Press Release NAHAR TEXTILES PRIVATE LIMITED November 04, 2022 Rating Reaffirmed & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	13.00	ACUITE B | Reaffirmed & Withdrawn | Issuer not co-operating*	-
Bank Loan Ratings	5.00	-	ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	18.00	-	-

Rating Rationale

­Acuité has reaffirmed & withdrawn the long term rating of ‘ACUITE B' (read as ACUITE B) and the short term rating of ACUITE A4' (read as ACUITE A  four) on the Rs.18.00 crore bank facilities of Nahar Textiles Private Limited.The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. This rating continues to be an indicative rating and is based on best available information. The rating is being withdrawn on account of request received from the company and NOC received from the banker.

About the Company

­Nahar Textiles Private Limited was incorporated in 1982 by Mr. Navinchandra Nahar in Mumbai. Nahar Textiles Private Limited is engaged in manufacturing and exporting of fabrics and garments (Mens wear), which includes T-shirts, Shirts, Shirting and Suiting. The company has over 3 decades (36 years) of experience in the garment business and have been exporting to most of the European countries, Latin America, South Asia, Middle East, Far East and Africa over the past two and half decades. It sells its products under the brand name 'NIVADA' since 2000.

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. This rating is therefore being flagged as “Issuer notcooperating”, 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 financials despite of repeated requests

Rating Sensitivity

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

Material Covenants

­None

Liquidity Position

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

Outlook:

­ ­Not Applicable

Status of non-cooperation with previous CRA

­None

Any other information

None

Applicable Criteria

• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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

­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 27 Jul 2022 Packing Credit Long Term 11.00 ACUITE B ( Issuer not co-operating*) Buyers Credit Short Term 5.00 ACUITE A4 ( Issuer not co-operating*) Cash Credit Long Term 0.50 ACUITE B ( Issuer not co-operating*) Proposed Bank Facility Long Term 1.50 ACUITE B ( Issuer not co-operating*) 28 Apr 2021 Packing Credit Long Term 11.00 ACUITE B (Issuer not co-operating*) Proposed Bank Facility Long Term 1.50 ACUITE B (Issuer not co-operating*) Buyers Credit Short Term 5.00 ACUITE A4 (Issuer not co-operating*) Cash Credit Long Term 0.50 ACUITE B (Issuer not co-operating*) 10 Feb 2020 Cash Credit Long Term 0.50 ACUITE B (Downgraded and Issuer not co-operating*) Buyers Credit Short Term 5.00 ACUITE A4 (Downgraded and Issuer not co-operating*) Proposed Bank Facility Long Term 1.50 ACUITE B (Downgraded and Issuer not co-operating*) Packing Credit Long Term 11.00 ACUITE B (Downgraded and Issuer not co-operating*) 29 Nov 2018 Cash Credit Long Term 0.50 ACUITE B+ | Stable (Assigned) Packing Credit Long Term 11.00 ACUITE B+ | Stable (Assigned) Buyers Credit Short Term 5.00 ACUITE A4 (Assigned) Proposed Bank Facility Long Term 1.50 ACUITE B+ | 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 Bank of India Not Applicable Buyers Credit Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating* Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 0.50 Simple ACUITE B | Reaffirmed & Withdrawn | Issuer not co-operating* Bank of India Not Applicable Packing Credit Not Applicable Not Applicable Not Applicable 11.00 Simple ACUITE B | Reaffirmed & Withdrawn | Issuer not co-operating* Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 1.50 Simple ACUITE B | Reaffirmed & Withdrawn | 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.