Press Release HIMALAYAN PACKAGING INDUSTRIES PRIVATE LIMITED August 23, 2023 Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	16.00	ACUITE BB+ | Reaffirmed | Issuer not co-operating*	-
Bank Loan Ratings	3.00	-	ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	19.00	-	-

Rating Rationale

­Acuité has reaffirmed its long-term rating to ‘ACUITE BB+’ (read as ACUITE Double B plus)  and the short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.19.00 Cr bank facilities of Himalayan Packaging Industries Private Limited (HPIPL).This rating is now an indicative rating and is based on best available information. Rating has been marked as indicative on account of information risk.

About the Company

­Himalayan Packaging Industries Private Limited (HPIPL), a flagship company of Himalayan Group, was incorporated in 2006 with its headquarters in New Delhi and is engaged in manufacturing of PET/PP/PC/HDPE bottles used in Pharma, FMCG, Sports and Liquor Industry. HPIPL has an installed capacity to manufacture 2,700 lacs of bottles per day. Himalayan Polymers Industries with a unit in Dehradun too with total capacity of manufacturing 2,004 lacs bottles per day has been merged into HPIPL in November 2021; taking the aggregate capacity to 4,704 lacs bottles per day. The company is promoted by Mr. Suresh Singhal and Mr. Subhash Chandra Daga.

Non-cooperation by the issuer/borrower

­Acuité has been requesting for information critical for rating exercise from the rated entity. 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.

Rating Sensitivities

­No information has been shared by the entity for  Acuite to comment

Material Covenants

­None

Liquidity Position

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

Outlook:Not Applicable

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Other Factors affecting Rating

­None

Key Financials:

­­The entity has not shared the latest financial statement for Acuite to comment upon.

Status of non-cooperation with previous CRA

CRISIL vide its press release dated February 26, 2022, has mentioned the rating of HPIPL to '[CRISIL]B+/Stable/A4' Issuer Not Cooperating as on February 26, 2022. BRICKWORK vide its press release dated May 02, 2022, has mentioned the rating of HPIPL to '[BWR]B-/Stable/A4' Issuer Not Cooperating as on May 02, 2022.

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

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 14 Jun 2022 Cash Credit Long Term 2.50 ACUITE BB+ | Stable (Assigned) Cash Credit Long Term 13.50 ACUITE BB+ | Stable (Upgraded from ACUITE BB-) Letter of Credit Short Term 1.50 ACUITE A4+ (Reaffirmed) Letter of Credit Short Term 1.50 ACUITE A4+ (Assigned) 13 Apr 2022 Letter of Credit Short Term 8.50 ACUITE A4+ ( Issuer not co-operating*) Proposed Bank Facility Long Term 0.50 ACUITE BB- (Downgraded and Issuer not co-operating*) Cash Credit Long Term 6.00 ACUITE BB- (Downgraded and Issuer not co-operating*) 08 Jan 2021 Cash Credit Long Term 6.00 ACUITE BB (Downgraded and Issuer not co-operating*) Proposed Bank Facility Long Term 0.50 ACUITE BB (Downgraded and Issuer not co-operating*) Letter of Credit Short Term 8.50 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 Kotak Mahindra Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 13.50 Simple ACUITE BB+ | Reaffirmed | Issuer not co-operating* Kotak Mahindra Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 2.50 Simple ACUITE BB+ | Reaffirmed | Issuer not co-operating* Kotak Mahindra Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 1.50 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating* Kotak Mahindra Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 1.50 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*

Contacts

Analytical Details	Contact Details
Aditya Gupta Vice President - Rating Operations Tel: 022-49294041 aditya.gupta@acuite.in Himanshu . Senior Analyst - Rating Operations Tel: 022-49294065 himanshu.mehta@acuite.in	Contact Details Mob: +91 8069217456 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.