Press Release RATTAN STEEL SUPPLY CO May 25, 2023 Rating Reaffirmed & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	11.00	ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*	-
Bank Loan Ratings	0.25	-	ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	11.25	-	-

Rating Rationale

­Acuité has reaffirmed and withdrawn the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) and the short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.11.25 Cr bank facilities of Rattan Steel Supply Co. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information. The rating has been withdrawn as per Acuite's policy of withdrawal of ratings on account of the request received from the firm, and the NOC received from the banker.

About the Firm

­Rattan Steel Supply Co. (RSSC)was established in the year of 1967 as a proprietorship concern and reconstituted as a partnership firm in 1980. Currently, the day to day operation is managed by Mr. Ajay Gupta, partner. The firm is engaged in trading and supplying of alloy steel and mild steel. It is located in Kolkata.

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 endeavoured 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

­The rated entity has not shared the latest financial statements despite repeated requests.

Material Covenants

­Not Applicable

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

­CRISIL, vide its press release dated April 18, 2019 had denoted the rating of Rattan Steel Supply Co as 'CRISIL B/Stable/A4; ISSUER NOT COOPERATING’.

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

• 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 02 May 2022 Bills Discounting Short Term 0.25 ACUITE A4 ( Issuer not co-operating*) Cash Credit Long Term 11.00 ACUITE B+ ( Issuer not co-operating*) 15 Feb 2021 Cash Credit Long Term 11.00 ACUITE B+ | Stable (Reaffirmed) Bills Discounting Short Term 0.25 ACUITE A4 (Reaffirmed)

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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 Punjab National Bank Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 0.25 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating* Punjab National Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 11.00 Simple ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*

Contacts

Analytical	Rating Desk
Aditya Gupta Vice President-Rating Operations Tel: 022-49294041 aditya.gupta@acuite.in Geeta Karira Analyst-Rating Operations Tel: 022-49294065 geeta.karira@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.