Ref: BSL/SEC/21

BSE Limited Listing Deptt. Floor 25, P.J. Towers Dalal Street MUMBAI-400001

1st March, 2021

National Stock Exchange of India Ltd. Listing Department Exchange Plaza Bandra-Kurla Complex Bandra (East), MUMBAI - 400 051

Scrip Code: 503722

Symbol" BANSWRAS"

Sub: - ICRA credit Rating for Bank facilities of Banswara Syntex Ltd. (b). ICRA Rating on the Rs.30 Crores Fixed Deposits Programme of Banswara Syntex Ltd.

Dear Sir,

Pursuant to Regulation 30 read with Para A of Part A of schedule III to Securities and Exchange Board of India (Listing obligation and Disclosure Requirements) Regulations, 2015, this is to inform that the ICRA-assigns Credit Rating in respect to the total Bank Loan facilities of the Company as under:-

Total Bank Loan Facilities Rated	Rs.670 Crore
Long-Term Rating	ICRA BBB (Positive)
Short-Term Rating	ICRA A3

And this is also to inform that ICRA credit Rating its "MB+ (Positive)" on Rs.30 crores for Fixed Deposits of the Company.

Copy of the Ratings given by ICRA is enclosed herewith.

This is for your information please.

Thanking you,

Yours Faithfully For BANSWARA SYNTEX LIMITED I SWARA (H P KHARWAL) & COMPLIANCE OFFICER COMPANY SECRETARY Encl.: as above

BANSWARA SYNTEX LIMITED CORPORATE OFFICE 5th Floor, Gopal Bhawan, 199, Princess Street, Mumbai - 400 002 Tel: +91 22 66336571-76 | Fax: +91 22 2206 4486 Email: [email protected]

REGISTERED OFFICE & MILLS Industrial Area, Dahod Road, Banswara - 327 001 (Rajasthan) Tel: +91 2962 240690 - 93, 257676 - 81 Email: [email protected]

An IS / ISO 9001: 2008 Company | CIN: L24302RJ1976PLC001684 | www.banswarasyntex.com

I I~A r.: it d

Ref: MUM/20-21/3302

Date: February 26, 2021

Mr. Shankar Lal Agarwral Vice President - Finance and Accounts Banswara Syrucx Limited lndustrial Area. Dahod Road. Banswarn - 32700 I Rajasthan

Dear Sir,

Re: Surveillance of ICRA ,assigned Credit Rating for Rs. 670 crorc Bank Facilities of Bans1vara Syutcx Limited

Please refer to the Rating Agreement elated June 19,2019 executed between ICRA Limited C'ICRA") and your company, whereby, {eRA is required to review its ratings, on an annual basis, or as and when the circumstances so warrant. Based on a review ofthe latest developments, the Rating Committee of ICRA, after due consideration has retained the long-term rating at [ICRA]1313B- (pronounced IeRA triple B minus) ("Rating"). 'The Rating Committee of lCRA, after due consideration has also retained the short-term rating at PCRA]A3 (pronounced lCRA A three) ("Rating"). The outlook ⁰¹¹ the longterm rating has been revised to Positive from Stable. Instruments with PCRA]B13B- rating indicate a moderate degree of safety.

The aforesaid ratings will be due for surveillance anytime before August 22, 2021.

In any of your publicity material or other document wherever you are using the above rating, it should be stated as [ICRA]131313-(Positive)/[ICRA]A3.

The Ratings are specific to the terms and conditions of the LOC as indicated to us by you, and any change in the terms or size of the same would require a review ofthe Ratings by us. In case there is any change in the terms and conditions or the size ofthe rated L.OC, the same must be brought to our notice before the LOC is used by you, In the event such changes occur after the Ratings have been assigned by us and their usc has been confirmed by you, the Ratings would be subject to our review, following which there could be a change in the Ratings previously assigned. Notwithstanding the foregoing, any change in the over-all limit of the I,()C hom that specified in the firs! paragraph of this leiter would constitute an enhancement that would not be covered by or under the said Rating Agrecmcnt.

lC'RA reserves the right to review and/or, revise the above Ratings at any time on the basis of new illformation bccom ing availablc, or the required informal ion not being availab!c, or other circumstances that ICI{A believes could have all impact on the Ratings assigned.

ICRA lCRA Limit d

'1'11(' Rating(s) assigned must be understood solely as an opinion and should not be treated, or cause 10 be treated, as recommendation to buy, sc!l, or hold the rated [lnsrrumcnt] availed/issued by your company.

You arc also requested to forthwith inform us about any default or delay in repayment of interest or principal amount ofthe instrument rated, as above" or any other debt instruments/ borrowing and keep us informed ofany other developments which may have a direct or indirect Impact onthe debt servicing capability of the company including any proposal for rc-schedulcmenr or postponement of the repayment programmes ofthe dues! debts ofthe company with any lcnderts) / invcstous]. Further. you arc requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority is exceeded.

We look forward to your communication and assure you ofour best services.

With kind regards,

Yours sincerely,

For ICRA Limited

JAYANTA ROY 2021.02.2617:01 :36 ·105'30'

Mr. Jayanta Roy Senior Vice President

ICRA

ICRA Limited

Annexure

Details of Bank Limits Rated by (Rated on Long-Term) ICRA [Scale]	Amount (Rs. crore)	Rating	Rating Assigned on
Term Loans
IDBI	24.71	[ICRA]BBB-(Positive)
EEXIM	16.43	[ICRA]BBB-(Positive)
Punjab National Bank	6.13	[ICRA]BBB-(Positive)	February 22, 2021
Union Bank of India	54.09	[ICRA]BBB-(Positive)
Bank of Baroda	25.74	[ICRA]BBB-(Positive)
Sub-total	127.10
Export/Domestic Credit Facility
Punjab National Bank	216.00	[ICRA]BBB-(Positive)	February 22, 2021
Union Bank of India	72.00	[ICRA]BBB-(Positive)
Bank of Baroda	36.00	[ICRA]BBB-(Positive)
Bank of India	36.00	[ICRA]BBB-(Positive)
Sub-total	360.00
Total	487.10

Details of Bank Limits Rated by ICRA (Rated on Short-Term) Scale)	Amount (Rs. crore)	Rating	Rating Assigned on
Non-Fund Based Limits
Punjab National Bank	46 RO	[ICRA]A3
Union Bank of India	15.60.	[ICRA]A3
Bank of Baroda	7 80	[ICRA]A3	February 22, 2021
Bank of India	7 80	[ICRA]A3

Fotal	78 AA

Details of Bank Limits Rated by ICRA (Rated on Long-Term Short-Term Scale)	Amount (Rs. crore)	Rating	Rating Assigned on
Unallocated Limits	104.90	$\left[\frac{[ICRA]BBB-(Positive)}{[ICRA]A3}\right]$	February 22, 2021
Total	104 90

I A Limit d

Ref: MUM/20-2l/3303

Dale: February 26, 2021

!\1r. Shankar La! Agarwa! Vice President Finance and Accounts Banswara Synrcx Limited Industrial Area, Dahod Road, Banswara - 32700 j Rajasthan

nCH!" Sir,

Rc: ieRA - assigned Credit Rating for Rs. 30.00 crorcs Fixed Deposit Programme of Banswara Syutex Limited as per Annexure

Please refer to the Rating Agreement dated June 19, 20J9 executed bctwccn lCkA Limited C'JCRA") and your company, whereby, lCRA is required to review its ratings, on an annual basis, or as and when the circumstances so warrant, Based ⁰¹¹ a review ofthe latest developments, the Rating Committee of IeRA, after due consideration has retained the medium-term rating at [!CRA]iv1I3+ (pronounced lCRA M B plus) (rRating"). The outlook on the medium-term rating has been revised to Positive from Stable.

'rile aforesaid ratings will be due for surveillance anytime before August 22, 2021.

In any of your publicity material or other document wherever you arc using the above rating, it should be stated as [ICRA]MB+(Posilive).

The Ratings arc specific to the terms and conditions of the fixed deposit as indicated to us by you, and any change in the terms or size of the same would require a review of the Ratings by us. In case there is any change in the terms and conditions or the size ofthe rated fixed deposit, the same must be brought to our notice before the instrument is used by you. In the event such changes occur after the Ratings have been assigned by us and their use has been confirmed by you, the Ratings would be subject to our review, following which there could be a change in the Ratings previously assigned. Notwithstanding the foregoing, any change in the over-all limit of the rated instrument from that specified in the first paragraph ofthis letter would constitute an enhancement that would not be covered by or under the said Rating Agreement.

lCRA reserves the right to review and/or, revise the above Ratings at any time on the basis of new information becoming available, or the required information not being available, or other circumstances that lCRA believes could have an impact 011 the Ratings assigned.

The Rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the ratcd [Instrument] availed/issued by your company.

] I~A 10J ired

You arc also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of tile instrument rated, as above, or any other debt instruments! borrowing and keep us informed of any other developments which may have a direct or indirect impact on the debt servicing capability or the company including any proposal for rc-schcdulcmcnt or postponement of the repayment programmes ofthe dues/ debts ofthe company witl: any Icndcr(s) / invcstor(s). Further, you arc requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory aLJIJ~orjly is exceeded.

We look forward to your communication and assure you of our best services.

With kind regards,

Yours sincerely,

For ICRA Limited

JAYANTA ROY 2021.02.26 18:44:07 +05'30'

Mr. Jayanra Roy Senior Vice President

$\sim 10^7$

$\mathcal{F}_{\mathcal{A}}$

ICRA Limited

$\mathcal{L}^{\text{max}}{\text{max}}$ , where $\mathcal{L}^{\text{max}}{\text{max}}$

Annexure

$\tilde{\mathbf{r}}$

Details of Limits Rated by ICRA [(Rated on Medium Term Scale)	Amount (Rs. crore)	Rating	Rating Assigned on
Fixed deposit programme	30 OO	[ICRA]MB+(Positive).	February 22, 2021
Total	30.00

$\sim$

AI assistant

Banswara Syntex Ltd. Capital/Financing Update 2021