Press Release November 22, 2024 VIJAYA POLYMERS INDIA PRIVATE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	13.00	Not Applicable | Withdrawn	-
Bank Loan Ratings	19.00	-	Not Applicable | Withdrawn
Total Outstanding	0.00	-	-
Total Withdrawn	32.00	-	-

Rating Rationale

­Acuite has withdrawn its long-term and short-term rating on Rs.32 Cr. bank facilities of Vijaya Polymers India Private Limited 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 The rating is being withdrawn on account of request received from the Company and No Dues Certificate received from the banker.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

­Hyderabad based Vijaya Polymers India Private Limited was incorporated in September, 2015 as a private limited company by Ms. M.V. Sunitha Reddy and Ms. G. Vijaya Lakshmi. The company is engaged in the manufacturing of pipes mainly used for irrigation and drinking water purposes. The commercial operations of the company started in the month of August, 2016. It manufactures HDPE pipes which are available in coil form and straight lengths. The key raw material required is HDPE granules procured from IOCL in the domestic market and from Borouge and SABIC from UAE. The installed capacity is 960 tons per month utilised to the tune of 80 per cent. The company earns 30 per cent of its revenue from government clients and the rest is earned from private clients.

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

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 23 (Actual)	FY 22 (Actual)
Operating Income	Rs. Cr.	73.16	111.96
PAT	Rs. Cr.	1.16	1.97
PAT Margin	(%)	1.59	1.76
Total Debt/Tangible Net Worth	Times	2.05	1.52
PBDIT/Interest	Times	1.96	2.37

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 23 Jul 2024 Letter of Credit Short Term 16.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Bank Guarantee (BLR) Short Term 3.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 10.00 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE B+) Term Loan Long Term 3.00 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE B+) 27 Apr 2023 Letter of Credit Short Term 16.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Bank Guarantee (BLR) Short Term 3.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 10.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 3.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*) 01 Feb 2022 Letter of Credit Short Term 16.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Bank Guarantee (BLR) Short Term 3.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 10.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 3.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)

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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 Union Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple Not Applicable|Withdrawn Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple Not Applicable|Withdrawn Union Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 16.00 Simple Not Applicable|Withdrawn Union Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple Not Applicable|Withdrawn

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Contacts

Mohit Jain Senior Vice President - Rating Operations Sahil Sawant 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.