RATING RATIONALE

15Apr2026

Dhanyalakshmi Ricetech Pvt. Ltd.

Brickwork Ratings reaffirms the long-term and short-term ratings at BWR BB/Stable and BWR A4 for the Bank Loan Facilities of Rs. 48.95 Crs. of Dhanyalakshmi Ricetech Pvt. Ltd.

Particulars

Facilities**	Amount (Rs.Crs.)		Tenure	Rating#
Facilities**	Previous	Present	Tenure	Previous (19 Aug 2025)	Present
Fund Based	30.38	38.95	Long Term	BWR BB /Stable Assignment	BWR BB /Stable Reaffirmation
Non Fund Based	(15.00)	(15.00)	Long Term	BWR BB /Stable Assignment	BWR BB /Stable Reaffirmation
Non Fund Based	10.00	10.00	Short Term	BWR A4 Assignment	BWR A4 Reaffirmation
Grand Total	40.38	48.95	(Rupees Forty Eight Crores and Ninety Five lakhs Only)

#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure

RATING ACTION / OUTLOOK

Brickwork Ratings reaffirms the long-term and short-term ratings at BWR BB/Stable and BWR A4 for the Bank Loan Facilities of Rs. 48.95Crs. of Dhanyalakshmi Ricetech Pvt. Ltd.

The Rating has factored, inter alia, location advantage, consistent revenue growth and stable market demand.. The rating is constrained by company’s short operating history, intense industry competition, and fluctuations in paddy prices. Going forward, the company’s ability to scale up operations, enhance profitability and strengthen its liquidity and overall credit profile will remain key rating sensitivities.

The rating outlook has been assigned as "Stable" as BWR believes that Dhanyalakshmi Ricetech Pvt. Ltd., business risk profile will be maintained over the medium term. The 'Stable' outlook indicates a low likelihood of rating change over the medium term. The rating outlook may be revised to 'Positive' in case the revenue and profitability margins show sustained improvement. The rating outlook may be revised to 'Negative' if the financial risk profile goes down.

KEY RATING DRIVERS

Credit Strengths:

Locational Advantage :
The company benefits from locational advantage, being situated in a paddy-rich region of Chhattisgarh, which ensures easy and cost-effective access to raw materials and supports smooth operational logistics.
Stable Market Demand :
Rice enjoys consistent year-round demand as a staple food in India and many global markets. This steady consumption pattern provides revenue visibility and reduces market volatility for rice millers like Dhanyalakshmi Ricetech.
Consistent Revenue Growth :
The company Dhanyalakshmi Ricetech Pvt. Ltd. reported a increase in revenue from Rs. 61.37 Cr in FY25 to 103.54 Crs Until Feb 2026, indicating the successful commencement of operations and establishment in the market.

Credit Risks:

Highly competitive industry :
The rice milling industry is highly competitive, marked by the presence of numerous organised and unorganised players. This intense competition limits pricing flexibility and can exert pressure on profit margins, especially for relatively new or small-scale players like Dhanyalakshmi Ricetech.
Price fluctuation in Paddy :
The company remains exposed to fluctuations in paddy prices, which are influenced by seasonal availability, government policies, and market dynamics. Any sharp increase in input costs may impact profitability, especially if the company is unable to pass on the cost to customers.
Short operational track record :
The company has a short operational track record, with full-scale commercial operations commencing only in FY25. Limited historical performance restricts the ability to assess long-term sustainability and operational resilience.

ANALYTICAL APPROACH - Standalone

For arriving at its ratings, BWR has considered the standalone performance of Dhanyalakshmi Ricetech Pvt. Ltd. BWR has applied its rating methodology as detailed in the Rating Criteria.

RATING SENSITIVITIES

Going forward, the ability of the company to increase its scale of operations, improve profitability, efficiently manage its working capital and strengthen itsoverall credit profile would be the key rating sensitivities.

Positive: The outlook may be revised if:

Growth in revenue leading to an operating margin of 7.50% or above.
Demonstrable improvement in the financial risk profile and liquidity, marked by Total Debt/TNW improving to below 1.80x and DSCR remaining comfortably above 1.60x.

Negative: The outlook may be revised if:

Any decline in revenue by 15% or above.
Deterioration in the financial risk profile leading to Total Debt/TNW exceeding 2.50x
Any stretch in working capital cycle weakening the liquidity.

LIQUIDITY INDICATORS - Adequate

Adequate liquidity characterized by sufficient cushion in accruals vis-a-vis repayment obligations. Net cash accrual stood at Rs. 3.93cr in Prov 11MFY26 compared to Rs. 4.05 cr in FY25 against the current debt obligation of Rs. 1.86cr in FY26 and Rs. 1.71cr in FY25. Looking forward,the net cash accruals is expected to be at Rs 6.30 Cr in FY27 against the yearly debt obligation of Rs 2.30Cr. Bank limit utilisation was moderate; Avg CC utilisation stood at 47.63%. The current ratio was moderate at 1.51 times as of March 31, 2025.

ABOUT THE ENTITY

Macro Economic Indicator	Sector	Industry	Basic Industry
Fast Moving Consumer Goods	Fast Moving Consumer Goods	Agricultural Food & other Products	Other Agricultural Products

DHANYALAKSHMI RICETECH PRIVATE LIMITED was incorporated on 31.01.2022. The Registered office, Raipur (C.G) - 492001. The company is engaged in the business of manufacturing, exporting, and trading in all types of Rice & Rice products. The present directors of the company are Shri Rajesh Agrawal and Shri Bajrang Agrawal. The present installed annual capacity of the proposed Rice Mill is 56,448 M.T per annum.

ESG Profile

The company demonstrates a Adequate ESG profile based on its environmental, social, and governance practices.

Environmental: Environmental risks are driven by high water usage, waste generation and reliance on energy-intensive processes, making disclosures on water consumption, waste-management practices, renewable energy share and emissions levels particularly important.

Social: Social factors hinge on adherence to labour laws, accident prevention frameworks and human-capital development with metrics such as workforce mix, safety performance and training initiatives offering insights into operational resilience.

Governance: Governance assessment focuses on board independence, committee effectiveness, and robustness of compliance systems, supported by readily available disclosures on board structure, audit mechanisms, and risk-management practices.

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 23 - 24 (Audited - Annual)	FY 24 - 25 (Audited - Annual)	FY 25 - 26 (Provisional - Others(11MFY26))
Operating Revenue	Rs.Crs.	0.06	61.37	103.26
EBITDA	Rs.Crs.	0.06	6.02	6.57
PAT	Rs.Crs.	-0.24	1.28	1.62
Tangible Net Worth	Rs.Crs.	12.17	14.47	18.62
Total Debt / Tangible Net Worth	Times	1.00	1.43	2.07
Current Ratio	Times	3.26	1.51	1.33

KEY COVENANTS OF THE FACILITY RATED

The terms of sanction of the rated facilities include standard covenants normally stipulated for such facilities.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

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	38.95	BWR BB/Stable (Reaffirmation)	19Aug2025	BWR BB Stable (Assignment)	NA	NA	NA	NA
NFB SubLimit	LT	(15.00)	BWR BB/Stable (Reaffirmation)	19Aug2025	BWR BB Stable (Assignment)	NA	NA	NA	NA
Non Fund Based	ST	10.00	BWR A4 (Reaffirmation)	19Aug2025	BWR A4 (Assignment)	NA	NA	NA	NA
Grand Total		48.95	(Rupees Forty Eight Crores and Ninety Five lakhs Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Gagan S Ratings Analyst gagan.s@brickworkratings.com	Nagaraj K Director - Ratings Board : +91 80 4040 9940 nagaraj.ks@brickworkratings.com
Media Contact \| media@brickworkratings.com	Client Support \| clientsupport@brickworkratings.com

Dhanyalakshmi Ricetech Pvt. 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	Punjab National Bank	Term Loan - Out-standing	8.95	_	8.95	Simple##
2	Punjab National Bank	Cash Credit - Sanctioned	30.00	_	30.00	Simple##
	Sub-Limit (Bank Guarantee) - Sanctioned	(15.00)
3	Punjab National Bank	Bank Guarantee - Sanctioned	_	10.00	10.00	Simple##
Total			38.95	10.00	48.95
TOTAL (Rupees Forty Eight Crores and Ninety Five lakhs Only)

## BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

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

Instrument / Activity	Regulator
Listed/Proposed to be listed bonds/debentures/preference share (all securities)	SEBI
Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) ¹	SEBI
Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	SEBI
Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) ¹	RBI
Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs ²	RBI
External Commercial Borrowings and other similar borrowings	RBI
Certificates of Deposit	RBI
Fixed Deposits raised by NBFC's, Banks, HFCs, Fis	RBI
Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, Fis	MCA
Inter Corporate Deposits/Loans extended by Corporates	MCA
Borrowing programme ³	-
Issuer Ratings ⁴	-
Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
Listed Security Receipts	SEBI
Unlisted Security Receipts	RBI
Independent Credit Evaluation (ICE)	RBI
Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis)	RBI
Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities))	SEBI
Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities))	MCA
Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵
Monitoring Agency	SEBI
Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	NA

Includes securitisation transactions involving assignee payout, acquirer's payout.
Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
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), BWR shall separately capture the rated quantum details along with names of respective regulators.
There is no instrument being rated and hence, Regulator of the Instrument is not applicable.
These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026, and accordingly, investor side regulators have been included.
Permitted by SEBI vide SEBI Master Circular for CRAs

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.

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 and promoter.

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