Shaily Engineering Plastics Ltd. — Capital/Financing Update 2024

Oct 4, 2024

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SEPL/SE/Sep/24-25 4[th] October 2024

The General Manager, Corporate Services/Listing Department

BSE Limited Floor 25, P.J. Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 501423

The Manager, Listing Department National Stock Exchange of India Limited

Exchange Plaza, Plot No. C/1, G Block, Bandra – Kurla Complex, Bandra (E), Mumbai – 400 051 Scrip Code: SHAILY

Sub: CARE credit ratings – Reg.

Ref: Regulation 30 of the SEBI Listing Regulations, 2015

Dear Sir,

This is to inform that CARE Ratings Limited vide its Letter # CARE/ARO/RL/2024-25/4763 dated 30[th] September 2024, has reviewed and upgraded the Company’s bank facility(ies) ratings as below:

Facilities	Amount (₹ in crore)	Rating	Rating Action
Long Term Bank Facilities	238.45 (Reduced from 283.00)	CARE A; Stable (Single A; Outlook: Stable)	Reaffirmed
Short term Bank Facilities	35.00	CARE A1 (A One)	Reaffirmed

Details of rated facilities is annexed herewith.

Kindly take the same on record.

Thanking You.

Yours truly,

For Shaily Engineering Plastics Limited

Digitally signed by DIMPLE ASHWINBHAI MEHTA DIMPLE DN: c=IN, o=PERSONAL, title=8748, pseudonym=28dd610549b34b4aadfc7aa64744d799, 2.5.4.20=1d1ed0723db621091a253decb769954c3302 09284ee0d9f45202148baf7a44fb, ASHWINBHAI postalCode=390012, st=Gujarat, serialNumber=be901a7b4cfd5ff4b6e3310581e67858 2e8fcab3536586c4a365ba53eccbf1a6, cn=DIMPLE MEHTA ASHWINBHAI MEHTA Date: 2024.10.04 10:22:00 +05'30' Dimple Mehta

Company Secretary & Compliance Officer M. No. F 13184

Encl :a/a

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No. CARE/ARO/RL/2024-25/4763

Shri Sanjay Shah Chief Strategy Officer Shaily Engineering Plastics Limited Survey No. 364 & 366, Rania, Taluka - Savli, District - Vadodara, Gujarat Vadodara Gujarat 391780

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September 30, 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 (Audited) and Q1FY25 (Unaudited), our Rating Committee has reviewed the following ratings:

Facilities	Amount (₹ crore)	Rating1	Rating Action
Long Term Bank Facilities	238.45 (Reduced from 283.00)	CARE A; Stable (Single A; Outlook: Stable)	Reaffirmed
Short Term Bank Facilities	35.00	CARE A1 (A One)	Reaffirmed

1. Refer Annexure 1 for details of rated facilities.

2. The rationale and a write-up (press release) on the above rating will be communicated to you separately.

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.

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

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CARE Ratings Limited

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

32, Titanium, Prahladnagar Corporate Road, Satellite, Ahmedabad - 380015 Phone: +91-79-4026 5656

CIN-L67190MH1993PLC071691

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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 afore-mentioned 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. 9. 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,

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Puja Dilip Joshi Assistant Director puja.joshi@careedge.in

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Nikita Goyal Associate Director nikita.goyal@careedge.in

Encl.: As above

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CARE Ratings Limited

32, Titanium, Prahladnagar Corporate Road, Satellite, Ahmedabad - 380015 Phone: +91-79-4026 5656

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Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

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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.

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CARE Ratings Limited

32, Titanium, Prahladnagar Corporate Road, Satellite, Ahmedabad - 380015 Phone: +91-79-4026 5656

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Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

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Annexure 1

Details of Rated Facilities

1. Long Term Facilities

1.A. Term Loans

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)	Debt Repayment Terms
				Remarks
1.	HDFC Bank Ltd.	49.40	Sanctioned Amount: 50.crore.Repayment Terms: 18 equal quarterly installments, starting from February 2025.	Term Loan
2.	State Bank of India	13.65	Sanctioned Amount: Rs. 35.00 crore. Tranche 1: 2 equal quarterly installments of Rs.1.90 crore, starting from December 2021.Tranche 2: 16 equal quarterly installments of Rs.1.95 crore,startingfrom June 2022	Term Loan
3.	State Bank of India	11.11	Sanctioned Amount-40.00 crore.10 equal quarterly installments of Rs.3.61 crore.And last two quarterly installments of Rs.1.94 crore and last instalment of Rs. 2.02 crore respectively	Term Loan
4.	Standard Chartered Bank	8.92	Sanctioned Amount: Rs.37.16 crore. Tranche 1: 16 equal quarterly installments of Euro 1.25 lakh, starting from May 2021. Tranche 2: 16 equal quarterly installments of Euro 1.56 lakh,startingfrom August 2021	Term Loan
5.	HDFC Bank Ltd.	6.50	Sanctioned Amount: Rs. 14.85 crore. Repayment Terms: 12 months moratorium post which repayment in 48 monthly equal instalments of Rs. 30.94 lakhs each .	Guaranteed Emergency Line of Credit
6.	State Bank of India	4.00	Sanctioned Amount: Rs.8.00 crore. Repayment Terms:20 equal quarterly installments of Rs.0.40 crore, starting from March 2022.	Term Loan
7.	State Bank of India	3.21	Sanctioned Amount: Rs.5.80 crore. Repayment Terms:12 months moratorium post which repayment in 48 equal monthly installments of Rs. 12.08 lakhs each starting from October 2022.	Guaranteed Emergency Line of Credit

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CARE Ratings Limited

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

32, Titanium, Prahladnagar Corporate Road, Satellite, Ahmedabad - 380015 Phone: +91-79-4026 5656

CIN-L67190MH1993PLC071691

Page 4 of 5

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)	Debt Repayment Terms	Remarks
8.	Standard Chartered Bank	1.66	Sanctioned Amount: Rs. 3.79 crore. Repayment Terms: 12 months moratorium post which repayment in 48 equal instalments of Rs. 7.90 lakhs each starting from April 2022	Guaranteed Emergency Line of Credit
	Total	98.45

Rupee Equivalent of Outstanding loan value converted at Rs. 89.25 per Euro. #Outstanding as on June 30, 2024

1.B. Fund Based Limits

Sr. No.	Name of Bank / Lender	Rated Amount (Rs. crore)
			Remarks
1.	State Bank of India	70.00	Cash Credit
2.	HDFC Bank Ltd.	35.00	Cash Credit
3.	Standard Chartered Bank	35.00	Cash Credit
	Total	140.00

Total Long Term Facilities : Rs.238.45 crore

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	30.00	Letter of Credit/ Bank Guarantee
2.	HDFC Bank Ltd.	5.00	Letter of Credit/ Bank Guarantee
	Total	35.00

Total Short Term Facilities : Rs.35.00 crore

Total Facilities (1.A+1.B+2.A) : Rs.273.45 crore

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CARE Ratings Limited

32, Titanium, Prahladnagar Corporate Road, Corporate Office :4th Floor, Godrej Coliseum, Satellite, Ahmedabad - 380015 Somaiya Hospital Road, Off Eastern Express Phone: +91-79-4026 5656 Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

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