Shrijee Lifestyle Pvt. Ltd.

Brickwork Ratings downgrades both the long-term and the short-term ratings for the Bank Loan Facilities of Rs. 143.61 Crs. of Shrijee Lifestyle Pvt. Ltd., under the Issuer Not Cooperating category, based on best available information, as the issuer did not cooperate.

Particulars

Facilities	Amount (Rs.Crs.)		Tenure	Rating		Regulator
	Previous	Present		Previous (25 Jun 2025)	Present
Fund Based	77.61	77.61	Long Term	BWR BBB- /Positive Assignment	BWR BB + /Positive to Stable ISSUER NOT COOPERATING* /Downgrade	RBI
	64.00	64.00	Short Term	BWR A3 Assignment	BWR A4 + ISSUER NOT COOPERATING* /Downgrade	RBI
Non Fund Based	2.00	2.00	Short Term	BWR A3 Assignment	BWR A4 + ISSUER NOT COOPERATING* /Downgrade	RBI
Grand Total	143.61	143.61	(Rupees One Hundred Forty Three Crores and Sixty 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 / OUTLOOK / NATURE OF NON-COOPERATION

Brickwork Ratings has downgraded the long-term rating to BWR BB+, with a change in outlook from positive to stable and has downgraded the short-term rating to BWR A4+ of "Shrijee Lifestyle Pvt. Ltd." for Rs.143.61 crores while migrating the rating to the Issuer Not Cooperating’ category, based on best available information as the Issuer did not cooperate.

The rating was assigned at BWR BBB-/Positive/A3 for the bank loan facilities of Rs.143.61 Crs on 25 Jun 2025.

The rating was due for a review in Jun 2026. BWR took up with the issuer and its banker over emails and through telephone calls to provide the required information. Despite the best efforts of BWR to get at least the minimum required information for a review, neither the company nor its banker has provided the same. In the absence of adequate information from the company and its banker, BWR is unable to assess the company’s financial performance or its ability to service its debt and maintain a valid rating. Hence, based on best available information, continued lack of management cooperation, and lack of banker’s feedback, both the long-term rating and the short-term rating is downgraded, and the rating is migrated to the Issuer Not Cooperating* category, as the Issuer did not cooperate.

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

Shrijee Lifestyle Pvt. Ltd. (SLPL) is a renowned name in the textile industry with a legacy that began in 1944. Originally incorporated as M/s Parekh Brothers Pvt. Ltd., the company was acquired by Shri Deshbandhu Kagzi in the 1970s. Under his visionary leadership, the company expanded its footprint, becoming a leader in blouse fabrics, particularly known for its 2x2 Rubia. The baton was later passed to his son, Brijendra Kagzi, who further expanded the company’s reach both domestically and internationally, into markets like the UK, Europe, the Middle East, and Latin America.  Shrijee is primarily engaged in processing/designing/printing of Fabrics. Shrijee derives its competitive edge through expertise in designing and printing (including digital printing) of processed fabrics. It has its processing, printing & garmenting facility at MIDC Dombivli, Mumbai.

Shrijee is recognized for its quality, consistency, and innovation in shirting, women’s wear, and kids' wear, offering value-added and digitally printed fabrics. The company’s in-house brands include Shrijee, Avant Moda, Cranberry, Gizanni

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Creadit Rating Agency	Status and Reason for Non-Cooparation	Date of Press Release
CARE	CARE Ratings has downgraded the rating to CARE BB/Stable/A4 under the Issuer Not Cooperating Category on account of inadequate information for review.	27Aug2026

ANY OTHER INFORMATION

Nil

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	77.61	BWR BB+/Positive to Stable (ISSUER NOT COOPERATING* /Downgrade)	25Jun2025	BWR BBB- Positive (Assignment)	NA	NA	NA	NA
Fund Based	ST	64.00	BWR A4+ (ISSUER NOT COOPERATING* /Downgrade)	25Jun2025	BWR A3 (Assignment)	NA	NA	NA	NA
Non Fund Based	ST	2.00	BWR A4+ (ISSUER NOT COOPERATING* /Downgrade)	25Jun2025	BWR A3 (Assignment)	NA	NA	NA	NA
Grand Total		143.61	(Rupees One Hundred Forty Three Crores and Sixty One lakhs Only)

Hyperlink/Reference to applicable Criteria

• General Criteria
• Approach to Financial Ratios
• Policy On Issuer Non -Cooperation
• Short Term Debt
• Manufacturing Company

Analytical Contacts
Chinmaya R Rating Analyst chinmaya.r@brickworkratings.com	Shyam Sunder Narang shyam.n@brickworkratings.com
Client Support | clientsupport@brickworkratings.com

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 - Out-standing	11.53	_	11.53	Simple##
2	Canara Bank	Cash Credit - Sanctioned	56.00	_	56.00	Simple##
3	Canara Bank	Forward Contract - Sanctioned	_	2.00	2.00	Simple##
4	Canara Bank	GECL - Out-standing	10.08	_	10.08	Simple##
5	Canara Bank	EPC/ PCFC/ FBP/ PSFC - Sanctioned	_	64.00	64.00	Simple##
Total			77.61	66.00	143.61
TOTAL (Rupees One Hundred Forty Three Crores and Sixty One lakhs Only)

##The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or complexity related to the structural,transactional or legal aspects. Details on the complexity levels of the instruments are available on BWR's website Complexity Levels.

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