Apex Coco and Solar Energy Ltd (erstwhile Apex Clothing Company India Pvt. Ltd.)

Brickwork Ratings reaffirmed the long-term & short-term rating under ISSUER NOT COOPERATING* category, and simultaneously withdrew the ratings for the Bank Loan Facilities of Rs. 180.71 Crs. of Apex Coco and Solar Energy Ltd (erstwhile Apex Clothing Company India Pvt. Ltd.)

Particulars

Facilities/Instruments	Amount (Rs.Crs.)		Tenure	Rating		Regulator
Facilities/Instruments	Previous	Present	Tenure	Previous (02 Dec 2025)	Present	Regulator
Fund Based	171.21	171.21	Long Term	BWR D Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed	BWR D Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn	RBI
Fund Based	8.50	8.50	Short Term	BWR D Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed	BWR D Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn	RBI
Non Fund Based	1.00	1.00	Short Term	BWR D Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed	BWR D Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn	RBI
Grand Total	180.71	180.71	(Rupees One Hundred Eighty Crores and Seventy One 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 / WITHDRAWAL / NATURE OF NON-COOPERATION

BWR has reaffirmed the long-term and short-term ratings to "BWR D/D" for the bank loan facilities of "Apex Coco and Solar Energy Ltd (erstwhile Apex Clothing Company India Pvt. Ltd.)" continued under the 'Issuer Not Cooperating' category, and simultaneously withdrawn the ratings of the bank loan facilities of Apex Coco and Solar Energy Ltd (erstwhile Apex Clothing Company India Pvt. Ltd.), at the request of the company, with immediate effect. The request letter from the company to this effect, as well as the No Objection Certificate from the banker of the company for withdrawal of the rating, are held on record.

The lenders/investors may note to exercise due caution while using the above rating, which mentions "Issuer Not Cooperating," since the rating lacks 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

KEY FINANCIAL INDICATORS

Standalone Financial Indicators (in ₹ crore)	FY 19 - 20 (A)	FY 20 - 21 (A)	FY 21 - 22 (P)
Operating Revenue	52.55	80.04	113.51
EBITDA	20.85	17.07	22.49
PAT	-19.36	-20.08	-3.43
Tangible Net Worth	32.02	29.44	26.01
Total Debt / Tangible Net Worth	9.47	9.79	12.22
Current Ratio	1.14	0.64	4.09
* A:Audited UA:Unaudited P:Provisional PROJ:Projected
Note: These are latest available financial results. All ratios as per BWR's calculations; Amount in ₹ crore

COMPANY PROFILE

Macro Economic Indicator	Sector	Industry	Basic Industry
Utilities	Power	Power	Power Generation

Apex Clothing Company India Ltd was incorporated in November, 2012. In January 2016, the company was renamed as Apex Coco and Solar Energy Ltd. The company is engaged in solar power generation and coconut processing. Apex has solar power generation units located in Thuraiyur Taluk, Trichy, TamilNadu, with capacity of 15MW, 5MW and 10MW which were commissioned during March 2014, April 2014 and October 2015 respectively. Apex is selling the power generated from its 15 MW and 5MW units to its associate companies and power generated in the 10 MW plant power is sold to Tamil Nadu State Electricity Board (TNSEB)/TANGEDCO through a PPA for a period of 25 years. The company has an integrated coconut processing unit at Devanallur, Dharapuram Taluk,Tirupur, Tamil Nadu. The product portfolio includes Coir Fibre, coir pith, Coconut Shell, Coconut Oils, Coconut Milk, Coconut Flour and Coconut Water.The installed capacity of the coconut processing unit is of 4 lakh coconut per day @ 550g per nut. Coconut water, VCO and EVCO are the flagship products.

Note: As per the Information available during September 2022

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY IF ANY

Not Applicable

ANY OTHER INFORMATION

NIL

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

Facilities / Instruments**	Current Rating (2026)			2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	171.21	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)	02Dec2025	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	06Dec2024	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	05Dec2023	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
Fund Based	ST	8.50	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)	02Dec2025	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	06Dec2024	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	05Dec2023	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
Non Fund Based	ST	1.00	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)	02Dec2025	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	06Dec2024	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	05Dec2023	BWR D (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
Grand Total		180.71	(Rupees One Hundred Eighty Crores and Seventy One lakhs Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Sowmya V Ratings Analyst sowmya.v@brickworkratings.com	Siva Kumar V S Senior Manager - Ratings sivakumar.vs@brickworkratings.com
Client Support \| clientsupport@brickworkratings.com

ANNEXURE-I

Apex Coco and Solar Energy Ltd (erstwhile Apex Clothing Company India Pvt. Ltd.)

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	Term Loan - Sanctioned	127.71	_	127.71	Simple##
2	Canara Bank	Packing Credit (PC) - Sanctioned	_	8.50	8.50	Simple##
3	Canara Bank	Forward Contract - Sanctioned	_	1.00	1.00	Simple##
4	Canara Bank	GECL - Sanctioned	30.00	_	30.00	Simple##
5	Canara Bank	OCC/ODBD - Sanctioned	13.50	_	13.50	Simple##
Total			171.21	9.50	180.71
TOTAL (Rupees One Hundred Eighty Crores and Seventy One 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 (NCD/Bonds/CP/FDs) 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.

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