Press Release ASSOCIATED INSULATION COMPANY October 26, 2022 Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	3.25	-	ACUITE D | Reaffirmed | Issuer not co-operating*
Bank Loan Ratings	5.50	ACUITE D | Reaffirmed | Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	8.75	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and short term rating of 'ACUITE D' (read as ACUITE D) on the Rs 8.75 crore bank facilities of Associated Insulation Company (AIC). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company

­AIC is a Vadodara (Gujarat) based partnership firm established in 1986. The firm promoted by Mr. M.V. Dhuvad and Mr. C.M. Dhuvad is engaged in undertaking thermal insulation works for power plants, oil refineries, petro chemicals units, fertilizer plants and other manufacturing units. AIC is approved and registered with reputed Indian and overseas consultants, including TOYO Engineering India Limited, Engineers India Limited, TATA Consulting Engineers and Samsung Engineering, among others.

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 noncooperation 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 endeavored 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.

About the Rated Entity - Key Financials

­The rated entity has not shared the latest financial statements despite repeated requests.

Rating Sensitivity

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

Material Covenants

­None

Liquidity Position

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

Outlook

­Not Applicable.

Status of non-cooperation with previous CRA

­None

Any other information

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

Applicable Criteria

• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • 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

Note on Complexity Levels of the Rated Instrument

https://www.acuite.in/view-rating-criteria-55.htm

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 28 Jul 2021 Bank Guarantee Short Term 3.25 ACUITE D ( Issuer not co-operating*) Cash Credit Long Term 5.50 ACUITE D ( Issuer not co-operating*) 04 May 2020 Bank Guarantee Short Term 3.25 ACUITE D (Issuer not co-operating*) Cash Credit Long Term 5.50 ACUITE D (Issuer not co-operating*) 06 Mar 2019 Bank Guarantee Short Term 3.25 ACUITE D (Downgraded and Issuer not co-operating*) Cash Credit Long Term 5.50 ACUITE D (Downgraded and Issuer not co-operating*) 26 Dec 2017 Cash Credit Long Term 5.50 ACUITE B- | Stable (Assigned) Bank Guarantee Short Term 3.25 ACUITE A4 (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 Bank of Baroda Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 3.25 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Bank of Baroda Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 5.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*

Contacts

Analytical	Rating Desk
Pooja Ghosh Vice President-Rating Operations Tel: 022-49294041 pooja.ghosh@acuite.in Abhishek Singh Analyst-Rating Operations Tel: 022-49294065 abhishek.s@acuite.in	Varsha Bist Senior Manager-Rating Operations Tel: 022-49294011 rating.desk@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.