Press Release October 31, 2024 JAGDAMBA ISPAT PRIVATE LIMITED Rating Downgraded & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	12.00	ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*	-
Bank Loan Ratings	1.75	Not Applicable | Withdrawn	-
Bank Loan Ratings	2.25	-	ACUITE A4 | Downgraded & Withdrawn | Issuer not co-operating*
Total Outstanding	0.00	-	-
Total Withdrawn	16.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

­Acuité has downgraded and withdrawn its long-term rating to ‘ACUITE B+’ (read as ACUITE B plus) from ‘ACUITE BB-’ (read as ACUITE double B minus) for the Rs.12.00 Cr. bank facilities of Jagdamba Ispat Private Limited. Acuité has downgraded and withdrawn its short-term rating to ‘ACUITE A4’ (read as ACUITE A four) from ‘ACUITE A4+’ (read as ACUITE A four plus) for the Rs.2.25 Cr. bank facilities of Jagdamba Ispat Private Limited.  Acuité has also withdrawn its long-term proposed rating on the  Rs. 1.75 Cr. without assigning any rating as It is a proposed facility of Jagdamba Ispat Private Limited. The rating has been withdrawn on Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility. The rating has been withdrawn on account of the request received from the company, and the NOC(No Objection Certificate) received from the banker and the downgrade is based on information risk.

About the Company

­­Incorporated in 2004. The company is engaged in manufacturing of MS Ingots. The present directors of the company are Mr. Sandeep Murarka and Mr. Sanjay Kumar Murarka. The registered office of the company is in Kolkata.

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 endeavored 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 ratingis based.

Rating Sensitivities

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

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

Particulars	Unit	FY 23 (Actual)	FY 22 (Actual)
Operating Income	Rs. Cr.	107.39	113.68
PAT	Rs. Cr.	0.78	0.75
PAT Margin	(%)	0.73	0.66
Total Debt/Tangible Net Worth	Times	1.77	1.81
PBDIT/Interest	Times	1.90	1.87

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

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 Mar 2024 Cash Credit Long Term 12.00 ACUITE BB- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 1.75 ACUITE BB- | Stable (Reaffirmed) Bank Guarantee (BLR) Short Term 2.25 ACUITE A4+ (Reaffirmed) 02 Jan 2023 Bank Guarantee (BLR) Short Term 2.25 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 12.00 ACUITE BB- (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 1.75 ACUITE BB- (Reaffirmed & Issuer not co-operating*) 06 Oct 2021 Bank Guarantee/Letter of Guarantee Short Term 2.25 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 1.75 ACUITE BB- (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 12.00 ACUITE BB- (Reaffirmed & 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 Central Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.25 Simple ACUITE A4 | Downgraded & Withdrawn | Issuer not co-operating* ( from ACUITE A4+ ) Central Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.00 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating* ( from ACUITE BB- ) Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.75 Simple Not Applicable|Withdrawn

* The issuer did not co-operate; based on best available information.

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.