Press Release BRAND ALLOYS PRIVATE LIMITED September 22, 2022 Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	25.75	ACUITE D | Reaffirmed | Issuer not co-operating*	-
Bank Loan Ratings	9.25	-	ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	35.00	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

­ACUITE 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 35.00 crore bank facilities of Brand Alloys Private Limited (BAPL). This rating continues to be an indicative rating and is based on best available information.

About the Company

­Incorporated in 1994, Brand Alloys Private Limited (BAPL) is a Kolkata based company having its manufacturing unit in Serampore, West Bengal. The company is engaged in manufacturing of TMT rebars, railway components and bogies. Further, BAPL is into an agreement with Tata Steels Limited for conversion of billets into TMT Rebar from last 10 years. Currently, the company is being managed by Mr. Vikas Bansal, Mr. Satpal Bansal and Mr. Markanda Samanta. The raw materials, diesel, coal and railway components are procured locally from companies based out of Kolkata. The company also caters to the local customers in Kolkata. Presently, the installed capacity for TMT rebars is 60,000 MTPA and for railways components, installed capacity stood at 10,000 MTPA.

About the Group

­Incorporated in 1996, Haldia Steels Private Limited is a Kolkata based company having its manufacturing unit in Durgapur, West Bengal. The company is engaged in manufacturing of ferroalloys, sponge iron and billets with the installed capacity of 120,000 MTPA for Sponge Iron, Steel Billets for 60,000 MTPA and Ferro alloys for 12,000 MTPA. Currently, the company is managed by Mr. Vikas Bansal, Mr. Satpal Bansal and Mr. Markanda Samanta. The company procures manganese ore, iron ore pallets, dolomite and coal locally and sells steel billets and ferro alloys to its customers based in Kolkata.

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 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.

About the Rated Entity - Key Financials

­The rated entity has not shared the latest Financial Statements despite repeated attempts.

Rating Sensitivity

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

Material Covenants

­Not Applicable.

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

• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.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 Jun 2021 Proposed Bank Facility Short Term 4.25 ACUITE D (Downgraded and Issuer not co-operating*) Cash Credit Long Term 14.25 ACUITE D (Downgraded and Issuer not co-operating*) Term Loan Long Term 11.50 ACUITE D (Downgraded and Issuer not co-operating*) Letter of Credit Short Term 5.00 ACUITE D (Downgraded and Issuer not co-operating*) 09 Mar 2021 Letter of Credit Short Term 5.00 ACUITE A4+ (Issuer not co-operating*) Cash Credit Long Term 14.25 ACUITE BB- (Downgraded and Issuer not co-operating*) Term Loan Long Term 11.50 ACUITE BB- (Downgraded and Issuer not co-operating*) Proposed Bank Facility Short Term 4.25 ACUITE A4+ (Issuer not co-operating*) 23 Dec 2019 Cash Credit Long Term 14.25 ACUITE BB | Stable (Reaffirmed) Letter of Credit Short Term 5.00 ACUITE A4+ (Reaffirmed) Proposed Bank Facility Short Term 4.25 ACUITE A4+ (Reaffirmed) Term Loan Long Term 11.50 ACUITE BB | Stable (Reaffirmed) 06 Dec 2019 Term Loan Long Term 11.50 ACUITE BB | Stable (Assigned) Proposed Bank Facility Short Term 4.25 ACUITE A4+ (Assigned) Cash Credit Long Term 14.25 ACUITE BB | Stable (Assigned) Letter of Credit Short Term 5.00 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.) Rating Punjab National Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 14.25 ACUITE D | Reaffirmed | Issuer not co-operating* Punjab National Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 5.00 ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable Not Applicable Proposed Short Term Bank Facility Not Applicable Not Applicable Not Applicable 4.25 ACUITE D | Reaffirmed | Issuer not co-operating* Punjab National Bank Not Applicable Term Loan Not available Not available Not available 11.50 ACUITE D | Reaffirmed | Issuer not co-operating*

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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.