Press Release December 06, 2023 ELIXIR MET FORM PRIVATE LIMITED Rating Downgraded,Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	18.50	ACUITE BB- | Downgraded | Issuer not co-operating*	-
Bank Loan Ratings	6.50	-	ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Total Outstanding	25.00	-	-

Rating Rationale

­Acuité has downgraded its long-term rating to ACUITE BB- (read as ACUITE double B minus) from ‘ACUITE BB’ (read as ACUITE Double B) and reaffirmed short term rating of ‘ACUITE A4+ ’ (read as ACUITE A Four plus) on the Rs.25.00 Cr bank facilities of Elixir Met Form Private Limited (EMFPL). This rating is now an indicative rating and is based on the best available information. The rating has been downgraded on account of information risk.

About the Company

­Incorporated in 2005 by Mr. P.V.Narasimha Raju, Elixir Met Form Private Limited (EMFPL) is involved in the manufacturing, engineering and installation of Roll Forming Sections (UPVC windows, Pre-painted steel windows and Door Frames) & undertaking civil construction project predominantly pre-engineered buildings of lightweight and heavyweight structures for commercial, industrial and residential purpose for clients across private sector, state government departments (mainly in the states of Telangana and Andhra Pradesh) and central government departments on tender basis. The Company has two manufacturing facilities, one in Hyderabad and one in Bonthapally Village, Medak District Telangana.

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 noncooperation by the issuer along with an 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 has 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.

Rating Sensitivities

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

All Covenants

­None

Liquidity Position

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

Outlook

­Not Applicable

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 22 (Provisional)	FY 21 (Actual)
Operating Income	Rs. Cr.	36.16	37.16
PAT	Rs. Cr.	2.19	2.18
PAT Margin	(%)	6.05	5.87
Total Debt/Tangible Net Worth	Times	0.34	0.62
PBDIT/Interest	Times	2.48	3.31

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 • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Rating Process and Timeline: https://www.acuite.in/view-rating-criteria-67.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 19 Sep 2022 Cash Credit Long Term 14.50 ACUITE BB | Stable (Reaffirmed) Letter of Credit Short Term 3.00 ACUITE A4+ (Reaffirmed) Bank Guarantee Short Term 3.50 ACUITE A4+ (Reaffirmed) Proposed Long Term Loan Long Term 4.00 ACUITE BB | Stable (Reaffirmed) 01 Jul 2021 Cash Credit Long Term 14.50 ACUITE BB | Stable (Upgraded from ACUITE BB-) Bank Guarantee Short Term 3.50 ACUITE A4+ (Upgraded from ACUITE A4) Proposed Term Loan Long Term 4.00 ACUITE BB | Stable (Assigned) Letter of Credit Short Term 3.00 ACUITE A4+ (Upgraded from ACUITE A4) 30 Mar 2020 Letter of Credit Short Term 1.50 ACUITE A4 (Downgraded and Issuer not co-operating*) Cash Credit Long Term 10.00 ACUITE BB- (Downgraded and Issuer not co-operating*) Bank Guarantee Short Term 2.50 ACUITE A4 (Downgraded and 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 Union Bank of India Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 3.50 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating* Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 14.50 Simple ACUITE BB- | Downgraded | Issuer not co-operating* Union Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 3.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating* Not Applicable Not Applicable Proposed Long Term Loan Not Applicable Not Applicable Not Applicable 4.00 Simple ACUITE BB- | Downgraded | Issuer not co-operating*

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Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Thejaswini P V Senior Analyst - Rating Operations Tel: 022-49294065 thejaswini.pv@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in 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. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.