Press Release November 15, 2024 OPAQUE CERAMICS PRIVATE LIMITED Rating Downgraded & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	17.00	ACUITE BB+ | Downgraded & Withdrawn | Issuer not co-operating*	-
Total Outstanding	0.00	-	-
Total Withdrawn	17.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

­Acuite has downgraded and withdrawn the long-term rating to ACUITE BB+ (read as ACUITE double B plus) from ACUITE BBB- (read as ACUITE triple B minus) on the Rs. 17.00 crore bank facilities of Opaque Ceramics Private Limited. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the company and No objection Certificate (NOC) received from the banker. The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available. The downgrade is on account of information risk.

About the Company

­Himmatnagar-based, Opaque Ceramics Private Limited (OCPL) was incorporated in 1994 by Mr. Mahesh Vohra. Opaque Ceramics Private Limited is engaged in manufacturing of zirconium silicate, which is used in the ceramic and vitrified tiles industry for whitening and glazing tiles and is headed by Mr. Atit Vora, Mr. Nishant Vora and Ms. Kalpana Vora. The company’s manufacturing unit is located in Himmatnagar, Gujarat with an annual installed capacity of 24,000 Tons per annum. Production process involves processing Zircon sand in the ballment along with some chemicals and this is done according to the specifications of the client.

Unsupported Rating

­Not Applicable

Non-cooperation by the issuer/borrower

­­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavoured to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivities

­No information provided by the issuer / available for Acuite to comment upon

Liquidity Position

­No information provided by the issuer / available for Acuite to comment upon

Outlook: Not Applicable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 23 (Actual)	FY 22 (Actual)
Operating Income	Rs. Cr.	137.67	160.85
PAT	Rs. Cr.	14.85	37.56
PAT Margin	(%)	10.78	23.35
Total Debt/Tangible Net Worth	Times	0.06	0.04
PBDIT/Interest	Times	28.37	112.81

Status of non-cooperation with previous CRA

­Not Applicable

Any other information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 14 Nov 2023 Secured Overdraft Long Term 17.00 ACUITE BBB- | Stable (Upgraded from ACUITE BB) 31 May 2023 Letter of Credit Short Term 14.50 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Bank Guarantee (BLR) Short Term 0.50 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 2.00 ACUITE BB (Reaffirmed & Issuer not co-operating*) 02 Mar 2022 Letter of Credit Short Term 14.50 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Bank Guarantee (BLR) Short Term 0.50 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 2.00 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating HDFC Bank Ltd Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 17.00 Simple ACUITE BB+ | Downgraded & Withdrawn | Issuer not co-operating* ( from ACUITE BBB- )

* The issuer did not co-operate; based on best available information.

Contacts

Mohit Jain Senior Vice President - Rating Operations Nidhi Gala Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.