BSL Ltd. — Capital/Financing Update 2024

May 10, 2024

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PROUD TO BE INOfAN • PRIVILEGED TO BE GLOBAL

- BSL Ltd.

REGO. OFFICE: Post Box No. 16-17 Mandpam, Bhilwara - 311001 (Rajasthan) INDIA Tel. : (91-1482) 245000 E-mail: accounts@bslsuitings.com, Website : www.bslltd.com CIN: L24302RJ1970PLC002266

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www.bslltd.com

REF: BSL/CS/2024-25 pated: I 0[th ] May, 2024

The Manager- Listing Departmeut, The General Manager- Listing Department The National Stock Exchange oflndia Ltd . BSE Limited Exchange Plaza, NSE Building Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra East, • . Mumbai- 400 00 I Mumbai-400 051 Fax: 022-22723121 Fax: 022-26598237,022-26598238 . NSE Svmbol: BSL . BSE Scrip Code: 514045

Sub: Review oflndia Ratings & Research for the Long Term Credit Facilitv

Dear Sir/Ma'an1,

• the·C�mpany. • Pursuant to the Regulation 30 of SEBI (Listing Obligatioi1s and Disclosure Requirements), Regulations, 2015, we wish to inform you that the India Ratings & Research has given the Long Term Credit Rating of

Term Loans.

: IND BBB-/Stable._ The Ol;ltlook is stable,

Fund .Bas�d Working Capital· : IND BBB-/Stable/INDA3. The Outlook is stable.

Non-Fu.nd Based Working Capital : JND A3.The Outlook is stable.

You are requested to take the same on ·record.

Thanking you,

Yours faithfully,

For BSL Limited

Shubham Digitally signed by Shubham Jain Jain Date: 2024.05.10 19:30:35 +05'30'

Sbubham Jain Company Se�retary M. No.: ACS-49973

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Shri Nivedan Churiwal Managing Director BSL limited 26, Industrial Area, Gandhi Nagar, Bhilwara-311001, Rajasthan.

May 09, 2024

Dear Sir/Madam,

Re: Rating Letter for BLR of BSL limited

India Ratings and Research (Ind-Ra) has taken the following rating actions on BSL Limited’s debt instruments:

Instrument Type	Maturity Date	Size of Issue (million)	Rating assigned along with Outlook/Watch	Rating Action
Term loan	FY32	INR1,708.2 (reduced from INR1,778.4)	IND BBB-/Stable	Affirmed
Fund-based working capital facilities	-	INR1,800	IND BBB-/Stable/IND A3	Affirmed
Fund-based working capital facilities	-	INR600	IND BBB-/Stable/IND A3	Assigned
Non-fund-based working capital facilities	-	INR624	IND A3	Affirmed
Non-fund-based working capital facilities	-	INR350	IND A3	Assigned

In issuing and maintaining its ratings, India Ratings relies on factual information it receives from issuers and underwriters and from other sources India Ratings believes to be credible. India Ratings conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security.

The manner of India Ratings factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in India where the rated security is offered and sold, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of preexisting third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third-party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors.

Users of India Ratings ratings should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information India Ratings relies on in connection with a rating will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to India Ratings and to the market in offering documents

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and other reports. In issuing its ratings India Ratings must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed.

India Ratings seeks to continuously improve its ratings criteria and methodologies, and periodically updates the descriptions on its website of its criteria and methodologies for securities of a given type. The criteria and methodology used to determine a rating action are those in effect at the time the rating action is taken, which for public ratings is the date of the related rating action commentary. Each rating action commentary provides information about the criteria and methodology used to arrive at the stated rating, which may differ from the general criteria and methodology for the applicable security type posted on the website at a given time. For this reason, you should always consult the applicable rating action commentary for the most accurate information on the basis of any given public rating.

Ratings are based on established criteria and methodologies that India Ratings is continuously evaluating and updating. Therefore, ratings are the collective work product of India Ratings and no individual, or group of individuals, is solely responsible for a rating. All India Ratings reports have shared authorship. Individuals identified in an India Ratings report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only.

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer. Ratings do not comment on the adequacy of market price, the suitability of any investment, loan or security for a particular investor (including without limitation, any accounting and/or regulatory treatment), or the tax-exempt nature or taxability of payments made in respect of any investment, loan or security. India Ratings is not your advisor, nor is India Ratings providing to you or any other party any financial advice, or any legal, auditing, accounting, appraisal, valuation or actuarial services. A rating should not be viewed as a replacement for such advice or services. Investors may find India Ratings ratings to be important information, and India Ratings notes that you are responsible for communicating the contents of this letter, and any changes with respect to the rating, to investors.

It will be important that you promptly provide us with all information that may be material to the ratings so that our ratings continue to be appropriate. Ratings may be raised, lowered, withdrawn, or placed on Rating Watch due to changes in, additions to, accuracy of or the inadequacy of information or for any other reason India Ratings deems sufficient.

Nothing in this letter is intended to or should be construed as creating a fiduciary relationship between India Ratings and you or between India Ratings and any user of the ratings.

In this letter, “India Ratings” means India Ratings & Research Pvt. Ltd. and any successor in interest.

We are pleased to have had the opportunity to be of service to you. If we can be of further assistance, please email us at infogrp@indiaratings.co.in

Sincerely,

India Ratings

Abhishek Bhattacharya Senior Director

BSLlimited

09-May-2024

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Annexure: Facilities Breakup

Instrument Description	Banks Name	Ratings	Outstanding/Rated Amount(INR million)
Fund Based Working Capital Limit	State Bank of India	IND BBB-/Stable/IND A3	850.00
Fund Based Working Capital Limit	Punjab National Bank	IND BBB-/Stable/IND A3	530.00
Fund Based Working Capital Limit	IDBI Bank	IND BBB-/Stable/IND A3	270.00
Fund Based Working Capital Limit	Bank of Maharashtra	IND BBB-/Stable/IND A3	250.00
Non-Fund Based Working Capital Limit	State Bank of India	IND A3	249.00
Non-Fund Based Working Capital Limit	Punjab National Bank	IND A3	486.00
Non-Fund Based Working Capital Limit	IDBI Bank	IND A3	125.00
Term Loan	State Bank of India	IND BBB-/Stable	80.10
Term Loan	Indian Bank	IND BBB-/Stable	922.50
Term Loan	IDBI Bank	IND BBB-/Stable	23.40
Term Loan	Punjab National Bank	IND BBB-/Stable	43.80
Term Loan	EXIM Bank	IND BBB-/Stable	121.40
Term Loan	Bank of Maharashtra	IND BBB-/Stable	450.00
Term Loan	Canara Bank	IND BBB-/Stable	67.00
Fund Based Working Capital Limit	Bank of Baroda	IND BBB-/Stable/IND A3	300.00
Fund Based Working Capital Limit	Indian Bank	IND BBB-/Stable/IND A3	200.00
Non-Fund Based Working Capital Limit	Bank of Baroda	IND A3	64.00
Non-Fund Based Working Capital Limit	Indian Bank	IND A3	50.00

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BSLlimited

09-May-2024