Cedaar Textile Ltd.

Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 129.90 Crs. of Cedaar Textile Ltd. based on best available information, as the issuer did not cooperate.

Particulars

Facilities	Amount (Rs.Crs.)		Tenure	Rating		Regulator
Facilities	Previous	Present	Tenure	Previous (30 Sep 2025)	Present	Regulator
Fund Based	89.85	89.85	Long Term	BWR D Downgrade	BWR D ISSUER NOT COOPERATING* /Reaffirmation	RBI
	30.00	30.00	Short Term	BWR D Downgrade	BWR D ISSUER NOT COOPERATING* /Reaffirmation	RBI
	(15.00)	(15.00)
	(20.00)	(20.00)
	(5.00)	(5.00)
Non Fund Based	10.05	10.05	Short Term	BWR D Downgrade	BWR D ISSUER NOT COOPERATING* /Reaffirmation	RBI
	(10.00)	(10.00)
	(10.00)	(10.00)
Grand Total	129.90	129.90	(Rupees One Hundred Twenty Nine Crores and Ninety lakhs Only)

Note:
1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings
2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated
*Issuer did not cooperate; based on best available information.

RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

Brickwork Rating has reaffirmed the long-term and short-term ratings for bank loan facilities of Cedaar Textile Ltd to BWR D for bank loan facilities aggregating Rs 129.90 Crs and simultaneously migrated the ratings to the Issuer not cooperating category as the company has not submitted NDS .

The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack any projections or forward-looking component as it is arrived at based on the best available information without any management/banker's interaction.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating

ABOUT THE ENTITY

Macro Economic Indicator	Sector	Industry	Basic Industry
Consumer Discretionary	Textiles	Textiles & Apparels	Other Textile Products

Cedaar Textile Ltd., formerly Cedaar Textile Pvt Ltd, was incorporated on September 28, 2020. The company specializes in a broad spectrum of yarns, including RW Yarns, Melange Yarns, Solid Top Dyed Yarns, and Grey Yarns, crafted from materials like cotton, polyester, and acrylic. Sustainability is at the core of Cedaar Textile’s mission, with products offered in 100% organic and recycled fibers, such as polyester and cotton, contributing to environmental conservation and the responsible use of natural resources. Cedaar Textile also prioritizes continuous innovation, customer focus, R&D, technological advancements, digitalization, ERP integration, and ongoing improvement. The company is also committed to transitioning towards green energy, reinforcing its dedication to sustainable manufacturing.

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)

Facilities	Current Rating (2026)			2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	89.85	BWR D (ISSUER NOT COOPERATING* /Reaffirmation)	30Sep2025	BWR D (Downgrade)	NA	NA	NA	NA
		0.00	NA	30Jan2025	BWR BB Stable (Assignment)	NA	NA	NA	NA
FB SubLimit	LT	NA	NA	30Sep2025	BWR D (Downgrade)	NA	NA	NA	NA
Fund Based	ST	30.00	BWR D (ISSUER NOT COOPERATING* /Reaffirmation)	30Sep2025	BWR D (Downgrade)	NA	NA	NA	NA
		0.00	NA	30Jan2025	BWR BB (Assignment)	NA	NA	NA	NA
FB SubLimit	ST	(15.00)	BWR D (ISSUER NOT COOPERATING* /Reaffirmation)	30Sep2025	BWR D (Downgrade)	NA	NA	NA	NA
		(20.00)	BWR D (ISSUER NOT COOPERATING* /Reaffirmation)	30Jan2025	BWR A4 (Assignment)	NA	NA	NA	NA
FB SubLimit	ST	(5.00)	BWR D (ISSUER NOT COOPERATING* /Reaffirmation)	NA	NA	NA	NA	NA	NA
Non Fund Based	ST	10.05	BWR D (ISSUER NOT COOPERATING* /Reaffirmation)	30Sep2025	BWR D (Downgrade)	NA	NA	NA	NA
		0.00	NA	30Jan2025	BWR A4 (Assignment)	NA	NA	NA	NA
NFB SubLimit	ST	(10.00)	BWR D (ISSUER NOT COOPERATING* /Reaffirmation)	30Jan2025	BWR A4 (Assignment)	NA	NA	NA	NA
NFB SubLimit	ST	(10.00)	BWR D (ISSUER NOT COOPERATING* /Reaffirmation)	NA	NA	NA	NA	NA	NA
Grand Total		129.90	(Rupees One Hundred Twenty Nine Crores and Ninety lakhs Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Karan Ahluwalia Ratings Analyst karan.ahluwalia@brickworkratings.com	Ravi Rashmi Dhar Director - Ratings ravi.d@brickworkratings.com
1-860-425-2742 \| media@brickworkratings.com

Cedaar Textile Ltd.

ANNEXURE-I

Details of Bank Facilities rated by BWR

SL.No.	Name of the Bank/Lender	Type Of Facilities	Long Term(Rs.Crs.)	Short Term(Rs.Crs.)	Total(Rs.Crs.)	Complexity of the Instrument
1	Canara Bank	Cash Credit - Sanctioned	20.00	_	20.00	Simple##
	Sub-Limit (FDB/FBE/BRD) - Sanctioned		(15.00)
	Sub-Limit (PC/PCFC) - Sanctioned		(10.00)
2	HDFC Bank	Cash Credit - Sanctioned	20.00	_	20.00	Simple##
	Sub-Limit (Letter of Credit) - Sanctioned		(10.00)
	Sub-Limit (Pre Shipment)		(20.00)
3	HDFC Bank	Foreign Bill Discounting - Sanctioned	_	10.00	10.00	Simple##
4	HDFC Bank	Bank Guarantee - Sanctioned	_	0.05	0.05	Simple##
5	HDFC Bank	Letter of Credit - Sanctioned	_	5.00	5.00	Simple##
6	HDFC Bank	Pre Shipment - Sanctioned	_	6.00	6.00	Simple##
	Sub-Limit (Foreign Bill Discounting) - Sanctioned		(5.00)
7	HDFC Bank	Post Shipment - Sanctioned	_	4.00	4.00	Simple##
8	HDFC Bank	Post Shipment - Sanctioned	_	10.00	10.00	Simple##
9	HDFC Bank	GECL - Sanctioned	18.00	_	18.00	Simple##
10	HDFC Bank	Pre Settlement Risk - Sanctioned	_	5.00	5.00	Simple##
11	HDFC Bank	Term Loan - Out-standing	24.91	_	24.91	Simple##
12	SIDBI	Term Loan - Out-standing	6.94	_	6.94	Simple##
Total			89.85	40.05	129.90
TOTAL (Rupees One Hundred Twenty Nine Crores and Ninety lakhs Only)

##BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf.

ANNEXURE-II

INSTRUMENT DETAILS

Instrument	Issue Date	Amount (Rs.Crs)	Coupon Rate (%)	Maturity Date	ISIN Particulars	Complexity of the Instrument
Nil	Nil	Nil	Nil	Nil	Nil	Nil

ANNEXURE-III

List of entities consolidated

Name of Entity	% Ownership	Extent of consolidation	Rationale for consolidation
Nil	Nil	Nil	Nil

List of Instruments and Regulators

Sr.No.	Instrument / Activity	Regulator
1	Listed/Proposed to be listed bonds/debentures/preference share (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)* $	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)*	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)*	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs^	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs,HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ~	-
15	Issuer Ratings #	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutual Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts $	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities))	SEBI
22	Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities))	MCA
23	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) *	Investor-side regulator such as IRDAI, PFRDA @

* Includes securitisation transactions involving assignee payout, acquirer's payout.
~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), Brickwork Ratings India Private Limited (BWR) shall separately capture the rated quantum details along with names of respective regulators.
^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
# There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
@ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the investor side regulators have accordingly been included.
$ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.

Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Grievance Management: For any grievances relating to rating of instruments regulated by SEBI, please contact sebigrievance@brickworkratings.com. Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available

For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.

DISCLOSURE ON CONFLICT OF INTEREST

BWR Board of Directors have no influence over rating decisions, nor do they sit on the rating committee or review, discuss or evaluate any credit rating during the Board meetings.

Print and Digital Media

About Brickwork Ratings

Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI]. BWR is the 5th agency to get a credit rating registration in India in 2009 and its corporate office in Bengaluru. It has a country-wide presence with representatives in 150+ locations. Canara Bank is Brickwork’s strategic partner.

Brickwork offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitisation Products, Municipal Bonds, etc. BWR has also rated NGOs, Educational Institutions, Hospitals, Urban Local Bodies and Municipal Corporations.

Disclaimer

Nature of Ratings & Information: BWR ratings are opinions on the relative ability of an entity/instrument to meet its financial obligations and are based on information obtained from issuers and other sources believed to be reliable. BWR does not conduct audits, due diligence, or independent verification of such information and does not guarantee its accuracy, adequacy, or completeness.Ratings are current only as of the date of publication and may be revised based on new or unavailable information.

No Advice or Recommendation: Ratings, reports, and related communications are not investment advice and do not constitute recommendations to buy, sell, or hold securities, or to sanction, renew, or disburse credit facilities. They do not represent offers or solicitations for any transaction. Users must rely on their own independent judgment and professional advice. Access to or use of these materials does not create any client relationship with BWR.

Liability, Usage & Regulatory Framework: This content is published for the purpose of dissemination of information as required under applicable laws and regulations. BWR holds exclusive copyright over the content. It may be used with appropriate credit to BWR, provided that the content is not altered or modified in any way that could change its meaning or intent. BWR retains the exclusive right to distribute or share its rating rationales, directly or indirectly, through any print, digital, or electronic media. All reports are provided on an "as is" basis without warranties of any kind, express or implied, including but not limited to merchantability, fitness for a particular purpose, or non-infringement. BWR and its affiliates shall not be liable for any direct, indirect, incidental, or consequential losses or damages arising from the use of these reports. Ratings are subject to continuous surveillance and may be revised, suspended, or withdrawn at any time without notice. These reports are intended for use within India only. BWR operates under SEBI Regulations and Code of Conduct.

For more information on policies and ratings, please visit our www.brickworkratings.com