Deepak Spinners Ltd. — Regulatory Filings 2023

May 30, 2023

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REF.NO/DSL/PA/2023

Dated 30.05.2023

To, BSE Limited, P. J. Towers, 25[th] Floor, Dalal Street, Mumbai – 400 001 SCRIP CODE – 514030

Subject: Intimation of Credit Ratings

Sirs,

Under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform that M/s. ICRA Limited has assigned the ratings to the following instruments of the Company (copy of the letter enclosed) –

Details of Bank Limits Rated by ICRA (Rated on long-term Scale)

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Amount
State Bank of India Rating Assigned On
(Rs. Crore)
Fund Based – Cash Credit 60.00
Fund Based – Term Loan 8.90 [ICRA]A- (Stable) May 25, 2023
Non-Fund Based – Bank Guarantee 3.00
Total 71.90
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Details of Bank Limits Rated by ICRA (Rated on short-term Scale)

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Amount
State Bank of India Rati Assigned On
(Rs. Crore)
ng
Fund Based – Standby Line of Credit 5.00
Fund Based – Export Packing Credit (Interchangeable)^
(15.00)
Fund Based – Bill Discounting (Interchangeable)^
(15.00)
Non-Fund Based – Letter of Credit 2.00 [ICRA]A2+ May 25, 2023
Non-Fund Based – Capex Letter of Credit
10.00
Non-Fund Based – Credit Exposure Limit
1.00
Total 18.00
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^Within the overall fund based working capital limit

Details of the bank limits rated by ICRA (Rated on both long term and short-term scales)

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Amount (Rs.
Rating Assigned On
Crore)
[ICRA]A- (Stable) / [ICRA]A2+
Unallocated Limit 2.20 May 25, 2023
Total 2.20
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For DEEPAK SPINNERS LIMITED

Puneeta Digitally signed by Puneeta Arora Arora Date: 2023.05.30 12:33:42 +05'30'

(Puneeta Arora)

Company Secretary Encl. : as above.

Registered Office & Works : Deepak Spinners Limited, 121, Industrial Area, Baddi, Tehsil Nalagarh, District Solan, Himachal Pradesh – 173 205. Phone : +91 1795 244011 / 16

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ICRA Limited

Ref: ICRA/Deepak Spinners Limited/29052023/1

Date: May 29, 2023

Mr. Yashwant Kumar Daga

Director Deepak Spinners Limited 16, Hare Street Kolkata - 700 001

Dear Sir,

Re: Surveillance of ICRA-assigned Credit Rating for Rs. 92.10-crore Bank Facilities (details as per Annexure) of Deepak Spinners Limited

Please refer to the Rating Agreement/Statement of Work dated January 24, 2022 executed between ICRA Limited (“ICRA”) and your Company, whereby, ICRA is required to review its rating(s), on an annual basis, or as and when the circumstances so warrant. Based on a review of the latest developments, the Rating Committee of ICRA, after due consideration has reaffirmed the long-term rating of [ICRA]A- (pronounced ICRA A minus) (“Rating”). The Rating Committee of ICRA, after due consideration has also reaffirmed the short-term rating of [ICRA]A2+ (pronounced ICRA A two plus). The outlook on the long-term rating is Stable . For Rating definition(s), please refer to ICRA website at www.icra.in.

In any of your publicity material or other document wherever you are using the above Rating(s), it should be stated as [ICRA]A- (Stable) / [ICRA]A2+ .

The aforesaid Rating(s) will be due for surveillance any time before May 24, 2024 . However, ICRA reserves the right to review and/or, revise the above Rating(s) at any time on the basis of new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the Rating(s). Therefore, request the lenders and Investors to visit ICRA website at www.icra.in for latest Rating(s) of the Company.

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

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 rated Bank Facilities availed/issued by your company.

Building No. 8, 2[nd] Floor, Tower A DLF Cyber City, Phase II Gurugram – 122002, Haryana

Tel.: +91.124 .4545300 CIN : L749999DL1991PLC042749

Website: www.icra.in Email: info@icraindia.com Helpdesk: +91 9354738909

Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. :+91.11.23357940-41

R A T I N G ● R E S E A R C H ● I N F O R M A T I O N

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You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of the 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 of the company including any proposal for re-schedulement or postponement of the repayment programmes of the dues/ debts of the company with any lender(s) / investor(s). Further, you are requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority(ies) is exceeded.

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

With kind regards, Yours sincerely, For ICRA Limited SUJOY SAHA 2023.05.29 18:09:35 +05'30' Sujoy Saha Vice President sujoy.saha@icraindia.com

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Annexure

Instrument Details

Deepak Spinners Limited

Details of Bank Limits Rated by ICRA (Rated on long-term Scale)

State Bank of India	Amount (Rs. Crore)	Rating	Assigned On
FundBased–CashCredit	60.00	[ICRA]A- (Stable)	May 25, 2023
Fund Based–Term Loan	8.90
Non-Fund Based–Bank Guarantee	3.00
**Total **	71.90

Details of Bank Limits Rated by ICRA (Rated on short-term Scale)

State Bank of India	Amount (Rs. Crore)	Rating	Assigned On
FundBased–StandbyLine ofCredit	5.00	[ICRA]A2+	May 25, 2023
Fund Based – Export Packing Credit (Interchangeable)^	(15.00)
Fund Based – Bill Discounting (Interchangeable)^	(15.00)
Non-Fund Based–Letter of Credit	2.00
Non-Fund Based – Capex Letter of Credit	10.00
Non-Fund Based – Credit Exposure Limit	1.00
**Total **	18.00

^Within the overall fund based working capital limit

Details of the bank limits rated by ICRA (Rated on both long term and short-term scales)

	Amount (Rs. Crore)	Rating	Assigned On
Unallocated Limit	2.20	[ICRA]A- (Stable) / [ICRA]A2+	May 25, 2023
**Total **	2.20