Press Release May 12, 2026 A S STEEL TRADERS VSP PRIVATE LIMITED Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	75.00	ACUITE BB+ | Downgraded | Issuer not co-operating*	-	RBI
Total Outstanding	0.00	75.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-
* The issuer did not co-operate; based on best available information.

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

­­­­­Acuite has downgraded the long-term rating to 'ACUITE BB+' (read as ACUITE double B plus) from 'ACUITE BBB' (read as ACUITE Triple B) on Rs.75.00 crore of bank facilities availed by A S Steel Traders VSP Private Limited (ASPL). The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available. The rating is downgraded on account of information risk.

About the Company

­Incorporated in 2003, A S Steel Traders VSP Private Limited (ASPL) is based in Visakhapatnam and engaged in the trading of iron & steel. The company is promoted by Mr. Nagesh Anumalisetty and Mr. Magesh Anumalisetty. ASPL primarily trades in customized steel products such as billets and blooms and all other products of iron and steel. The company procures from eminent clients such as RINL, Jindal Steel, TATA Steel BSL Limited among few. It caters to manufacturers and re-rollers situated in Maharashtra, Karnataka, Gujarat and Chhattisgarh.

About the Group

­­Established in 1987, A S Steel Traders (ASST) is a partnership firm promoted by Mr. Nagesh Anumalisetty and Mr. Magesh Anumalisetty. ASST is an authorised distributor of steel products of Rashtriya Ispat Nigam Limited (RINL) and Steel Exchange India Limited. The firm has a MoU with RINL for stock lifting from the locations of Visakhapatnam, Vijayawada and Hyderabad, and has emerged as one of the leading distributors of RINL in Visakhapatnam region.

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

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

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

Potential triggers (individual or collective) for a downward rating action:

­­­­­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 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	964.59	884.71
PAT	Rs. Cr.	11.11	10.09
PAT Margin	(%)	1.15	1.14
Total Debt/Tangible Net Worth	Times	1.55	1.12
PBDIT/Interest	Times	2.84	3.03

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 • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Trading Entitie: 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 18 Feb 2025 Cash Credit Long Term 60.00 ACUITE BBB | Stable (Reaffirmed) Cash Credit Long Term 15.00 ACUITE BBB | Stable (Assigned) 22 Nov 2023 Cash Credit Long Term 58.50 ACUITE BBB | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 1.50 ACUITE BBB | Stable (Reaffirmed) 17 Jul 2023 Bank Guarantee (BLR) Short Term 25.00 ACUITE A3+ (Reaffirmed) Cash Credit Long Term 35.00 ACUITE BBB | Stable (Reaffirmed)

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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No. Company Name 1 A S Steel Traders 2 A S Steel Traders VSP Private Limited ­

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php • Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Akshat Shah Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators. 4 There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. 5 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.   B. Other activities:   Sr. No. Activity Name Regulator of the activity 1 Monitoring Agency SEBI 2 Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 Not applicable 6 permitted by SEBI vide SEBI Master Circular for CRAs. 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