Credit Rating- Others

L51!!!99P 8L1C O50 9194 Wouo Mob. ANMOL I Web : www.anmolindialtd.com | Android : www.goo.g/DCvQEQ 30" September, 2026 To To The Listing Department The Deputy Manager National Stock Exchange of India Ltd Corporate Services Department Exchange Plaza, C-1, Block G BSE Limited Bandra Kurla Complex, 25t Floor, P J Towers Bandra (E) Dalal Street, Fort Mumbai- 400051 Mumbai- 400001 NSE Scrip Code: ANMOL BSE Scrip Code: 542437 Sub: Intimation regarding reaffirmation of Credit Rating Dear Sirs, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that CARE Ratings Limited has reaffirmed the credit rating assigned to the Company’s Long -term and Short-term bank facilities. The details of the reaffirmed ratings are as follows: Facilities Amount (Rs. Crore) | Rating Rating Action Long Term/ Short Term Bank | 90.50 CARE BBB; Stable/ CARE | Reaffirmed Facilities A2 Short Term Bank Facilities 409.50 CARE A2 Reaffirmed A copy of the press release issued by CARE Ratings Limited is enclosed herewith for your information and records. ~ Yours Faithfully, For Anmol India Limited PARABHJO PEiisiiiir TKAUR Deemscoasn Tesas-as0 Parabhjot Kaur Company Secretary & Compliance Officer M. No. A 26715 Encl: AS Above REGD. OFFICE : ‘ BRANCH OFFICE BRANCH OFFICE lind Floor, 2/43, B-Block, Office No. A-24, Kutch Archade, Ground Flcor, 1, New Grain Market, Aggar Nagar, Ludhiana | Survey No. 234, By 1 and 235, Mithi Rohar Kapurthala, Punjab-144601 Punjab-141001 | Gandhidham Kutch, Gujrat-370201 GST : 03AADCA3712D12I Ph. - 0161-4503400 GST : 2¢AADCA3712D1ZE Ph. : 0182-2237600 M : +91-09786-33197 Draft Press Release Anmol India Limited Name of the s/Instruments Amount (X crore) Regulator’ Long Term / Short Term Bank 90.50 CARE BBB+; Stable/ Facilities RBI (Reduced from CARE A2 Reaffirmed 174.77) 409.50 Short Term Bank Fadilities RBI (Enhanced from CARE A2 Reaffirmed 325.23) Details of instruments/facilities in Annexure-1. Rationale and key rating drivers Reaffirmation in the ratings assigned to the bank facilities of Anmol India Limited (AIL) continue to derive strength from the experience of the promoters coupled with long track record of operations and established business relationships with the customers and suppliers. Ratings also factor in average solvency position of the company marked by moderate overall gearing coupled with efficient working capital management. Ratings also take into cognizance the recovery in the operational performance in FY26 (refers to April 01 to March 31) marked by increased scale of operations driven by higher coal trading volumes. Ratings also draw comfort from company’s strategic shift of diversifying into steel trading and thereby reducing its reliance on trading of imported coal. However, the rating strengths are partially offset by the customer and supplier concentration risk, and inherent risk associated with the trading business. Ratings are also constrained by susceptibility to regulatory changes, volatility in international prices and foreign exchange fluctuations impacting the operational profitability of the company. Rating sensitivities: Factors likely to lead to rating actions Positive factors « Improvement in Gross Cash Accruals (GCA) of more than Rs. 40 crores. « Improvement in the capital structure as reflected by overall gearing below 0.60x. Negative factors e Decline in the scale of operations with PBILDT (Profit before interest, lease, deprediation, and tax) margin falling below current levels. * Deterioration in the solvency position with overall gearing of above 0.50x at net debt level. Analytical approach: Standalone Outlook: Stable The stable outlook reflects CARE Ratings Limited’s (CareEdge Ratings) opinion that the company will continue to benefit from its experienced promoters with established track record and diversified product profile. Detailed description of key rating drivers Key strengths Experienced and Resourceful promoters AlL is promoted by Vijay Kumar, Tilak Raj, and Chakshu Goyal. Vijay Kumar has been involved in the same line of operations for more than 35 years. Tilak Raj also has experience of around two decades, while Chakshu Goyal (son of Vijay Kumar) has been engaged in AlL for the last nine years. The promoters are further supported by professional management team having rich experience in respective domain. Besides, the promoters are resourceful and has extended continuous support to fund various requirements of the company in the past in the form of unsecured loans. The unsecured loans from directors stood at Rs. 40.81 crore as on March 31, 2026, of which Rs. 40 crores are subordinated to bank loan. ISEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority “Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Limited's publications. Long track record of operations and established business relationships with the customers and suppliers albeit concentration risk AlL is engaged in the coal trading business since 1998. Furthermore, the promoters of the company hold extensive industry experience, which has helped the company in building strong business relationships with its clients and suppliers. AIL has a strong and growing customer base in Gujarat, Punjab, Haryana, Himachal Pradesh, Uttar Pradesh, Uttarakhand, Chandigarh among others. Furthermore, the majority of the sales of the company are made against advance orders at the pre-agreed prices, which protects the company from any abrupt fluctuations in the prices of the coal. However, the company derived 26% of its total income in FY26 (refers to the period April 01 to March 31) from the top five customers. This leads to slightly concentrated revenue stream. On the supplier side also, the top five suppliers contributed 43.75% of the total purchases in FY26. Thus, any change in the policies or performance of the customers and suppliers will directly impact AIL. Average solvency position The company’s capital structure remained moderate in FY26, with an overall gearing ratio of 1.05x as on March 31, 2026 (PY: 1.22x). The slight improvement in gearing was due to Nil utilization of cash credit limits as on March 31, 2026 (PY: Rs. 17.62 crore). On a net debt basis, the overall gearing stood comfortable at 0.23x as on March 31, 2026. Total debt consists of working capital borrowings and long-term unsecured loans (USLs) from promoters and related parties, however USLs are subordinated to bank borrowings and treated as quasi-equity. The company’s interest coverage ratio stood at 1.47x in FY26 (PY: 1.01x). The capital structure is supported by a healthy net worth of ¥158.97 crore and Nil term debt. Going forward, the capital structure is expected to remain comfortable, supported by the company's healthy net worth and absence of any term debt addition in the near to medium term. Effidient working capital management The company’s operating cycle moderated to 41 days FY26, compared to 30 days in FY25. The moderation was primarily due to reduced payment terms with creditors, with average creditor days reducing to 2 days in FY26 from 9 days in FY25. The company continues to maintain a tight credit policy for its customers, with an average collection period of 21 days in FY26, slightly higher than 18 days in FY25. On the supplier side, the company follows a dual approach—advance payments to domestic suppliers and import transactions backed by sight letters of credit (LCs). These LCs are typically deferred using suppliers’/buyers’ credit fadilities, with a tenor of around 90 days from the bill of entry date. As on March 31, 2026, the outstanding suppliers’/buyers’ credit stood stable at ¥153.72 crore (PY: X154.45 crore), however significantly higher than 344.40 crore in FY2 [Showing first 8,000 characters — download PDF for full document]