Press Release PAUL STRIPS AND TUBES PRIVATE LIMITED April 19, 2023 Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	11.50	Not Applicable | Withdrawn	-
Bank Loan Ratings	1.00	-	Not Applicable | Withdrawn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Total Withdrawn Quantum (Rs.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­Acuité has Withdrawn the rating on the Rs 12.50 crore bank facilities of Paul Strips and Tubes Private Limited. The rating is being withdrawn on account of request received from the company and No Due Certificate  received from the banker.

About the Company

­Paul Strips And Tubes Private Limited was incorporated in the year 1985 by Mr. Sunil Katyal in Kanpur. registered office is in Pune. and was engaged in providing auto finance under the name “Paul Auto Finances Private Limited” till year 2004 to first hand and second hand vehicle buyers. Paul Strips And Tubes Private Limited exited this segment due to increasing competition from banks and other non-banking financial institutions. Later during the period from 2004 to 2006 the company was dormant. Mr. Siddhartha Katyal and Mr. Rishi Katyal joined the company in year 2006 and changed the name of the company to Paul Strips and Tubes Private Limited and started manufacturing of MS tubee, Ingots, strips, and skelps. PSTPL is one of the leading Pipe manufacturing company in India for ERW Steel Pipes from 1/2” to 2” as per Indian and International standards.

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

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Key Financials

­Not Applicable

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

­Not Applicable

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

• 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 25 Apr 2022 Cash Credit Long Term 11.50 ACUITE B+ (Downgraded and Issuer not co-operating*) Bank Guarantee Short Term 1.00 ACUITE A4 (Downgraded and Issuer not co-operating*) 25 Jan 2021 Cash Credit Long Term 11.50 ACUITE BB (Downgraded and Issuer not co-operating*) Bank Guarantee Short Term 1.00 ACUITE A4+ (Issuer not co-operating*)

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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 Kotak Mahindra Bank Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 1.00 Simple Not Applicable|Withdrawn Kotak Mahindra Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 11.50 Simple Not Applicable|Withdrawn

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.