Press Release June 10, 2026 SURAJ IMPEX INDIA PRIVATE LIMITED Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	182.80	ACUITE BBB- | Stable | Reaffirmed	-	RBI
Bank Loan Ratings	0.00	67.20	-	ACUITE A3 | Reaffirmed	RBI
Total Outstanding	0.00	250.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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

­Acuite has reaffirmed the long-term rating of ‘ACUITE BBB-’ (read as ACUITE triple B minus) and short-term rating of  ‘ACUITE A3’ (read as ACUITE A three) on Rs.250.00 crore of bank facilities of Suraj Impex India Private Limited (SIIPL). The outlook is revised from ‘Negative' to 'Stable’. Rationale for rating  The revision in the outlook and rating reaffirmation factors the improvement in profitability, albeit a decline in the scale of operations on a Y-o-Y basis in FY26 (Prov.). The rating draws comfort from the company’s moderate financial risk profile which improved due to growth in operating performance. Further, company has an established track record of operations under experienced promoters. However, the rating is constrained by the moderately intensive working capital nature of operations and the susceptibility of profitability to volatility in commodity prices, along with regulatory and forex risks that could impact costs and operating flexibility.

About the Company

Incorporated in the year 1997, Suraj Impex India Private Limited (SIIPL) is an Indore based company engaged into the trading of agro commodities. The company has an established warehousing infrastructure comprising five warehouses across Tamil Nadu with an aggregate surface area of around 1,50,000 square feet. In addition to its core trading business, SIIPL has a 2 MW solar power plant, for which it has entered into a 25-year power purchase agreement (PPA) with the Telangana State Government. Mr. Praveen Kumar Vyas & Mr. Vinod Kumar Jain are the current directors of the company.

Unsupported Rating

­Not applicable

Analytical Approach

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

Key Rating Drivers

Strengths

­Established track record of operations and experienced promoters SIIPL has nearly three decades in agro commodity trading across domestic and export markets. The promoter, Mr Vinod Kumar Jain has over 35 years of experience in the agro commodities industry. Acuité believes that SIIPL’s long-standing presence in the business, coupled with the promoter’s export tensive, will continue to support the company’s business stability. However, scalability will remain linked to market condition. Improvement in profitability albeit ­volatile  revenue The company’s revenue moderated to Rs 576.60 Cr. in FY2026 (Prov.), registering a decline of 20.60% from Rs 726.22 Cr. in FY2025. Despite the decline in revenue, profitability witnessed improvement, with operating margins increasing to 4.31% in FY2026 (Prov.) from 3.07% in FY2025, primarily driven by correction in freight costs post resolution of the red sea crisis. Consequently, PAT margins also improved to 3.04% in FY2026 (Prov.) from 1.35% in FY2025, supported by better operating performance and lower finance costs.In FY2027 (till May 2026), the company has already achieved revenues of Rs 380.00 Cr. However, SIIPL’s operations are characterised by opportunistic trading in agro commodities, with performance closely linked to demand–supply dynamics and pricing trends. Therefore, revenues are expected to remain volatile in nature. Moderate financial risk profile The company’s financial risk profile remains moderate, supported by a growing net worth, comfortable gearing and adequate debt protection metrics. Tangible net worth stood at Rs 259.51 Cr. as on March 31,2026(Prov.) as compared to Rs.242.36 Cr. as on March 31, 2025, driven by accretion of profits to reserves. Total debt declined to Rs 28.25 Cr. as on March 31,2026(Prov.) from Rs.113.92 Cr. as on March 31,2025 primarily on account of lower working capital borrowings, along with repayment of long-term debt. Consequently, gearing improved and remained comfortable at 0.11 times as on March 31,2026(Prov.) from 0.47 times as on March 31, 2025. Debt protection indicators continued to remain adequate, with interest coverage at 6.15 times and debt service coverage ratio (DSCR) at 1.94 times in FY2026(Prov.) (1.95 times and 1.06 times respectively, in FY2025).Acuité believes the company’s financial risk profile is expected to remain moderate over the medium term, supported by comfortable leverage indicators, minimal long-term debt obligations and no debt-funded capex planned in near-to-medium term.

Weaknesses

Moderately intensive working capital operations The company’s working capital operations improved but remained moderately intensive, as reflected in gross current assets (GCA) of 120 days in FY2026(Prov.) (136 days in FY2025). This was largely driven by moderate inventory holding and a significant portion of funds being tied up in other current assets, primarily comprising balances with revenue authorities, advances to suppliers, advance to related parties. Inventory days stood at 71 days in FY2026(Prov.) (55 days in FY2025). Debtor days however improved significantly to 2 days in FY2026(Prov.) from 68 days in FY2025. Susceptible of profitability to volatility in commodity prices and regulatory risk SIIPL’s margins are exposed to volatility in agro commodity prices, which depend on monsoon, acreage, and crop yields. The industry is also sensitive to regulatory changes, including government-imposed trade restrictions based on domestic demand–supply dynamics. Further, the company faces forex risk arising from its international trade exposure, which is partially mitigated through forward hedging mechanisms.

Rating Sensitivities

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

­   Sustained growth scale of operations and profitability with net cash accruals above Rs 20 Cr    Improvement in working capital intensity

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

Sustained dip in scale of operations or profitability margins with net cash accruals falling below Rs 7-8 Cr Increase in debt levels impacting the financial risk profile

Liquidity Position

Adequate

The company’s liquidity position remains adequate, supported by adequate cash accruals vis-à-vis its repayment obligations. Net cash accruals stood at Rs. 18.80 Cr. in FY2026(Prov.) as against repayment obligations of Rs. 7.32 Cr. for the same period. Over the medium term, accruals are expected in the range of Rs. 15.00 Cr–17.50 Cr, against minimal debt repayment obligation of Rs 0.25 Cr. The company’s liquidity profile remains comfortable, with cash and bank balances of Rs 2.92 Cr. and free fixed deposits of Rs 30.68 Cr, along with a healthy current ratio of 2.78 times as on March 31, 2026 (Prov.). The average bank limit utilisation of fund-based facilities stood at 59.59 % during the last six months ended in April-26.

Outlook-Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	576.60	726.22
PAT	Rs. Cr.	17.55	9.84
PAT Margin	(%)	3.04	1.35
Total Debt/Tangible Net Worth	Times	0.11	0.47
PBDIT/Interest	Times	6.15	1.95

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 • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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 12 Mar 2025 PC/PCFC Short Term 67.20 ACUITE A3 (Reaffirmed) Covid Emergency Line. Long Term 9.00 ACUITE BBB- | Negative (Reaffirmed) Cash Credit Long Term 115.85 ACUITE BBB- | Negative (Reaffirmed) Cash Credit Long Term 16.38 ACUITE BBB- | Negative (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 24.57 ACUITE BBB- | Negative (Reaffirmed) Proposed Long Term Bank Facility Long Term 8.97 ACUITE BBB- | Negative (Reaffirmed) Covid Emergency Line. Long Term 4.58 ACUITE BBB- | Negative (Reaffirmed) Covid Emergency Line. Long Term 3.45 ACUITE BBB- | Negative (Reaffirmed) 13 Dec 2023 PC/PCFC Short Term 67.20 ACUITE A3 (Reaffirmed) Proposed Long Term Bank Facility Long Term 2.23 ACUITE BBB- | Stable (Reaffirmed) Covid Emergency Line. Long Term 12.60 ACUITE BBB- | Stable (Reaffirmed) Covid Emergency Line. Long Term 6.99 ACUITE BBB- | Stable (Reaffirmed) Covid Emergency Line. Long Term 4.18 ACUITE BBB- | Stable (Reaffirmed) Cash Credit Long Term 115.85 ACUITE BBB- | Stable (Reaffirmed) Cash Credit Long Term 16.38 ACUITE BBB- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 24.57 ACUITE BBB- | Stable (Reaffirmed)

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Divya Bagmar Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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