Press Release March 12, 2025 THE INDIAN ELECTRIC COMPANY Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	20.50	Not Applicable | Withdrawn	-
Bank Loan Ratings	2.50	-	Not Applicable | Withdrawn
Total Outstanding	0.00	-	-
Total Withdrawn	23.00	-	-

Rating Rationale

­Acuite has withdrawn its long-term and short-term rating on the Rs.20.75 Cr. bank facilities of The Indian Electric Company (IEC) without assigning any rating as the instruments are fully repaid.  The rating is being withdrawn on account of request received from the Company and No Dues Certificate received from the banker. ­Acuite has withdrawn its long-term on the Rs.2.25 Cr. bank facilities of The Indian Electric Company (IEC) without assigning any rating as it is a proposed facility. The rating is being withdrawn on account of request received from the Company. The rating withdrawal is in accordance with Acuite’s policy on withdrawal of ratings as applicable to the respective facility / instrument.

About the Company

­Constituted in 1976, The Indian Electric Company is a Pune based partnership firm primarily engaged in trading of three phase electric motors. Mr. Jagannath Ghodke, Mr. Uday Ghodke, Mrs. Suvarna Ghodke, Mr. Gaurav Ghodke and Mr. Mayur Ghodke are partners of the Firm. IEC is an authorized dealer for electric motors of Siemens India Limited, Bharat Bijlee, Crompton Greaves and for geared motors of Nord Drive Systems Private Limited. It also has authorized dealership of the industrial product segment of Havells India Limited. IEC has a spare parts division and service division providing rewinding services and other maintenance services for electric motors and alternators.

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 22 (Actual)	FY 21 (Actual)
Operating Income	Rs. Cr.	76.68	42.67
PAT	Rs. Cr.	0.61	0.21
PAT Margin	(%)	0.79	0.49
Total Debt/Tangible Net Worth	Times	1.39	1.41
PBDIT/Interest	Times	1.50	1.29

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

­Not Applicable

Interaction with Audit Committee anytime in the last 12 months (applicable for rated-listed / proposed to be listed debt securities being reviewed by Acuite)

Not applicable

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Trading Entities: https://www.acuite.in/view-rating-criteria-61.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 23 Dec 2024 Bills Discounting Short Term 1.50 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Letter of Credit Short Term 0.10 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Bank Guarantee (BLR) Short Term 0.90 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 15.50 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB-) Working Capital Term Loan Long Term 2.75 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB-) Proposed Term Loan Long Term 2.25 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB-) 26 Sep 2023 Bills Discounting Short Term 1.50 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+) Letter of Credit Short Term 0.10 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+) Bank Guarantee (BLR) Short Term 0.90 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+) Cash Credit Long Term 15.50 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) Working Capital Term Loan Long Term 2.75 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) Proposed Term Loan Long Term 2.25 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) 01 Jul 2022 Bills Discounting Short Term 1.50 ACUITE A4+ (Reaffirmed) Letter of Credit Short Term 0.10 ACUITE A4+ (Reaffirmed) Bank Guarantee (BLR) Short Term 0.90 ACUITE A4+ (Reaffirmed) Cash Credit Long Term 15.50 ACUITE BB | Stable (Reaffirmed) Working Capital Term Loan Long Term 2.75 ACUITE BB | Stable (Reaffirmed) Proposed Long Term Loan Long Term 2.25 ACUITE BB | Stable (Reaffirmed)

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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 Bank of Maharashtra Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.90 Simple Not Applicable|Withdrawn Bank of Maharashtra Not avl. / Not appl. Bills Discounting Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.50 Simple Not Applicable|Withdrawn Bank of Maharashtra Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.50 Simple Not Applicable|Withdrawn Bank of Maharashtra Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.10 Simple Not Applicable|Withdrawn Not Applicable Not avl. / Not appl. Proposed Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.25 Simple Not Applicable|Withdrawn Bank of Maharashtra Not avl. / Not appl. Working Capital Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Jun 2024 2.75 Simple Not Applicable|Withdrawn

Contacts

Mohit Jain Senior Vice President - Rating Operations Sahil Sawant 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. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.