Press Release RAILTECH INFRAVENTURE PRIVATE LIMITED November 09, 2022 Downgraded, Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	15.55	ACUITE BB | Downgraded & Withdrawn | Issuer not co-operating*	-
Bank Loan Ratings	17.60	ACUITE BB | Downgraded | Issuer not co-operating*	-
Bank Loan Ratings	35.00	-	ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	17.60	-	-
Total Withdrawn Quantum (Rs. Cr)	50.55	-	-

Rating Rationale

Acuité has downgraded and withdrawn the long term rating of 'ACUITE BB' (read as ACUITE Double B ) from 'ACUITE BB+' (read as ACUITE Double B plus) on the Rs. 15.55 Cr. Bank facilities of RAILTECH INFRAVENTURE PRIVATE LIMITED (RIPL), and reaffirmed and withdrawn the short-term rating of 'ACUITE A4+" (read as ACUITE A four plus)  on the Rs. 35.00 Cr. bank facilities of RAILTECH INFRAVENTURE PRIVATE LIMITED (RIPL),  from Bank of Baroda. This rating continues to be flagged as Issuer Not Cooperating. The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating, and withdrawn on account of request received from the company, and the NOC received from the banker. The rating has also been downgraded on account of information risk. Further, Acuité has also downgraded the Long-term rating to  'ACUITE BB' (read as ACUITE Double B ) from  'ACUITE BB+' (read as ACUITE Double B plus) to the Rs. 17.60 Cr. bank facilities of the Siemens Financial Services Private Limited Bank availed by RAILTECH INFRAVENTURE PRIVATE LIMITED (RIPL) . The rating is constrained by information risk, and continues to be flagged as “Issuer Not Cooperating”.

About the Company

­Delhi based Railtech Infraventure Private Limited was incorporated in 2008 by Mr Ajai Kumar Bansal popularly known as Mr. Ajai Agarwal and is engaged in highly technical and specialized work like, flash butt welding, track linking, maintenance and rehabilitation for Indian Railways as well as for public & private players. RIPL had executed a number of various projects in regard to gauge conversion, complete track renewal, operation and annual maintenance of NTPC's railway track, railway track system, depot flash-butt welding, mobile flash-butt welding and so on. In the past RIPL has executed projects in Asian and African continent but presently caters only to Indian railways.

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 noncooperation 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:

­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 ratingis based.

About the Rated Entity - Key Financials

­The rated entity has not shared the latest financial statements despite 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

Other Factors affecting Rating

­None

Status of non-cooperation with previous CRA

­None

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

• 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 09 Nov 2021 Term Loan Long Term 0.73 ACUITE BB+ (Downgraded and Issuer not co-operating*) Term Loan Long Term 3.03 ACUITE BB+ (Downgraded and Issuer not co-operating*) Term Loan Long Term 1.32 ACUITE BB+ (Downgraded and Issuer not co-operating*) Cash Credit Long Term 10.00 ACUITE BB+ (Downgraded and Issuer not co-operating*) Term Loan Long Term 17.60 ACUITE BB+ (Downgraded and Issuer not co-operating*) Bank Guarantee Short Term 35.00 ACUITE A4+ (Downgraded and Issuer not co-operating*) Term Loan Long Term 0.47 ACUITE BB+ (Downgraded and Issuer not co-operating*) 11 Aug 2020 Term Loan Long Term 3.03 ACUITE A- | Stable (Reaffirmed) Proposed Bank Guarantee Short Term 9.05 ACUITE A2+ (Withdrawn) Term Loan Long Term 0.47 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 17.60 ACUITE A- | Stable (Reaffirmed) Bank Guarantee Short Term 35.00 ACUITE A2+ (Reaffirmed) Term Loan Long Term 0.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.32 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Proposed Cash Credit Long Term 2.48 ACUITE A- (Withdrawn) 05 Aug 2020 Term Loan Long Term 0.40 ACUITE A- (Withdrawn) Term Loan Long Term 0.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.15 ACUITE A- (Withdrawn) Term Loan Long Term 1.32 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.47 ACUITE A- | Stable (Reaffirmed) Proposed Bank Guarantee Short Term 9.05 ACUITE A2+ (Reaffirmed) Term Loan Long Term 17.60 ACUITE A- | Stable (Reaffirmed) Proposed Cash Credit Long Term 2.48 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.03 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.13 ACUITE A- (Withdrawn) Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Bank Guarantee Short Term 35.00 ACUITE A2+ (Reaffirmed) 06 Jun 2019 Term Loan Long Term 1.33 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.15 ACUITE A- | Stable (Assigned) Letter of Credit Short Term 4.60 ACUITE A2+ (Withdrawn) Term Loan Long Term 9.53 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Proposed Cash Credit Long Term 2.40 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 0.40 ACUITE A- | Stable (Assigned) Bank Guarantee Short Term 35.00 ACUITE A2+ (Upgraded from ACUITE A2) Letter of Credit Short Term 3.66 ACUITE A2+ (Withdrawn) Term Loan Long Term 1.02 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 3.67 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 4.13 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Cash Credit Long Term 10.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Proposed Bank Guarantee Short Term 9.05 ACUITE A2+ (Upgraded from ACUITE A2) 21 Mar 2018 Cash Credit Long Term 3.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 0.82 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 5.40 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 0.70 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 2.90 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 6.20 ACUITE BBB+ | Stable (Assigned) Proposed Cash Credit Long Term 2.40 ACUITE BBB+ | Stable (Assigned) Bank Guarantee Short Term 35.00 ACUITE A2 (Reaffirmed) Buyers Credit Short Term 4.60 ACUITE A2 (Reaffirmed) Buyers Credit Short Term 3.66 ACUITE A2 (Reaffirmed) Proposed Bank Guarantee Short Term 15.00 ACUITE A2 (Assigned) 08 Mar 2018 Term Loan Long Term 1.44 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Buyers Credit Short Term 4.60 ACUITE A2 (Upgraded from ACUITE A3) Cash Credit Long Term 3.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Buyers Credit Short Term 3.66 ACUITE A2 (Upgraded from ACUITE A3) Bank Guarantee Short Term 19.75 ACUITE A2 (Upgraded from ACUITE A3) 07 Feb 2017 Cash Credit Long Term 3.00 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Term Loan Long Term 1.44 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Bank Guarantee Short Term 10.00 ACUITE A3+ (Upgraded from ACUITE A3) Buyers Credit Short Term 7.00 ACUITE A3 (Withdrawn) Buyers Credit Short Term 5.00 ACUITE A3 (Withdrawn) Buyers Credit Short Term 4.60 ACUITE A3+ (Upgraded from ACUITE A3) Buyers Credit Short Term 3.66 ACUITE A3+ (Assigned) Proposed Bank Guarantee Short Term 9.75 ACUITE A3+ (Assigned) 21 Nov 2015 Cash Credit Long Term 3.00 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Stable) Term Loan Long Term 2.85 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Stable) Bank Guarantee Short Term 10.00 ACUITE A3 (Upgraded from ACUITE A4+) Buyers Credit Short Term 7.00 ACUITE A3 (Upgraded from ACUITE A4+) Buyers Credit Short Term 5.00 ACUITE A3 (Upgraded from ACUITE A4+) Buyers Credit Short Term 4.60 ACUITE A3 (Assigned) 30 Sep 2014 Cash Credit Long Term 2.00 ACUITE BB+ | Stable (Reaffirmed) Term Loan Long Term 3.42 ACUITE BB+ | Stable (Reaffirmed) Bank Guarantee Short Term 6.00 ACUITE A4+ (Reaffirmed) Buyers Credit Short Term 7.00 ACUITE A4+ (Reaffirmed) Buyers Credit Short Term 5.00 ACUITE A4+ (Assigned) 02 Aug 2013 Cash Credit Long Term 2.00 ACUITE BB+ | Stable (Assigned) Term Loan Long Term 3.42 ACUITE BB+ | Stable (Assigned) Buyers Credit Long Term 7.00 ACUITE BB+ | Stable (Assigned) Bank Guarantee Short Term 6.00 ACUITE A4+ (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 Baroda Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 35.00 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* Bank of Baroda Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE BB | Downgraded & Withdrawn | Issuer not co-operating* Siemens Financial Services Pvt. Ltd. Not Applicable Term Loan Not available Not available Not available 17.60 Simple ACUITE BB | Downgraded | Issuer not co-operating* Bank of Baroda Not Applicable Term Loan Not available Not available Not available 3.03 Simple ACUITE BB | Downgraded & Withdrawn | Issuer not co-operating* Bank of Baroda Not Applicable Term Loan Not available Not available Not available 1.32 Simple ACUITE BB | Downgraded & Withdrawn | Issuer not co-operating* Bank of Baroda Not Applicable Term Loan Not available Not available Not available 0.47 Simple ACUITE BB | Downgraded & Withdrawn | Issuer not co-operating* Bank of Baroda Not Applicable Term Loan Not available Not available Not available 0.73 Simple ACUITE BB | Downgraded & Withdrawn | Issuer not co-operating*

Contacts

Analytical	Rating Desk
Pooja Ghosh Vice President-Rating Operations Tel: 022-49294041 pooja.ghosh@acuite.in Abhishek Singh Analyst-Rating Operations Tel: 022-49294065 abhishek.s@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.