Press Release

Press Release

April 07, 2026

VAST EXIM PRIVATE LIMITED
Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	38.00	ACUITE BBB- \| Stable \| Assigned	-
Total Outstanding	38.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has assigned its long-term rating to ‘ACUITE BBB-’ (read as ACUITE triple B minus) on the bank facilities of Rs.38 Cr. of Vast Exim Private limited. The outlook is ‘Stable'.

Rating Rationale

The rating takes into account benefits derived from experienced promoters that continues to support business stability. Despite modest profitability margins arising from the industry’s fragmented and highly competitive landscape, the company sustained stable physical export volumes in 11MFY2026. The ratings also consider the company's moderate financial risk profile, characterized by a small net worth, moderate gearing albeit comfortable debt protection metrics and adequate liquidity position backed by healthy net cash accruals. However, rating is constrained by moderately intensive working capital nature and risk associated with timely securing and execution of new orders, critical for maintaining revenue visibility and operational stability.

About the Company

Vast Exim Private Limited located in Kolkata , West Bengal has been incorporated in the year 2022 and is engaged in exporting and importing various agro based commodities. Mr. Sumanta Kumar Reja, Mr. Souvik Sahana, Mr. Palash Nandy and Mr. Partha Sarathi Nandy, directors of the company.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has taken a standalone view of the business and financial risk profile of Vast Exim Private limited(VEPL).

Key Rating Drivers

Strengths

Established Operating Track Record Backed by Experienced Promoters and Overseas Clientele:
VEPL, though incorporated in August 2022, benefits from the extensive industry experience of its promoters, who collectively possess around 40–45 years of expertise, in agro-commodities trading mainly rice. The company has established a presence across multiple export geographies including Kenya, Benin, Abidjan, Vietnam, Malaysia, Timor and Ukraine, reflecting its growing acceptance among overseas customers. Acuite believes that VEPL’s sustained dealings in non-basmati rice and animal feed (DDGS), supported by the promoters’ long-standing trade relationships and market knowledge, contribute to stable business visibility and customer stickiness.
Increased scale of operations With moderate margins
VEPL’s revenue increased to Rs.395.54 Cr. in FY2025 from Rs. 336.17 Cr. in FY2024 . The company has already achieved Rs 322 Cr. in 11MFY26 as against Rs. 355.57 Cr. in 11MFY25. The growth in FY2025 was largely driven by the removal of the rice export ban, which led to a sharp increase in export volumes and revenues. However, revenue momentum in FY2026 is expected to moderate due to a decline in per-tonne rice realizations, coupled with heightened geopolitical uncertainties. Further, DDGS exports have been adversely impacted as key markets, particularly Vietnam, have increasingly substituted Indian DDGS with lower-priced alternatives sourced from the United States, resulting in reduced revenues from that geography. The operating profit margin stood at 2.60 % in FY2025 as compared to 4.08 % in FY2024. This is mainly because of the rise in freight charges. Furthermore, the company reported PAT margin of 2.52 % in FY2025 as compared to 2.74% in FY2024. Acuité believes that the scale of operations would be almost at similar levels over the medium term and any impact on the same due to geopolitical issues would remain a key monitorable.
Moderate financial risk profile
The financial risk profile of the company is marked by increasing but small net worth, moderate gearing, high TOL/TNW but healthy debt protection metrics. The tangible net worth of the company increased to Rs 26.23 crore as on FY2025 from Rs 16.26 crore in FY2024, on account of accretion of profit in reserves. For FY2025, the gearing of the company decreased to 1.82 times in FY2025 from 2.71 times in FY2024. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) also increased to 4.53 times in FY2025 from 3.04 times in FY2024 on account of high creditors. The Debt to EBITDA stood at 3 times in FY2025 as against 3.16 times in FY2024. The Interest Coverage Ratio (ICR) stood at 6.72 times in FY2025 and Debt Service Coverage Ratio (DSCR) stood at 5.24 times in FY2025. Net cash accruals to total debt (NCA/TD) stood at 0.21 times in FY2025 from 0.22 times in FY2024.The financial risk profile of the company is expected to improve, in absence of any significant debt funded capex in the near term.

Weaknesses

Moderate Working Capital Management

VEPL’s operations exhibit moderate working capital cycle, as indicated by its gross current asset (GCA) days of 123 days in FY2025 compared to 61 days in FY2024. The GCA days is high primarily on account of high receivables and VEPL has also emanates from the other current assets, in which Rs 22.53 Cr. is Advance to supplier. The debtor period of the company also stood at 83 days in FY2025 as compared to 52 days in the FY2024. Due to Red Sea crisis, vessels were forced to reroute around Cape of Good Hope, this detour extended transit times from the usual 50-60 days to 75-100 days. The creditor period of the company stood at 58 days in FY2025. Acuité believes that the working capital operations of the company will remain at similar levels over the medium term on account of nature of business.

Presence in a fragmented and competitive nature of industry
The company operates in a trading-driven business model, marked by thin operating margin, volatility in commodity prices, and exposure to competitive pressure from big, organized players as well as the small unorganized players in the industry affecting its bargaining power with the customers, making its scalability and profitability inherently vulnerable to fluctuations. Also, the current geopolitical situation is expected to be a monitorable on the impact on the operating performance of the Company.

Rating Sensitivities

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

Revenue growth above Rs.450 Cr.
Sustenance of the financial risk profile.

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

EBITDA margin below 2 per cent
Intensive nature of working capital cycle

Liquidity Position

Adequate

The company has Adequate liquidity marked by net cash accruals of Rs. 10.04 Cr. in FY2025 as against nil debt obligations over the same period. The current ratio of the company stood at 1.29 times in FY2025. Additionally, the Company maintains an unencumbered cash and bank balance of Rs. 0.48 crore and has almost 96% utilization of its sanctioned bank limits over the last six months ending February 2026. Acuité believes that the Company’s liquidity profile will expected to remain at similar levels over the medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	395.54	336.17
PAT	Rs. Cr.	9.97	9.22
PAT Margin	(%)	2.52	2.74
Total Debt/Tangible Net Worth	Times	1.82	2.71
PBDIT/Interest	Times	6.72	11.27

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.

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
State Bank of India	Not avl. / Not appl.	PC/PCFC	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	38.00	Simple	ACUITE BBB- \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Prashant Dey
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.