACUITE BB+ | 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 Punjab National Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.50 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating* Punjab National Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating* Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.50 Simple ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ ) Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.50 Simple ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ ) Punjab National Bank Not avl. / Not appl. Covid Emergency Line. 26 Mar 2021 Not avl. / Not appl. 30 Jun 2024 0.79 Simple ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ ) Punjab National Bank Not avl. / Not appl. Covid Emergency Line. 30 Dec 2021 Not avl. / Not appl. 30 Nov 2026 2.28 Simple ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ ) Punjab National Bank Not avl. / Not appl. FBN/FBP/FBD/PSFC/FBE Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating* Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.69 Simple ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ ) Punjab National Bank Not avl. / Not appl. Term Loan 13 Dec 2016 Not avl. / Not appl. 30 Jun 2026 5.64 Simple ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ ) Punjab National Bank Not avl. / Not appl. Term Loan 30 Sep 2024 Not avl. / Not appl. 31 Mar 2033 49.60 Simple ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ )

* The issuer did not co-operate; based on best available information.

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

Sr No Company Name 1 Sri Shyam Fashion India Private Limited 2 Sri Shyam Fashion Textile Private Limited ­

Contacts

Mohit Jain Senior Vice President - 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.