Maheshwari Logistics Limited — Capital/Financing Update 2021

Nov 30, 2021

Annexure - I

25Nov2021

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BWR/BLR/HO/CRC/VS/6089/2021-22

Mr. Pradeep Dad Chief Financial Officer Maheshwari Logistics Limited

239, Panchratna Complex, Char Raasta, Vapi Industrial Estate, ,Vapi,396195,Gujarat

Dear Sir,

Sub: Review of Ratings of Bank Loan Facilities of Maheshwari Logistics Limited aggregating Rs.133.33 Crs. (Rupees One Hundred Thirty-Three Crores and Thirty-Three lakhs Only).

Ref: BWR rating letter BWR/BLR/HO/CRC/VS/2510/2021-22 dated 09Jul2021

On Review of Maheshwari Logistics Limited performance based on the information and clarifications provided by you, and as available in public sources, we are pleased to inform you that the ratings of Maheshwari Logistics Limited Bank Loan Facilities amounting to Rs.133.33Crs., have been revised/reaffirmed as follows:

Facilities**	Amount (Rs.Crs.)	Amount (Rs.Crs.)			Rating#
	Previous	Present	Tenure	Previous(12Jul 2021)	Present
Fund Based
Cash Credit**-SanctionedStand by Line of Credit-SanctionedEmergency Credit Line GuaranteeScheme (ECLGS)-SanctionedCECL-SanctionedGECL-SanctionedSub-Limit (WCDL)-**Sanctioned	52.0003.0004.0003.1310.00(02.00)	52.0003.0004.0003.1310.00(02.00)	LongTerm	BWR A-/NegativeReaffirmation	BWR A -/Negative to StableReaffirmation and change inOutlook
Sub Total	72.13	72.13

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Facilities**	Amount (Rs.Crs.)	Amount (Rs.Crs.)			Rating#
	Previous	Present	Tenure	Previous(12Jul 2021)	Present
Non-Fund Based
Letter of Credit**-SanctionedCredit Exposure Limit (CEL)-SanctionedSub-Limit (SLC-NFB Within SOL)-SanctionedSub-Limit (Bank Guarantee)-**Sanctioned	58.0003.20(03.00)(03.00)	58.0003.20(03.00)(03.00)	ShortTerm	BWR A2+Reaffirmation	BWR A2 +Reaffirmation
Sub Total	61.20	61.20
Grand Total	133.33	133.33	(Rupees One Hundred Thirty Three Crores andThirty Three lakhs Only)

#Please refer to BWR website www.brickworkratings.com for definition of the ratings assigned

**Bank Loan facility details are furnished in Annexure-I

The Ratings are valid for twelve months from the date of BWR rating letter BWR/BLR/HO/CRC/VS/2510/2021-22 dated 09Jul2021 subject to terms and conditions that were agreed in your mandate dated 09 Jul 2022 and other correspondence, if any, and Brickwork Ratings' standard disclaimer pronounced at the end of this letter.

The rated Bank Loan facilities would be under surveillance / review during the said period. You are required to submit information periodically as per Annexure - II for the purpose of surveillance / review. You are also required to keep us informed of any information / development that may affect your entity's finances / performance without any delay. You are also requested to submit No Default Statement on monthly basis.

Best Regards,

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Vidya Shankar Principal Director - Ratings

Note: Rating Rationale of all accepted Ratings are published on Brickwork Ratings website. All non-accepted ratings are also published on Brickwork Ratings website. Interested persons are well advised to refer to our website www.brickworkratings.com ,If they are unable to view the rationale, they are requested to inform us on brickworkhelp@brickworkratings.com.

DISCLAIMER

Brickwork Ratings India Pvt. Ltd. (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by the Reserve Bank of India [RBI], offers credit ratings of Bank Loan facilities, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgagebacked securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. [ hereafter referred to as "Instruments"]. BWR also rates NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations.

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with the company/entity. BWR and its affiliates do not act as a fiduciary.

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Maheshwari Logistics Limited Annexure-I

Details of Bank Loan Facilities Rated by BWR

Name of the Bank	Facilities	Tenure	Amount(Rs.Crs.)
Axis Bank Ltd.	Cash Credit**-SanctionedSub-Limit (WCDL)-**Sanctioned	LongTerm	5.00(2.00)
	Letter of Credit**-**Sanctioned	ShortTerm	20.00
	Credit Exposure Limit (CEL)**-**Sanctioned	ShortTerm	2.50
	Emergency Credit Line Guarantee Scheme (ECLGS)-Sanctioned	LongTerm	4.00
State Bank Of India(SBI)	CECL**-**Sanctioned	LongTerm	3.13
	GECL**-**Sanctioned	LongTerm	10.00

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	Name of the Bank	Facilities	Tenure	Amount(Rs.Crs.)
		Credit Exposure Limit (CEL)**-**Sanctioned	ShortTerm	0.70
		Stand by Line of Credit**-SanctionedSub-Limit (SLC-NFB Within SOL)-**Sanctioned	LongTerm	3.00(3.00)
		Letter of Credit**-SanctionedSub-Limit (Bank Guarantee)-**Sanctioned	ShortTerm	38.00(3.00)
		Cash Credit**-**Sanctioned	LongTerm	47.00
	TOTAL (Rupees One Hundred Thirty Three Crores and Thirty Three lakhs Only)			133.33

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