Press Release April 18, 2024 JAMKASH VEHICLEADES PRIVATE LIMITED Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	97.04	ACUITE BB+ | Downgraded | Issuer not co-operating*	-
Bank Loan Ratings	21.20	-	ACUITE A4+ | Downgraded | Issuer not co-operating*
Total Outstanding	118.24	-	-

Rating Rationale

­­ACUITE has downgraded the long-term rating of ‘ACUITE BBB’ (read as ACUITE triple B) to ACUITE BB+ (read as ACUITE double B plus) and the short-term rating of 'ACUITE A3+' (read as ACUITE A three plus) to ACUITE A4+ (read as ACUITE A four plus) on the Rs.118.24 Cr. bank facilities of Jamkash Vehicleades Private Limited (JVPL) the downgrade is on account of information risk. The rating is now being flagged as “Issuer Not Cooperating” in line with existing SEBI regulations and policy in respect of ‘What Constitutes Non-Cooperation’ of Acuite.

About the Company

­Incorporated in 1993, Jamkash Vehicleades Private Limited (JVPL), is an authorised dealer for all passenger cars of Maruti Suzuki India Limited (MSIL) in Jammu and Kashmir. It currently operates with 30 sales, service and spares (3S) showrooms of MSIL passenger vehicles in the state. The company has been associated with MSIL since 1995 and is one of its major dealers in North India. The company is promoted by Mr. Devender Rana and Mrs Gunjan Rana. JVPL has fully equipped workshops, customer care and body shop. The Body shop is the first of its kind in North Region and has been awarded “The Best Body Shop” in All India Dealer’s Conference of Maruti Suzuki India Ltd held at Paris in the year 2005.

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 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 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

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 23 (Actual)	FY 22 (Actual)
Operating Income	Rs. Cr.	455.46	401.27
PAT	Rs. Cr.	6.15	7.37
PAT Margin	(%)	1.35	1.84
Total Debt/Tangible Net Worth	Times	1.75	1.79
PBDIT/Interest	Times	1.88	2.04

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 • Trading Entitie: https://www.acuite.in/view-rating-criteria-61.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 Jan 2023 Bank Guarantee (BLR) Short Term 21.20 ACUITE A3+ (Assigned) Channel/Dealer/Vendor Financing Long Term 8.00 ACUITE BBB | Stable (Assigned) Cash Credit Long Term 60.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 3.86 ACUITE BBB | Stable (Assigned) Covid Emergency Line. Long Term 12.00 ACUITE BBB | Stable (Assigned) Proposed Cash Credit Long Term 0.83 ACUITE BBB | Stable (Assigned) Covid Emergency Line. Long Term 2.35 ACUITE BBB | Stable (Assigned) Channel/Dealer/Vendor Financing Long Term 10.00 ACUITE BBB | Stable (Assigned)

­

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating J&K Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 21.20 Simple ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A3+ ) J&K Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 60.00 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB ) State Bank of India Not avl. / Not appl. Channel/Dealer/Vendor Financing Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 8.00 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB ) Axis Bank Not avl. / Not appl. Channel/Dealer/Vendor Financing Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB ) State Bank of India Not avl. / Not appl. Covid Emergency Line. Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.35 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB ) J&K Bank Not avl. / Not appl. Covid Emergency Line. Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.00 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB ) Not Applicable Not avl. / Not appl. Proposed Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.83 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB ) J&K Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.86 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB )

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Sushant Kumar Mishra Email ID: analyticalsupport@acuite.in Tel: 022-49294065 sushant.mishra@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.