Press Release JUPITER WAGONS LIMITED March 21, 2023 Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	124.11	Not Applicable | Withdrawn	-
Bank Loan Ratings	295.50	-	Not Applicable | Withdrawn
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	419.61	-	-

Rating Rationale

­Acuité has withdrawn the rating on the Rs.419.61 Cr bank facilities of Jupiter Wagons Limited (JWL). The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn since the company ceases to exist, post its amalgamation into Commercial Engineers & Body Builders Limited (which is now renamed as Jupiter Wagons Limited).

About the Company

­JWL, incorporated in 2006, was a part of the Kolkata-based Jupiter Group and a leading player in the Indian railway wagon manufacturing industry. JWL had a capacity to manufacture ~4,200 wagons annually and is backward integrated with a foundry shop to manufacture various components of a typical wagon like couplers, bogies, draft gears, CRF section, etc. As per the scheme of merger approved by the National Company Law Tribunal (NCLT), the assets and liabilities corresponding to the JWL stand transferred to Commercial Engineers & Body Builders Limited (renamed as Jupiter Wagons Limited).

Analytical Approach

­Not Applicable

Key Rating Drivers

Strengths

­Not Applicable

Weaknesses

­Not Applicable

Rating Sensitivities

­Not Applicable

Material covenants

­Not Applicable

Liquidity Position

­Not Applicable

Outlook

­Not Applicable

Other Factors affecting Rating

­Not Applicable

About the Rated Entity - Key Financials

­The Key Financial table displaying the latest data for the year FY21 and FY20, as the company was amalgamated  to 'Commercial Engineers & Body Builders Limited' (which is now renamed as 'Jupiter Wagons Limited'), in FY22.

Key Financials

Particulars	Unit	FY 21 (Actual)	FY 20 (Actual)
Operating Income	Rs. Cr.	995.75	920.35
PAT	Rs. Cr.	45.44	43.97
PAT Margin	(%)	4.56	4.78
Total Debt/Tangible Net Worth	Times	0.29	0.51
PBDIT/Interest	Times	4.38	3.58

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

­Not Applicable

Any other information

­Not Applicable

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 08 Feb 2022 Letter of Credit Short Term 4.00 ACUITE A1 (Assigned) Bank Guarantee Short Term 50.00 ACUITE A1 (Assigned) Term Loan Long Term 0.60 ACUITE A+ | Stable (Assigned) Bank Guarantee Short Term 130.00 ACUITE A1 (Assigned) Term Loan Long Term 6.50 ACUITE A+ | Stable (Assigned) Bank Guarantee Short Term 18.50 ACUITE A1 (Assigned) Letter of Credit Short Term 15.00 ACUITE A1 (Assigned) Packing Credit Short Term 3.00 ACUITE A1 (Assigned) Bank Guarantee Short Term 25.00 ACUITE A1 (Assigned) Term Loan Long Term 5.01 ACUITE A+ | Stable (Assigned) Bank Guarantee Short Term 5.00 ACUITE A1 (Assigned) Cash Credit Long Term 15.00 ACUITE A+ | Stable (Assigned) Cash Credit Long Term 31.00 ACUITE A+ | Stable (Assigned) Letter of Credit Short Term 28.00 ACUITE A1 (Assigned) Cash Credit Long Term 30.50 ACUITE A+ | Stable (Assigned) Letter of Credit Short Term 10.00 ACUITE A1 (Assigned) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Assigned) Letter of Credit Short Term 7.00 ACUITE A1 (Assigned) Cash Credit Long Term 13.00 ACUITE A+ | Stable (Assigned) Cash Credit Long Term 12.50 ACUITE A+ | Stable (Assigned)

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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 Federal Bank Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 18.50 Simple Not Applicable|Withdrawn HDFC Bank Ltd Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 25.00 Simple Not Applicable|Withdrawn Axis Bank Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 5.00 Simple Not Applicable|Withdrawn Punjab National Bank Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 50.00 Simple Not Applicable|Withdrawn State Bank of India Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 130.00 Simple Not Applicable|Withdrawn State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 12.50 Simple Not Applicable|Withdrawn State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 30.50 Simple Not Applicable|Withdrawn Punjab National Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 10.00 Simple Not Applicable|Withdrawn Axis Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 31.00 Simple Not Applicable|Withdrawn HDFC Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 15.00 Simple Not Applicable|Withdrawn Federal Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 13.00 Simple Not Applicable|Withdrawn Federal Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 7.00 Simple Not Applicable|Withdrawn HDFC Bank Ltd Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 15.00 Simple Not Applicable|Withdrawn Axis Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 4.00 Simple Not Applicable|Withdrawn Punjab National Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 10.00 Simple Not Applicable|Withdrawn State Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 28.00 Simple Not Applicable|Withdrawn Axis Bank Not Applicable Packing Credit Not Applicable Not Applicable Not Applicable 3.00 Simple Not Applicable|Withdrawn Axis Bank Not Applicable Term Loan Not available Not available Not available 6.50 Simple Not Applicable|Withdrawn Federal Bank Not Applicable Term Loan Not available Not available Not available 5.01 Simple Not Applicable|Withdrawn Federal Bank Not Applicable Term Loan Not available Not available Not available 0.60 Simple Not Applicable|Withdrawn

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Contacts

Analytical	Rating Desk
Pooja Ghosh Vice President-Rating Operations Tel: 022-49294041 pooja.ghosh@acuite.in Srijita Chatterjee Analyst-Rating Operations Tel: 022-49294065 srijita.chatterjee@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.