Refex Industries Limited — Capital/Financing Update 2024

Jan 24, 2024

January 24, 2024

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	The BSE Ltd. 1stFloor, New Trading Wing, Rotunda Building Phiroze Jeejeebhoy Towers, Dalal Street, Fort Mumbai – 400001 Scrip Code: 532884	The National Stock Exchange of India Ltd. Exchange Plaza, 5thFloor, C – 1, Block G Bandra – Kurla Complex, Bandra (E) Mumbai – 400051 Symbol: REFEX

Dear Sir(s)/ Madam,

Subject: Intimation of Credit Rating under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”)

Pursuant to Regulation 30(6) read with Schedule III of SEBI Listing Regulations, we would like to inform that Acuité Ratings & Research Limited, a Credit Rating Agency registered with SEBI, vide its letter dated January 24, 2024 has reaffirmed/assigned the long term and short-term rating as under:

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	45.00	ACUITE BBB+	Stable
Bank Loan Ratings	50.00	ACUITE BBB+	Stable
Bank Loan Ratings	50.00	-	ACUITE A2
Total Outstanding Quantum (Rs. Cr)	145.00	-	-

The aforesaid information is also being placed on the website of the Company at www.refex.co.in.

Kindly take the same on record.

Thanking you.

Yours faithfully,

For Refex Industries Limited

GOWRI Digitally signed by GOWRI VALLABHAN VALLABH DIVYA Date: 2024.01.24 AN DIVYA 15:29:56 +05'30' G. Divya Company Secretary ACS-37320

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Rating Letter - Intimation of Rating Action

Letter Issued on: January 24, 2024 Letter Expires on: November 22, 2024 Annual Fee valid till: November 22, 2024

REFEX INDUSTRIES LIMITED 2ND FLOOR, NO.313, REFEX TOWERS, STERLING ROAD, VALLUVAR KOTTAM HIGH ROAD, NUNGAMBAKKAM Chennai 600034 TAMIL NADU

Scan this QR Code to verify authenticity of this rating

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Kind Attn.: Mr. SHUBHENDU PARHI, DGM CORPORATE (Tel. No.8655357434)

Sir / Madam,

Sub.: Rating(s) Assigned and Reaffirmed - Bank Loans of REFEX INDUSTRIES LIMITED

Please note that the current rating(s) and outlook, instrument details, and latest rating action for the aforementioned instrument are as under:

Product	Quantum	Long Term Rating	Short Term Rating
	(Rs. Cr)
Bank Loan Ratings	45.00	ACUITE BBB+	Stable
Bank Loan Ratings	50.00	ACUITE BBB+	Stable
Bank Loan Ratings	50.00	-	ACUITE A2
Total Outstanding Quantum (Rs. Cr)	145.00	-	-

Acuité reserves the right to revise the rating(s) , along with the outlook, at any time, on the basis of new information, or other circumstances which Acuité believes may have an impact on the rating(s). Such revisions, if any, would be appropriately disseminated by Acuité as required under prevailing SEBI guidelines and Acuité’s policies.

This letter will expire on November 22, 2024 or on the day when Acuité takes the next rating action, whichever is earlier. It may be noted that the rating(s) is subject to change anytime even before the expiry date of this letter. Hence lenders / investors are advised to visit https://www.acuite.in/ OR scan the QR code given above to confirm the current outstanding rating(s).

Acuité will re-issue this rating letter on November 23, 2024 subject to receipt of surveillance fee as applicable. If the rating(s) is reviewed before November 22, 2024 , Acuité will issue a new rating letter.

Please note that under extant SEBI regulations and as per the terms of the rating agreement, once a rating is accepted and outstanding, the issuer is required to promptly furnish the ‘No Default Statement’ on the first working day of every month.

Antony Jose Chief Rating Officer

Annexures: A. Details of the Rated Instrument

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Acuité Ratings & Research Limited SEBI Registered | RBI Accredited 708, Lodha Supremus, Lodha iThink Techno Campus, Kanjurmarg (East), Mumbai - 400042 | +919930708000 | www.acuite.in | CIN: U74999MH2005PLC155683

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Annexure A. Details of the rated instrument

Annexure A. Details of the rated instrument	Annexure A. Details of the rated instrument	Annexure A. Details of the rated instrument	Annexure A. Details of the rated instrument	Annexure A. Details of the rated instrument
Lender's Name	Facilities	Scale	Amt. (Rs. Cr)	Rating Assigned (Outlook)
HDFC Bank Ltd	Cash Credit	Long-term	25.00	ACUITE BBB+
HDFC Bank Ltd	Working Capital Demand Loan(WCDL)	Long-term	25.00	ACUITE BBB+
HDFC Bank Ltd	Letter of Credit	Short-term	50.00
HDFC Bank Ltd	Term Loan	Long-term	41.70	ACUITE BBB+
Not Applicable	Proposed Long Term Loan	Long-term	3.30	ACUITE BBB+
Total Facilities			145.00	-

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DISCLAIMER

An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy , sell or hold any security. Acuité ratings are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité , in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind arising from the use of its ratings.Acuité ratings are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité , Acuité ’s rating scale and its definitions. Any inadvertent omission or error in the rating letter which is discovered or brought to the notice of Acuite shall be rectified as soon as reasonably practicable not later than 48 hours of such discovery or notice. Such error or omission shall not render Acuite liable to any person for any kind of loss or damage including, but not limited to, any special, incidental, indirect or consequential damages caused by errors or omissions, provided such omission or error is rectified as soon as possible after discovery/notice.

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Acuité Ratings & Research Limited SEBI Registered | RBI Accredited 708, Lodha Supremus, Lodha iThink Techno Campus, Kanjurmarg (East), Mumbai - 400042 | +919930708000 | www.acuite.in | CIN: U74999MH2005PLC155683