Rushil Decor Limited — Capital/Financing Update 2019

May 15, 2019

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RUiHIL DECOR LIMITED

Corporate Office: Regd. Office: Rushil House S. No. 125, Near Kalyanpura Patia, Village ITLA, Near Nee\kanth Green Bungalow, Gandhinagar-Mansa Road, Ta. Kaloi, Off Sindhu Bhavan Road, Shilaj, Dist. Gandhinagar-382845, Gujarat, INDIA. Ahmedabad-380058, Gujarat, INDIA CIN: L25209GJ1993PLC019532

C, +91-79-61400400 Q +91-79-61400401 Q www.virlaminate.com

RDL/011/2019-20 Date: 15.05.2019

To, National Stock Exchange of India Ltd. Exchange Plaza, Sandra - Kurla Complex, Sandra (E), Mumbai - 400 051

To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001

Dear Sir / Madam,

ISIN: INE573K01017 NSE EQUITY SYMBOL: RUSHIL BSE SCRIPT CODE: 533470

Sub.: Downgrading in Credit Rating for Bank Facilities

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015, we would like to inform your good office that India Ratings and Research Private Limited (India Ratings) has downgraded Company's Long-Term Issuer Rating to 'IND BBB' fom 'IND A-'. The Outlook is Negative. The instrument-wise rating actions are given below:

	Instrument	Type of	Existing	Downgraded
	Type	Bank	Rating/ Outlook	Rating/ Outlook
		Facilities
	Term loan	Lon -term	IND A- Ne ative	IND BBB Ne ative
	Fund-based	Long-term	IND A-/Negative	IND BBB/Negative
	working capital
	limits
	Non-fund­	Short­	IND A2+	IND A3+
	based working	term
	ca ital limits
	External	Long-term	IND A-/Negative	IND BBB/Negative
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RU\HIL DECOR LIMITED

Cor[p] orate Office: Regd. Office: Rushil House Near Neelkanth Green Bungalow, Off Sindhu Bhavan Road, Shi\aj, Ahmedabad-380058, Gu[j] arat. INDIA.

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S. No. 125, Near Ka\yanpura Patia, Village ITLA, Gandhinagar-Mansa Road, Ta. Ka\o, Dist Gandhinagar-382845. Gujarat. INDIA. CIN: L25209GJ1993PLC019532

8 +91-79-61400400[C) ] +91-79-61400401[() ] www.virlaminate.com

Some of the Reasons which considered by credit rating agency for downgraded credit rating are as follow:

1. Any significant time and/ or cost overruns in the on-going project

2. Delay or inability to make funding arrangements and/or raw material supply tie-up for the ongoing capex

3. Lower-than-expected EBITDA margins, leading to the net leverage remaining over 3. Sx on a sustained basis

4. Continuous oversupply of MDF in the industry

The details are also put up by the Rating Agency on its website on link: https: / /w.indiaratings.co.in/Issuers?search= l&issuerID=6368&issuer Name[=] Rushil-Decor-Limited

This is for your information and taking on record.

Yours Faithfully

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(Ghanshyambhai ��-�� ar) Director DIN: 00208843

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