Press Release CREST SPECIALITY RESINS PRIVATE LIMITED (ERSTWHILE CREST COMPOSITES AND PLASTICS PRIVATE LIMITED) August 02, 2023 Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	17.38	Not Applicable | Withdrawn	-
Bank Loan Ratings	10.20	-	Not Applicable | Withdrawn
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	27.58	-	-

Rating Rationale

­Acuité has withdrawn its rating on bank facilities of Rs 27.58 Cr of Crest Speciality Resins Private Limited. The rating is being withdrawn on account of the request received from the company and the NDC received from the banker as per Acuité’s policy on withdrawal of ratings.

About the Company

­Crest Composites and Plastics Private Limited, incorporated in 1989, promoted by Mr. Ranjit Sen, is a Gujarat based company engaged in the manufacturing of a variety of resins, including unsaturated polyester resins, vinyl ester resins, coil coating resins and acrylics. The company has two manufacturing units – one at Kheda, Gujarat and the other at Dharwad, Karnataka.

Analytical Approach

Not Applicable

Key Rating Drivers

Strengths

Not Applicable

Weaknesses

­Not Applicable

Rating Sensitivities

Not Applicable

Material covenants

Not Applicable

Liquidity Position

Not Applicable

Outlook:

­Not Applicable

Other Factors affecting Rating

Not Applicable

Key Financials

Particulars	Unit	FY 23 (Provisional)	FY 22 (Actual)
Operating Income	Rs. Cr.	386.70	379.72
PAT	Rs. Cr.	24.24	25.89
PAT Margin	(%)	6.27	6.82
Total Debt/Tangible Net Worth	Times	0.17	0.39
PBDIT/Interest	Times	15.16	11.30

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

Not Applicable

Any other information

Not Applicable

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 10 Jun 2022 Letter of Credit Short Term 10.00 ACUITE A4+ ( Issuer not co-operating*) FBN/FBP/FBD/PSFC/FBE Short Term 0.20 ACUITE A4+ ( Issuer not co-operating*) Term Loan Long Term 8.38 ACUITE BB ( Issuer not co-operating*) Cash Credit Long Term 9.00 ACUITE BB ( Issuer not co-operating*) 12 Mar 2021 Term Loan Long Term 8.38 ACUITE BB (Downgraded and Issuer not co-operating*) Cash Credit Long Term 9.00 ACUITE BB (Downgraded and Issuer not co-operating*) Derivative Exposure Short Term 0.20 ACUITE A4+ (Issuer not co-operating*) Letter of Credit Short Term 10.00 ACUITE A4+ (Issuer not co-operating*)

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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 Punjab National Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 9.00 Simple Not Applicable|Withdrawn Punjab National Bank Not Applicable FBN/FBP/FBD/PSFC/FBE Not Applicable Not Applicable Not Applicable 0.20 Simple Not Applicable|Withdrawn Punjab National Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 10.00 Simple Not Applicable|Withdrawn Punjab National Bank Not Applicable Term Loan Not available Not available Not available 8.38 Simple Not Applicable|Withdrawn

Contacts

Analytical	Rating Desk
Aditya Gupta Vice President-Rating Operations Tel: 022-49294041 aditya.gupta@acuite.in Suman Paul Analyst-Rating Operations Tel: 022-49294065 suman.paul@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.