Press Release September 24, 2024 VAISHALI EXPORTS Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	2.99	Not Applicable | Withdrawn	-
Bank Loan Ratings	27.01	-	Not Applicable | Withdrawn
Total Outstanding	0.00	-	-
Total Withdrawn	30.00	-	-

Rating Rationale

­Acuite has withdrawn its long-term and short-term rating on the Rs.30 Cr. bank facilities of Vaishali Exports without assigning any rating as the instrument is fully repaid. The rating withdrawal is in accordance with Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the Company and No Dues Certificate received from the banker.

About the Company

­Vaishali Exports is a Mumbai based partnership firm established in the year 1986 by Mr. Kishore K. Khimavat as a proprietorship concern; however, later in the year 2004, the constitution of the firm was changed to partnership. The partners of the firm are Mr. Rajan K. Khimavat, Mrs. Basanti K. Khimavat and Mrs. Nisha R. Khimavat. It is engaged in trading of cut and polished diamonds. It caters primarily to export market. It majorly exports to countries like UAE and Thailand.

Unsupported Rating

­Not Applicable

Analytical Approach

­Not Applicable

Key Rating Drivers

Strengths

­Not Applicable

Weaknesses

­Not Applicable

Rating Sensitivities

­Not Applicable

Liquidity Position

­Not Applicable

Outlook: Not Applicable

­

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	121.84	144.72
PAT	Rs. Cr.	0.78	1.33
PAT Margin	(%)	0.64	0.92
Total Debt/Tangible Net Worth	Times	0.70	0.82
PBDIT/Interest	Times	1.82	2.25

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 05 Oct 2023 Term Loan Long Term 1.50 ACUITE BB- | Stable (Reaffirmed) Term Loan Long Term 1.49 ACUITE BB- | Stable (Reaffirmed) Bills Discounting Short Term 25.00 ACUITE A4 (Reaffirmed) Proposed Short Term Bank Facility Short Term 2.01 ACUITE A4 (Reaffirmed) 19 Jul 2022 Term Loan Long Term 2.98 ACUITE BB- | Stable (Reaffirmed) Bills Discounting Short Term 16.00 ACUITE A4 (Reaffirmed) Proposed Short Term Bank Facility Short Term 11.02 ACUITE A4 (Reaffirmed) 28 May 2021 Term Loan Long Term 2.98 ACUITE BB- | Stable (Assigned) Proposed Short Term Bank Facility Short Term 11.02 ACUITE A4 (Assigned) Bills Discounting Short Term 16.00 ACUITE A4 (Reaffirmed)

­

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Karur Vysya Bank Not avl. / Not appl. Bills Discounting Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple Not Applicable|Withdrawn Not Applicable Not avl. / Not appl. Proposed Short Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.01 Simple Not Applicable|Withdrawn Karur Vysya Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 16 May 2024 1.49 Simple Not Applicable|Withdrawn Karur Vysya Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 16 May 2024 1.50 Simple Not Applicable|Withdrawn

­

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Anuja Bele Associate Analyst - Rating Operations Tel: 022-49294065 anuja.bele@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in Tel: 022-49294011 rating.desk@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.