Press Release February 04, 2026 SUYASH CHEMICAL AND FERTILIZER PRIVATE LIMITED Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	33.26	ACUITE BB+ | Stable | Reaffirmed	-
Bank Loan Ratings	8.34	-	ACUITE A4+ | Assigned
Bank Loan Ratings	25.92	-	ACUITE A4+ | Reaffirmed
Total Outstanding	67.52	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­ACUITE has reaffirmed its long term rating of 'ACUITE BB+' (read as ACUITE double B plus) and short term rating of 'ACUITE A4+' (read as ACUITE A four plus) on the Rs.59.18 Crore bank facilities of Suyash Chemical and Fertilizer Private Limited (SCFPL). The outlook is 'Stable'. ACUITE has assigned its short term rating of 'ACUITE A4+' (read as ACUITE A four plus) on the Rs.8.34 Crore bank facilities of Suyash Chemical and Fertilizer Private Limited (SCFPL).  Rationale for rating The reaffirmation rating is based on the steady business risk profile marked by improvement in the company's revenue, which grew by approximately 30.36% to Rs. 236.70 Cr. in FY2025 from Rs. 181.57 Cr. in FY2024. This increase in revenue is primarily attributed to higher sales volume. The operating margin of the company stood at 4.16% in FY25 against 3.97% in FY24 due to the increase in average realization. The rating also considers the company's adequate liquidity position, which is reflected in its sufficient net cash accruals to meet debt obligations. Additional positive factors include an experienced management team and a moderate financial risk profile. However the rating remains constrained on account of intensive working capital operations and susceptibility to profitability due to volatility in raw material prices.

About the Company

­Uttar Pradesh based; Suyash Chemical and Fertilizer Private Limited (SCFPL) was incorporated in 1994 as a private limited company. SCFPL The company has two business divisions i.e., paper business (contributing 75% of its revenues), wherein it manufactures mainly kraft papers and tissue paper at its facility in Basti; and balance from agri business, producing wheat and related products such as flour, maida, suji etc. at Gorakhpur (U.P.). Directors of Suyash Chemical and Fertilizer Private Limited are Mr. Ramji Jaiswal, Mr. Manish Jaiswal, Ms. Shakuntala Jaiswal, Ms. Sarla Jaiswal and Mr. Suyash Jaiswal.

Unsupported Rating

­Not Applicable

Analytical Approach

­ACUITE has considered the standalone view on the business and financial risk profile  of Suyash Chemical And Fertilizer Private Limited to arrive at this rating.

Key Rating Drivers

Strengths

­Established track record of operations and experienced management Incorporated in 2008, SCFPL is promoted by Mr. Ramji Jaiswal, Mr. Manish Jaiswal, Mrs. Shakuntala Jaiswal, Mr. Sarla Jaiswal and Mr. Suyash Jaiswal who have an experience of more than three decades in the aforementioned industry. The extensive experience of the promoters, their active participation and in-depth understanding of the industry, has helped SCFPL in developing long-term relationships with its customers and suppliers. The company is operating in two business segments- i.e. paper and agro products. Acuite believes that extensive experience of the promoters will help company to maintain their business risk profile over the medium term. Improvement in scale of operations The company has reported revenue of Rs. 236.70 Crore in FY25 against Rs. 181.57 Crore in FY24. The EBITDA Margins of the company stood at 4.16% in FY25 against 3.97% in FY24 and the PAT Margins of the company stood at 0.99% in FY25 against 0.81% in FY24. This improvement in revenue and EBITDA of the company is mainly due to the increase in the realisation and volume sold in both paper and agro division. Also company has achieved revenue of Rs. 184.90 Cr. in 9MFY26. Acuite believes that company is expected to report increase in scale of operations in near to medium term with stable operating and PAT margin. Moderate Financial Risk Profile The financial risk profile of the company is moderate marked by net-worth of Rs.51.79 Crore as on 31st March 2025 against Rs.49.46 Crore as on 31st March 2024. The increase in the net-worth is on an account of the accumulation of profits in reserves. The total debt of the company stood at Rs.61.87 Crore as on 31st March 2025 against Rs.56.13 Crore as on 31st March 2024. The gearing ratio of the company stood at 1.19 times as on 31st March 2025 against 1.13 times as on 31st March 2024. The interest coverage ratio and debt service coverage ratio of the company stood at 2.57 times and 1.23 times respectively as on 31st March 2025 against 2.09 times and 1.03 times respectively as on 31st March 2024. The TOL/TNW ratio of the company stood at 1.40 times as on 31st March 2025 against 1.34 times as on 31st March 2024. Acuite believes that financial risk profile of the company is expected to improve in near to medium term in the absence of any debt funded capex plan.

Weaknesses

Intensive Working capital Operations The working capital operations of the company are intensive, marked by GCA days which stood at 136 days as of 31st March 2025 against 162 days as on 31st March 2024. The GCA days improved on account of the inventory days, which stood at 44 days as of 31st March 2025 against 69 days as on 31st March 2024. Further, the debtor days of the company stood at 55 days as on 31st March 2025 against 63 days as on 31st March 2024 and the creditor days of the company stood at 11 days as on 31st March 2025 against 15 days as on 31st March 2024. Acuite believes that working capital operations of the company is likely to remain in the same range in near to medium term. ­Competitive and fragmented nature of industry SCFPL operates in intensively competitive industry where there is huge number of organized and unorganized players compete. The entry barriers are very low and any fluctuation in raw material price would limit the ability to pass on the price increase due to intense.

Rating Sensitivities

­Movement in operational performance of the company Movement in financial risk profile Movement in working capital operation

Liquidity Position

Adequate

The liquidity position of the company is adequate. The company has generated net cash accruals of Rs.5.64 Crore as on 31st March 2025 against the debt repayment obligations of Rs.3.81 Crore for the same period. Current ratio of the company stood at 2.55 times as on 31st March 2025 against 2.26 times as on 31st March 2024. The unencumbered cash and bank balance of the company stood at Rs.23.44 Crore as on 31st March 2025 against Rs.14.76 Crore as on 31st March 2025. The company is required to maintain high levels of cash and cash equivalents in its agro division, as payments to farmers are made on the same day. The average fund based bank limit utilization of the company stood at ~94.63% and non-fund based bank limit utilization is at 87.83% in last ten months ended December 2025. Acuite believes that liquidity profile of the company is expected to improve in near to medium term in the absence of any major repayment obligations as the company is not planning to take any additional debt in near to medium term.

Outlook: Stable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	236.70	181.57
PAT	Rs. Cr.	2.33	1.46
PAT Margin	(%)	0.99	0.81
Total Debt/Tangible Net Worth	Times	1.19	1.13
PBDIT/Interest	Times	2.57	2.09

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 10 Feb 2025 Bank Guarantee (BLR) Short Term 23.84 ACUITE A4+ (Reaffirmed) Cash Credit Long Term 23.63 ACUITE BB+ | Stable (Reaffirmed) Cash Credit Long Term 3.21 ACUITE BB+ | Stable (Reaffirmed) Term Loan Long Term 5.11 ACUITE BB+ | Stable (Reaffirmed) Covid Emergency Line. Long Term 2.60 ACUITE BB+ | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 0.79 ACUITE BB+ | Stable (Reaffirmed) 15 Dec 2023 Bank Guarantee (BLR) Short Term 18.30 ACUITE A4+ (Assigned) Cash Credit Long Term 23.63 ACUITE BB+ | Stable (Assigned) Cash Credit Long Term 3.21 ACUITE BB+ | Stable (Assigned) Term Loan Long Term 1.43 ACUITE BB+ | Stable (Assigned) Term Loan Long Term 6.13 ACUITE BB+ | Stable (Assigned) Covid Emergency Line. Long Term 2.73 ACUITE BB+ | Stable (Assigned) Covid Emergency Line. Long Term 3.75 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. 25.92 Simple ACUITE A4+ | Reaffirmed Punjab National Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 8.34 Simple ACUITE A4+ | Assigned Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 23.63 Simple ACUITE BB+ | Stable | Reaffirmed Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.21 Simple ACUITE BB+ | Stable | Reaffirmed Punjab National Bank Not avl. / Not appl. Covid Emergency Line. Not avl. / Not appl. Not avl. / Not appl. 30 Dec 2026 1.87 Simple ACUITE BB+ | Stable | Reaffirmed Punjab National Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 09 May 2031 4.55 Simple ACUITE BB+ | Stable | Reaffirmed

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Siddharth Garg 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.