Press Release October 29, 2024 PLUS MAX DUTY FREE PRIVATE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	22.47	Not Applicable | Withdrawn	-
Bank Loan Ratings	12.53	-	Not Applicable | Withdrawn
Total Outstanding	0.00	-	-
Total Withdrawn	35.00	-	-

Rating Rationale

Acuite has withdrawn its long-term and short-term rating on Rs.35 Cr. bank facilities without assigning any rating as the Instrument is fully repaid of Plus Max Duty Free Private Limited. The rating withdrawal is in accordance with Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the Company and No Dues Certificate received from the banker.

About the Company

­Incorporated in the year 2009. Plus Max Duty Free Private Limited is located in Tamil Nadu. It is engaged in import and export of liquor to Singapore and Malaysia. It is managed by Mr. Ramasamy Suriyaprakasam and Mr. Suriyaprakasam Prakadeesh Kumar.

About the Group

­Plus Max Group (PMG) was first established in 2009 as Plus Max Impex India Private Limited, it was engaged in import and export of liquor to Singapore and Malaysia. In 2016, the company in collaboration with Malaysia based AGM Duty Free Selatan SDN. BHD. (AGMDF), won license to run and operate duty free shops at five international airports including Trivandrum, Coimbatore, Vizag, Pune and Madurai. In March 2017, it commenced operations in its first store at Coimbatore and Vizag Airports, following which in May 2017, the Pune Airport store was opened. While in June 2017, the Madurai Airport store and in September 2017, the Trivandrum Airport store was opened. The group is promoted by Mr. Prakadeesh Kumar (Director).

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­Not Applicable

Key Rating Drivers

Strengths

­Not Applicable

Weaknesses

­Not Applicable

Rating Sensitivities

­Not Applicable

Liquidity Position

­Not Applicable

Outlook: Not Applicable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 21 (Actual)	FY 20 (Actual)
Operating Income	Rs. Cr.	118.80	102.10
PAT	Rs. Cr.	2.44	(28.87)
PAT Margin	(%)	2.06	(28.27)
Total Debt/Tangible Net Worth	Times	(0.23)	(0.10)
PBDIT/Interest	Times	9.88	(74.82)

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

­Not Applicable

Any Other Information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Trading Entities: https://www.acuite.in/view-rating-criteria-61.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 04 Aug 2023 Bank Guarantee/Letter of Guarantee Short Term 12.53 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Secured Overdraft Long Term 2.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*) Proposed Long Term Bank Facility Long Term 20.47 ACUITE B+ (Reaffirmed & Issuer not co-operating*) 09 May 2022 Bank Guarantee/Letter of Guarantee Short Term 12.53 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Secured Overdraft Long Term 2.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*) Proposed Long Term Bank Facility Long Term 20.47 ACUITE B+ (Reaffirmed & Issuer not co-operating*) 02 Feb 2021 Bank Guarantee (BLR) Short Term 12.53 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Proposed Long Term Bank Facility Long Term 20.47 ACUITE B+ (Reaffirmed & Issuer not co-operating*) Secured Overdraft Long Term 2.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)

­

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Canara Bank Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.53 Simple Not Applicable|Withdrawn Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.47 Simple Not Applicable|Withdrawn Canara Bank Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple Not Applicable|Withdrawn

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No Name of the companies 1 Plus Max Duty Free Pune Private Limited  2 Plus Max Duty Free Madurai Private Limited 3  Plus Max Duty Free Vizak Private Limited 4 Plus Max Duty Free Kovai Private Limited 5 Plus Max Duty Free Private Limited ­

Contacts

Mohit Jain Senior Vice President - Rating Operations Sahil Sawant Associate 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.