Press Release NARAYANI SONS INDIA PRIVATE LIMITED May 17, 2023 Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	10.00	Not Applicable | Withdrawn	-
Bank Loan Ratings	2.50	-	Not Applicable | Withdrawn
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	12.50	-	-

Rating Rationale

­Acuité has withdrawn the rating on the Rs.12.50 Cr bank facilities of Narayani Sons India Private Limited (NSIPL). The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NDC received from the bankers. Since the loan availed by the company has been repaid, the rating has been withdrawn.

About the Company

­Incorporated in 2005, NSPL is an Odisha based company (operating from Kolkata). The company is engaged in excavation, crushing, screening and transportation of iron ore, manganese and coal on a contract basis. In addition, the company also provides logistics services to its customers. Established in 1985 as a proprietorship firm, reconstituted as a partnership firm in 2000, and then as a private limited company, NSPL is promoted by Mr. Dinanath Passary. Currently, the operations are managed by Mr. Passary and his sons, Mr. Vivek Passary and Mr. Ashok Passary, who are also directors in the company. NSPL has established a large fleet of heavy equipment including 500 tipper trucks, 50 excavators, 20 dozers, 30 pay-loaders etc. Majority of the fleet is from reputed OEMs like Volvo, Tata, Eicher, Caterpillar etc

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

­Not Applicable

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

­Not Applicable

Any other information

Acuite is yet to receive the latest No Default Statement from the rated entity despite repeated requests and followups.

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.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 06 Sep 2022 Bank Guarantee Short Term 2.50 ACUITE A4+ (Downgraded and Issuer not co-operating*) Cash Credit Long Term 10.00 ACUITE BB+ (Downgraded and Issuer not co-operating*) 05 Jul 2021 Cash Credit Long Term 10.00 ACUITE BBB+ | Stable (Assigned) Bank Guarantee Short Term 2.50 ACUITE A2 (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 Axis Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 2.50 Simple Not Applicable|Withdrawn State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 10.00 Simple Not Applicable|Withdrawn

Contacts

Analytical	Rating Desk
Aditya Gupta Vice President-Rating Operations Tel: 022-49294041 aditya.gupta@acuite.in Srijita Chatterjee Lead 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.