Press Release January 30, 2025 NANDAN SAHA STEEL PRIVATE LIMITED Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	56.34	ACUITE C | Downgraded | Issuer not co-operating*	-
Bank Loan Ratings	9.00	-	ACUITE A4 | Downgraded | Issuer not co-operating*
Total Outstanding	65.34	-	-
Total Withdrawn	0.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

­­­Acuité has downgraded the long term rating to ‘ACUITE C' (read as ACUITE C) from ‘ACUITE BB’ (read as ACUITE double B) and also downgraded the short term rating to ‘ACUITE A4’ (read as ACUITE A four) from ‘ACUITE A4+’ (read as ACUITE A four plus) to the Rs 65.34 crore bank facilities of Nandan Saha Steel Private Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. The downgrade is based on delays reflected in debt servicing being reflected in the Credit Information Company Report in the last twelve months ended November 2024.

About the Company

­Kolkata based, Nandan Saha Steel Private Limited was incorporated in the year 2003 and is an authorised distributor of Tata Steel Limited (for Tata Tiscon and Tata Pravesh brands), Tata International Limited (for Tata Strider brand), Tata Pigments Limited, Samsung Mobiles and consumer electronics. It comprises of around 150 dealers for Tata Tiscon within the network across districts including North 24 Parganas, Murshidabad and Nadia. The company has its warehouse of 40,000 sqft for storage of steel in Chandpara (West Bengal). The company is promoted by Mr. Nandan Saha and his wife, Sutapa Saha. The company also deals in consumer electronics and Tech Adda, specialising in mobiles, accessories and smart gadgets and providing customer service and assistance. The brands included in this segment of business are Oppo, Vivo, Caravan, Redmi and Oromo. The company has 48 stores in total of which 42 stores are in West Bengal and 6 stores are in Odisha.

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 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

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivity

­­"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 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	382.49	330.22
PAT	Rs. Cr.	0.35	0.24
PAT Margin	(%)	0.09	0.07
Total Debt/Tangible Net Worth	Times	3.02	2.60
PBDIT/Interest	Times	1.43	1.43

Status of non-cooperation with previous CRA

­Not Applicable

Any other information

­None

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

­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 24 Jan 2024 Channel/Dealer/Vendor Financing Short Term 4.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Channel/Dealer/Vendor Financing Short Term 5.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 9.00 ACUITE BB (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 10.00 ACUITE BB (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 20.34 ACUITE BB (Reaffirmed & Issuer not co-operating*) Covid Emergency Line. Long Term 2.00 ACUITE BB (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 15.00 ACUITE BB (Reaffirmed & Issuer not co-operating*) 01 Nov 2022 Channel/Dealer/Vendor Financing Short Term 4.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Channel/Dealer/Vendor Financing Short Term 5.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 10.00 ACUITE BB (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 20.34 ACUITE BB (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 9.00 ACUITE BB (Reaffirmed & Issuer not co-operating*) Covid Emergency Line. Long Term 2.00 ACUITE BB (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 15.00 ACUITE BB (Reaffirmed & Issuer not co-operating*) * The issuer did not co-operate; based on best available information.

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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 DBS Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE BB ) Kotak Mahindra Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.34 Simple ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE BB ) Axis Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.00 Simple ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE BB ) State Bank of India Not avl. / Not appl. Channel/Dealer/Vendor Financing Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.00 Simple ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ ) ICICI Bank Ltd Not avl. / Not appl. Channel/Dealer/Vendor Financing Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ ) Axis Bank Not avl. / Not appl. Covid Emergency Line. Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE BB ) Standard Chartered Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE C | Downgraded | Issuer not co-operating* ( from ACUITE BB )

* 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. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.