Press Release November 22, 2024 MEHRAB LOGISTICS AND AVIATION LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	47.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	47.00	-	-

Rating Rationale

­­Acuite has withdrawn its long-term on Rs.47.00 Cr. bank facilities of Mehrab Logistics and Aviation Limited (MLAL) without assigning any rating. The same is withdrawn without assigning any rating since rated instruments are closed.  The rating is being withdrawn on account of the request received from the company and the NDC(No Due Certificate) received from the banker as per Acuité’s policy on withdrawal of ratings as applicable to the respective facility/instrument.

About the Company

­­Incorporated in 1997, and is based in Lucknow, (U.P), Mehrab Logistics and Aviation Limited (MLAL) is promoted and managed by Mr. Abdul Hai Khan. The company is engaged in transportation of tractors, jeeps, cars etc., having a fleet of ~450 trailers.

Unsupported Rating

­Not Applicable

Analytical Approach

­Not Applicable

Key Rating Drivers

Strengths

­Not Applicable

Weaknesses

­Not Applicable

Rating Sensitivities

­Not Applicable

Liquidity Position

­Not Applicable

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.	127.33	129.03
PAT	Rs. Cr.	0.02	(2.34)
PAT Margin	(%)	0.01	(1.81)
Total Debt/Tangible Net Worth	Times	17.42	20.45
PBDIT/Interest	Times	2.61	1.30

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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 18 Jun 2024 Term Loan Long Term 5.00 ACUITE C (Downgraded from ACUITE B+ | Stable) Term Loan Long Term 10.00 ACUITE C (Downgraded from ACUITE B+ | Stable) Cash Credit Long Term 32.00 ACUITE C (Downgraded from ACUITE B+ | Stable) 27 Jul 2023 Term Loan Long Term 5.00 ACUITE B+ | Stable (Assigned) Term Loan Long Term 10.00 ACUITE B+ | Stable (Assigned) Cash Credit Long Term 32.00 ACUITE B+ | Stable (Assigned)

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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 Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 32.00 Simple Not Applicable|Withdrawn Punjab National Bank Not avl. / Not appl. Term Loan 30 Nov 2018 Not avl. / Not appl. 17 Aug 2024 5.00 Simple Not Applicable|Withdrawn Punjab National Bank Not avl. / Not appl. Term Loan 30 Nov 2018 Not avl. / Not appl. 17 Aug 2024 10.00 Simple Not Applicable|Withdrawn

Contacts

Mohit Jain Senior Vice President - Rating Operations Moparthi Anuradha Devi Senior 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.