Press Release MAN TUBINOX LIMITED September 15, 2022 Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	129.50	ACUITE D | Reaffirmed | Issuer not co-operating*	-
Bank Loan Ratings	35.50	-	ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	165.00	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the short-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 165.00 crore bank facilities of Man Tubinox Limited (MTL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company

­The Mumbai based, Man Tubinox Limited (MTL), incorporated in 2006 is part of the J. C. Man Group of Industries. The company is headed by Mr. Jagdish Mansukhani (Chairman) who has more than three decades of experience in the industry. The company is engaged in trading of steel products such as special steel tubes & pipes, billets, flat and long steel products among others. The company plans to set up a unit at Pithampur, Madhya Pradesh to manufacture seamless stainless steel tubes & pipes at an installed capacity of 15000 MT per annum.

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 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 rating is based.

About the Rated Entity - Key Financials

­The rated entity has not shared the latest financial statements despite repeated requests.

Rating Sensitivity

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

Material Covenants

­Not Applicable

Liquidity Position

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

Outlook

­Not Applicable

Other Factors affecting Rating

­Not Applicable

Status of non-cooperation with previous CRA

­None

Any other information

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

Applicable Criteria

• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on Complexity Levels of the Rated Instrument

https://www.acuite.in/view-rating-criteria-55.htm

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 28 Jun 2021 Proposed Term Loan Long Term 40.00 ACUITE D ( Issuer not co-operating*) Term Loan Long Term 10.00 ACUITE D ( Issuer not co-operating*) Proposed Cash Credit Long Term 35.00 ACUITE D ( Issuer not co-operating*) Proposed Letter of Credit Short Term 12.50 ACUITE D ( Issuer not co-operating*) Letter of Credit Short Term 23.00 ACUITE D ( Issuer not co-operating*) Proposed Term Loan Long Term 30.00 ACUITE D ( Issuer not co-operating*) Proposed Cash Credit Long Term 5.00 ACUITE D ( Issuer not co-operating*) Cash Credit Long Term 7.00 ACUITE D ( Issuer not co-operating*) Cash Credit Long Term 2.50 ACUITE D ( Issuer not co-operating*) 27 Mar 2020 Proposed Cash Credit Long Term 5.00 ACUITE D (Issuer not co-operating*) Letter of Credit Short Term 23.00 ACUITE D (Issuer not co-operating*) Proposed Term Loan Long Term 30.00 ACUITE D (Issuer not co-operating*) Cash Credit Long Term 2.50 ACUITE D (Issuer not co-operating*) Cash Credit Long Term 7.00 ACUITE D (Issuer not co-operating*) Term Loan Long Term 10.00 ACUITE D (Issuer not co-operating*) Proposed Letter of Credit Short Term 12.50 ACUITE D (Issuer not co-operating*) Proposed Cash Credit Long Term 35.00 ACUITE D (Issuer not co-operating*) Proposed Term Loan Long Term 40.00 ACUITE D (Issuer not co-operating*) 11 Jan 2019 Proposed Term Loan Long Term 30.00 ACUITE D (Downgraded from ACUITE BB | Stable) Cash Credit Long Term 7.00 ACUITE D (Downgraded from ACUITE BB | Stable) Proposed Letter of Credit Short Term 12.50 ACUITE D (Downgraded from ACUITE A4+) Letter of Credit Short Term 23.00 ACUITE D (Downgraded from ACUITE A4+) Proposed Cash Credit Long Term 35.00 ACUITE D (Downgraded from ACUITE BB | Stable) Term Loan Long Term 10.00 ACUITE D (Downgraded from ACUITE BB | Stable) Cash Credit Long Term 2.50 ACUITE D (Downgraded from ACUITE BB | Stable) Proposed Cash Credit Long Term 5.00 ACUITE D (Downgraded from ACUITE BB | Stable) Proposed Term Loan Long Term 40.00 ACUITE D (Downgraded from ACUITE BB | Stable) 06 Feb 2018 Term Loan Long Term 10.00 ACUITE BB | Stable (Assigned) Proposed Term Loan Long Term 40.00 ACUITE BB | Stable (Assigned) Proposed Term Loan Long Term 30.00 ACUITE BB | Stable (Assigned) Proposed Term Loan Long Term 5.00 ACUITE BB | Stable (Assigned) Cash Credit Long Term 7.00 ACUITE BB | Stable (Assigned) Cash Credit Long Term 2.50 ACUITE BB | Stable (Assigned) Letter of Credit Short Term 23.00 ACUITE A4+ (Assigned) Proposed Cash Credit Long Term 35.00 ACUITE BB | Stable (Assigned) Proposed Letter of Credit Short Term 12.50 ACUITE A4+ (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.) Rating Bank of Baroda Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 7.00 ACUITE D | Reaffirmed | Issuer not co-operating* Axis Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 2.50 ACUITE D | Reaffirmed | Issuer not co-operating* Bank of Baroda Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 23.00 ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 35.00 ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 5.00 ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable Not Applicable Proposed Letter of Credit Not Applicable Not Applicable Not Applicable 12.50 ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 40.00 ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 30.00 ACUITE D | Reaffirmed | Issuer not co-operating* IDBI Bank Ltd. Not Applicable Term Loan Not available Not available Not available 10.00 ACUITE D | Reaffirmed | Issuer not co-operating*

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.