Khadim India Limited — Regulatory Filings 2024

Jul 2, 2024

July 02,2024

The Manager The Department of Corporate Services BSE Limited P. J. Towers, Dalal Street, Mumbai - 400 001 Scrip Code - 540775

The Manager The Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 Symbol - KHADIM

Dear Sir / Madam,

Ref: Requlation 30 of the SEBI (Listinq Obliqations and Disclosure Requirements) Requlations. 2015 ('Listinq Requlations')

Sub: Credit Ratinq from CARE Ratinqs Limited on Bank Facilities

Pursuant to the provisions of Regulation 30 of the Listing Regulations, we would like to inform you that CARE Ratings Limited, vide its letter having No. CARE/KRO/RU2024-2511111 dated July 01,2024,has communicated its ratings with respect to Bank Facilities of the Company for an aggregate amount of < 171.74 Crore as under:

SI	Particulars of	Amount	Rating	Rating Action
No.	Bank Facilities	(t in Crore)
1	Long Term	140.24	CARE BBB (RWD)	Reaffirmed; Continues to be
		(Reduced from 155.24)		on Rating Watch with
2	Short Term	31.50	CARE A3+ (RWD)	Developing lmplications

A copy of the said Letter, as received from CARE Ratings Limited in this regard, is enclosed herewith,

Please take note of the same

Thanking you,

Yours truly,

For Khadim lndia Limited

\$<--q- r--

Abhijit Dan Company Secretary & Head - Legal Membership No.:A21358

4.1, A. frontofnce@khadims

above a ^E ,com 0ll-4009 0501 03t-4009 ⁰⁵⁰⁰ www.khadims.com

KHADIM INDIA LIMIED clN : Ller2e\ /B1eBrPLCo343]7

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No. CARE/KRO/RL/2024-25/1111

Shri Indrajit Chowdhury Chief Financial Officer Khadim India Limited

7th Floor, Tower C, DLF IT Park, 08 Major Arterial Road, 08 Major Arterial Road, Block-AF,New Town(Rajarhat) Kolkata West Bengal 700156

July 01, 2024

Confidential

Dear Sir,

Credit rating for bank facilities

On the basis of recent developments including operational and financial performance of your Company for FY24 (Abridged), our Rating Committee has reviewed the following ratings:

Facilities	Amount (₹ crore)	Rating1	Rating Action
Long Term Bank	140.24	CARE BBB	Continues to be on Rating Watch
Facilities	(Reduced from 155.24)	(RWD)	with Developing Implications
Short Term Bank	31.50	CARE A3+	Continues to be on Rating Watch
Facilities		(RWD)	with Developing Implications

1. Refer Annexure 1 for details of rated facilities.

2. The rationale for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly, a draft of which will be shared separately. We request you to peruse the document being shared separately and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by July 03, 2024, we will proceed on the basis that you have no any comments to offer.

3. CARE Ratings Ltd. reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year.

¹Complete definitions of the ratings assigned are available at www.careedge.in and in other CARE Ratings Ltd.'s publications.

CARE Ratings Limited

Unit No A / 7 / 4, 7th Floor, Block A, Apeejay House, 15 Park Street, Kolkata – 700 016

1. CARE Ratings Ltd. reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook, as a result of periodic review/surveillance, based on any event or information which in the opinion of CARE Ratings Ltd. warrants such an action. In the event of failure on the part of the entity to furnish such information, material or clarifications as may be required by CARE Ratings Ltd. so as to enable it to carry out continuous monitoring of the rating of the bank facilities, CARE Ratings Ltd. shall carry out the review on the basis of best available information throughout the life time of such bank facilities. In such cases the credit rating symbol shall be accompanied by "ISSUER NOT COOPERATING". CARE Ratings Ltd. shall also be entitled to publicize/disseminate all the aforementioned rating actions in any manner considered appropriate by it, without reference to you.

2. Our ratings do not take into account the sovereign risk, if any, attached to the foreign currency loans, and the ratings are applicable only to the rupee equivalent of these loans.

3. Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.

4. Users of this rating may kindly refer our website www.careedge.in for latest update on the outstanding rating.

5. CARE Ratings Ltd. ratings are not recommendations to sanction, renew, disburse or recall the concerned bank facilities.

If you need any clarification, you are welcome to approach us in this regard.

Thanking you,

Yours faithfully,

Vikash Kumar Rai Punit Singhania Assistant Director Associate Director vikashkumar.rai@careedge.in punit.singhania@careedge.in

CARE Ratings Limited

Unit No A / 7 / 4, 7th Floor, Block A, Apeejay House, 15 Park Street, Kolkata – 700 016

Disclaimer

The ratings issued by CARE Ratings Limited are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. These ratings do not convey suitability or price for the investor. The agency does not constitute an audit on the rated entity. CARE Ratings Limited has based its ratings/outlooks based on information obtained from reliable and credible sources. CARE Ratings Limited does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions and the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE Ratings Limited have paid a credit rating fee, based on the amount and type of bank facilities/instruments. CARE Ratings Limited or its subsidiaries/associates may also be involved with other commercial transactions with the entity. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE Ratings Limited is, inter-alia, based on the capital deployed by the partners/proprietor and the current financial strength of the firm. The rating/outlook may undergo a change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors. CARE Ratings Limited is not responsible for any errors and states that it has no financial liability whatsoever to the users of CARE Ratings Limited's rating.

Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.

CARE Ratings Limited

Unit No A / 7 / 4, 7th Floor, Block A, Apeejay House, 15 Park Street, Kolkata – 700 016

Annexure 1

Details of Rated Facilities

1. Long Term Facilities

1.A. Term Loans

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)	Remarks
1.	Union Bank of India	6.60	33 equal monthly instalments starting June 2023
2.	State Bank of India	4.67	48 equal monthly instalments starting from Apr-22 and ending Mar-26
3.	State Bank of India	3.50	48 equal monthly instalments starting from Aug-24 and ending July-28
4.	Axis Bank Ltd.	0.01	Fully repaid but NDC is not shared with CARE.
5.	Proposed	0.46	Proposed
	Total	15.24

1.B. Fund Based Limits

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)	Remarks
1.	State Bank of India	59.50	Cash Credit
2.	Union Bank of India	35.00	Cash Credit
3.	Central Bank of India	13.50	Cash Credit
4.	ICICI Bank Ltd.	13.00	Cash Credit
	Total	121.00

1.C. Fund Based Limits

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)	Remarks
1.	State Bank of India	4.00	SBLC
	Total	4.00

Total Long Term Facilities : Rs.140.24 crore

CARE Ratings Limited

Unit No A / 7 / 4, 7th Floor, Block A, Apeejay House, 15 Park Street, Kolkata – 700 016

2. Short Term Facilities

2.A. Non-Fund Based Limits

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)	Remarks
1.	State Bank of India	23.00	Letter of Credit
2.	ICICI Bank Ltd.	2.00	Letter of Credit
	Total	25.00

2.B. Non-Fund Based Limits

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)	Remarks
1.	State Bank of India	4.00	Bank Guarantee
2.	ICICI Bank Ltd.	2.00	Bank Guarantee
	Total	6.00

2.C. Non-Fund Based Limits

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)	Remarks
1.	State Bank of India	0.50	Derivative/ Forward Contract
	Total	0.50

Total Short Term Facilities : Rs.31.50 crore

Total Facilities (1.A+1.B+1.C+2.A+2.B+2.C) : Rs.171.74 crore

CARE Ratings Limited

Unit No A / 7 / 4, 7th Floor, Block A, Apeejay House, 15 Park Street, Kolkata – 700 016