Press Release INDEUTSCH INDUSTRIES PRIVATE LIMITED February 23, 2023 Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	19.50	Not Applicable | Withdrawn	-
Bank Loan Ratings	0.50	-	Not Applicable | Withdrawn
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	20.00	-	-

Rating Rationale

­­Acuité has withdrawn its long-term rating and its short-term rating on the Rs.20.00 Cr. bank facilities of Indeutsch Industries Private Limited. The rating is being withdrawn on account of the request received from the company and 'satisfaction of charge' of the facilities rated as per MCA records. The rating is being withdrawn as per Acuité’s policy on withdrawal of ratings.

About the Company

­Incorporated in the year 1987, Indeutsch Industries Private Limited (hereinafter referred as IIPL) is engaged in the manufacturing of paint brush, cosmetic brush & their components and canvas. The company is promoted by Mr. Sanjiv Kumar Tyagi and Mr. Samir Jain. IIPL is an export-oriented unit with exports constituting ~94 per cent of the total operating income and catering to the markets of the U.S.A., Germany, China, U.K. and other parts of the world. The manufacturing unit is in Noida with a production capacity of 36 million units p.a. for brushes and brush heads, 63 million units p.a. for metallic ferrule and 42 million units p.a. for wooden handles. The registered office is located at New Delhi.

Analytical Approach

Not Applicable

Key Rating Drivers

Strengths

Not Applicable

Weaknesses

Not Applicable

Rating Sensitivities

­None

Material covenants

­Not Applicable

Liquidity Position

Not Applicable

Outlook: ­Not Applicable

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Key Financials

Particulars	Unit	FY 22 (Actual)	FY 21 (Actual)
Operating Income	Rs. Cr.	128.49	114.59
PAT	Rs. Cr.	17.33	15.43
PAT Margin	(%)	13.49	13.47
Total Debt/Tangible Net Worth	Times	0.14	0.11
PBDIT/Interest	Times	39.75	29.57

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

­None

Any other information

­None

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 13 Jul 2022 Letter of Credit Short Term 0.35 ACUITE A4+ (Downgraded and Issuer not co-operating*) Proposed Packing Credit Long Term 7.50 ACUITE BB+ (Downgraded and Issuer not co-operating*) Packing Credit Long Term 12.00 ACUITE BB+ (Downgraded and Issuer not co-operating*) Bank Guarantee Short Term 0.15 ACUITE A4+ (Downgraded and Issuer not co-operating*) 31 Oct 2020 Packing Credit Long Term 12.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Letter of Credit Short Term 0.35 ACUITE A2+ (Upgraded from ACUITE A2) Bank Guarantee Short Term 0.15 ACUITE A2+ (Upgraded from ACUITE A2) Proposed Packing Credit Long Term 7.50 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable)

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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 Central Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 0.15 Simple Not Applicable|Withdrawn Central Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 0.35 Simple Not Applicable|Withdrawn Central Bank of India Not Applicable PC/PCFC Not Applicable Not Applicable Not Applicable 12.00 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Packing Credit Not Applicable Not Applicable Not Applicable 7.50 Simple Not Applicable|Withdrawn

Contacts

Analytical	Rating Desk
Aditya Gupta Vice President-Rating Operations Tel: 022-49294041 aditya.gupta@acuite.in Radhika Kolwankar Analyst-Rating Operations Tel: 022-49294065 radhika.kolwankar@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.