Shalby Limited — Capital/Financing Update 2021

Sep 16, 2021

September 16, 2021

Shalby/SE/2021-22/57

The Listing Department National Stock Exchange of India Ltd

Scrip Code : SHALBY Through : https://www.connect2nse.com/LISTING/ Corporate Service Department BSE Limited

Scrip Code: 540797 Through : http://listing.bseindia.com

Sub: Upgradation of Long Term Credit Rating- Disclosure under Regulation 30 read with para A of Schedule Ill of SEBI (Listing Obligation and Disclosure Requirements), Regulations, 2015.

Dear Sir,

Pursuant to Regulation 30 read with para A of Schedule Ill of SEBI (Listing Obligation and Disclosure Requirements), Regulations, 2015, we are pleased to inform you that ICRA Limited vide its letter bearing ref No: ICRA/Shalby Limited/15092021/1 dated September 15, 2021 has upgraded the long-term ratings as [ICRA] A+ (pronounced as ICRA A Plus) from [ICRA] A (pronounced as ICRA A) on the term loans and fund based facilities aggregating to~ 103.02 crore of Line of credit of the Company.

Existing Rating	Revised Rating
[ICRA] A	[ICRA] A+

A copy of rating letter is attached herewith for ready reference.

We request to take the same on your records.

Thanking you,

Yours sincerely, For Shalby Limited

~~ TusharShah

AVP & Company Secretary Mem. No: FCS-7216

Encl.: Rating letter received from ICRA

Shalby Limited

ICRA Limited

Ref: ICRA/Shalby Limited/15092021/1

Date: September 15, 2021

Mr Prahlad Inani CFO Shalby Limited Opposite Karnavati Club, S.G Road, Ahmedabad - 380015 Gujarat

Dear Sir,

Re: Surveillance of ICRA-assigned Credit Rating for Rs. 103.02 crore Line of Credit of Shalby Limited (instrument details in Annexure)

Please refer the Rating Agreement dated May 15, 2017 is required to review the ratings assigned to your company on an annual basis or as and when circumstances so warrant.

Please note that the Rating Committee of ICRA, after due consideration, has upgraded the long-term rating to [ICRA]A+ (pronounced ICRA A plus) from [ICRA]A (pronounced ICRA A). The outlook on the long-term is Stable. Instruments with this rating indicate to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk. The modifiers + (plus) or (minus) indicate their relative position within the rating categories concerned

In any of your publicity material or other documents wherever you are using the above Rating, it should be stated as [ICRA]A+(Stable).

The aforesaid ratings will be due for surveillance any time before September 13, 2022.

However, ICRA reserves the right to review and/or, revise the above Rating(s) at any time on the basis of new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the Rating(s). Therefore, request the lenders and Investors to visit ICRA website at www.icra.in for latest Rating(s) of the Company.

R A T I N G R E S E A R C H I N F O R M A T I O N The Ratings are specific to the terms and conditions of the bank facilities as indicated to us by you, and any change in the terms or size of the same would require a review of the Ratings by us. In case there is any change in the terms and conditions or the size of the rated bank facilities, the same must be brought to our notice before the bank facilities is used by you. In the event such changes occur after the Ratings have been assigned by us and their use has been confirmed by you, the Ratings would be subject to our review, following which there could be a change in the Ratings previously assigned. Notwithstanding the foregoing, any change in the over-all limit of the bank facilities from that specified in the first paragraph of this letter would constitute an enhancement that would not be covered by or under the said Rating Agreement.

ICRA reserves the right to review and/or, revise the above Ratings at any time on the basis of new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the Ratings assigned.

The Rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated [Instrument] availed/issued by your company.

1809-1811, Shapath V	Tel.: +91.79.40271500/501	Website: www.icra.in
Opp. Karnavati Club	CIN :	Email: info@icraindia.com
S.G. Highway, Ahmedabad -	L749999DL1991PLC042749	Helpdesk: +91 9354738909
380015

Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001.Tel. :+91.11.23357940-45

You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of the instrument rated, as above, or any other debt instruments/ borrowing and keep us informed of any other developments which may have a direct or indirect impact on the debt servicing capability of the company including any proposal for re-schedulement or postponement of the repayment programmes of the dues/ debts of the company with any lender(s) / investor(s). Further, you are requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority(ies) is exceeded.

We look forward to your communication and assure you of our best services.

With kind regards,

Yours sincerely,

For ICRA Limited

supriob@icraindia.com

Suprio Banerjee, Vice President,

1809-1811, Shapath V Opp. Karnavati Club S.G. Highway, Ahmedabad - 380015

Tel.: +91.79.40271500/501 CIN : L749999DL1991PLC042749

Website: www.icra.in Email: info@icraindia.com Helpdesk: +91 9354738909

Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001.Tel. :+91.11.23357940-45 R A T I N G R E S E A R C H I N F O R M A T I O N

Details of the bank limits rated by ICRA

Details of Bank Limits Rated by ICRA(Rated on Long-Term Scale)	Amount (Rs. crore)	Rating	Assigned on
	Fund basedOD/CCLimits
Kotak Mahindra Bank	25.00	[ICRA]A+(Stable)	September 14, 2021
Total	25.00	[ICRA]A+(Stable)	September 14, 2021

Details of Bank Limits Rated by ICRA	Amount (Rs. crore)	Rating	Assigned on
(Rated on Long-Term Scale)
	Fund based - Term
	Loan
HDFC Bank - 1	16.59	[ICRA]A+(Stable)	September 14, 2021
HDFC Bank - 2	41.54	[ICRA]A+(Stable)	September 14, 2021
IDFC Bank	19.89	[ICRA]A+(Stable)	September 14, 2021
Total	78.02	[ICRA]A+(Stable)	September 14, 2021

1809-1811, Shapath V Opp. Karnavati Club S.G. Highway, Ahmedabad - 380015

Tel.: +91.79.40271500/501 CIN : L749999DL1991PLC042749

Website: www.icra.in Email: info@icraindia.com Helpdesk: +91 9354738909

Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001.Tel. :+91.11.23357940-45 R A T I N G R E S E A R C H I N F O R M A T I O N