Press Release February 25, 2025 GOLDEN PEACE INFRASTRUCTURE PRIVATE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	25.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	25.00	-	-

Rating Rationale

­­Acuite has withdrawn its long-term rating on the Rs. 25.00 Cr. bank facilities of Golden Peace Infrastructure Private Limited without assigning any rating as the instruments were proposed limit. The rating withdrawal is in accordance with Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of a request received from the company.

About the Company

­Incorporated in 2012, promoted by Mr. Ashok Wadia, Mr. Ashok Kumar, and Mr. Mukesh Gulat, Golden Peace Infrastructure Private Limited (GPPL) operates India’s second largest floating casino under the name ‘Casino Pride 2’. It is based in Goa. The casino stands at an area covering more than 30000 sq. ft. and a weather deck of 10000 sq. ft. with an accommodation of more than 400 guests at a time. The casino offers a range of international games including Roulette, Black Jack, Poker, Indian games such as Flush, Mini Flush, Rummy and live gaming experiences as well. Other facilities include a multi-cuisine restaurant and a well-stocked bar on each floor. The company is a part of the Pride Group which commenced its operations with Hotel Neo Majestic in 2008 and gradually expanded to 4 casinos (2 floating and 2 in-land casinos) and 2 five-star hotels in the state of Goa.

Unsupported Rating

­­Not Applicable

Analytical Approach

­­Not Applicable

Key Rating Drivers

Strengths

­­Not Applicable

Weaknesses

­­Not Applicable

Rating Sensitivities

­­Not Applicable

Liquidity Position

­Not Applicable

Outlook: Not Applicable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	366.10	322.57
PAT	Rs. Cr.	77.96	19.61
PAT Margin	(%)	21.29	6.08
Total Debt/Tangible Net Worth	Times	0.00	0.00
PBDIT/Interest	Times	39.13	15.24

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

­Not Applicable

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.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 30 Jan 2024 Proposed Term Loan Long Term 25.00 ACUITE BB- (Reaffirmed & Issuer not co-operating*) 16 Nov 2022 Proposed Term Loan Long Term 25.00 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)

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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 Not Applicable Not avl. / Not appl. Proposed Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple Not Applicable|Withdrawn

Contacts

Mohit Jain Senior Vice President - Rating Operations Abhishek Singh Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@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. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.