Press Release CHHABI ELECTRICALS PRIVATE LIMITED July 21, 2023 Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	5.50	Not Applicable | Withdrawn	-
Bank Loan Ratings	10.50	-	Not Applicable | Withdrawn
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	16.00	-	-

Rating Rationale

­Acuité has withdrawn the long term rating­ and short term rating on the Rs.16.00 Cr. bank facilities of Chhabi Electricals Private Limited (CEPL). The rating has been withdrawn on account of the request received from the company along with NDC received from the banker. The withdrawal is as per Acuite's policy of withdrawal of ratings.

About the Company

­Chhabi Electricals Private Limited (CEPL) is a Jalgaon-based company incorporated in 1978 to take over the existing business of a proprietorship firm established in 1965. It is promoted by Mr. Chhabiraj Rane, who possesses three decades of experience in the industry. The company is engaged in manufacturing of electronic components such as transformers, battery charger, modular DC systems, etc. and trading of batteries.

Analytical Approach

Not Applicable­

Key Rating Drivers

Strengths

Not Applicable­

Weaknesses

Not Applicable­

Rating Sensitivities

Not Applicable­

Material covenants

None­

Liquidity Position: ­Not Applicable

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Outlook: Not Applicable­

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Other Factors affecting Rating

­None

About the Rated Entity - Key Financials

­The rated entity has not shared the latest financial statements for Acuite to comment.

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

None­

Any other information

Acuite is yet to receive the latest No Default Statement from the rated entity, despite repeated requests dnd followups.

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.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

­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 28 Dec 2022 Letter of Credit Short Term 2.00 ACUITE A4 ( Issuer not co-operating*) Bank Guarantee Short Term 2.75 ACUITE A4 ( Issuer not co-operating*) Cash Credit Long Term 5.50 ACUITE B ( Issuer not co-operating*) Proposed Bank Facility Short Term 5.75 ACUITE A4 ( Issuer not co-operating*) 15 Feb 2022 Proposed Bank Facility Short Term 5.75 ACUITE A4 (Reaffirmed) Cash Credit Long Term 5.50 ACUITE B | Stable (Reaffirmed) Letter of Credit Short Term 2.00 ACUITE A4 (Reaffirmed) Bank Guarantee Short Term 2.75 ACUITE A4 (Reaffirmed) 23 Nov 2020 Proposed Bank Facility Short Term 0.50 ACUITE A4 (Reaffirmed) Letter of Credit Short Term 3.50 ACUITE A4 (Reaffirmed) Bank Guarantee Short Term 4.00 ACUITE A4 (Reaffirmed) Cash Credit Long Term 8.00 ACUITE B | 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 Union Bank of India Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 2.75 Simple Not Applicable|Withdrawn Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 5.50 Simple Not Applicable|Withdrawn Union Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 2.00 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Short Term Loan Not Applicable Not Applicable Not Applicable 5.75 Simple Not Applicable|Withdrawn

Contacts

Analytical	Rating Desk
Aditya Gupta Vice President-Rating Operations Tel: 022-49294041 aditya.gupta@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.