Press Release SHEKHAWATI ART EXPORTS September 23, 2022 Rating Reaffirmed & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	9.00	ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	9.00	-	-

Rating Rationale

­Acuité has reaffirmed & withdrawn the long term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs.9.00 crore bank facilities of Shekhawati Art Exports. The rating is being withdrawn on account of request received from the company and NOC received from the banker. The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. The rating continues to be an indicative rating and is based on best available information.

About the Company

­Jodhpur-based, Shekhawati Art Exports was established in 2003 by Mr.Vinod Kumar and later Mr. Lalit Kumar Johari joined the firm in 2006. The firm is engaged in the business of manufacturing wooden furniture with installed capacity of 8000 pieces per annum. Further SAE is into 100 percent exports to countries like US, Italy, Spain to name a few. In addition to the furniture manufacturing business Shekhawati Art Exports is in the trading business of Guar and Churi seeds and it has also set up a wind mill in Gujarat in the year 2015 with the installed capacity of 2.1 M.W.

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. 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 rating is based

About the Rated Entity - Key Financials

The rated entity has not shared the latest financials for Acuite to comment

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 Available

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

https://www.acuite.in/view-rating-criteria-55.htm

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 05 Oct 2021 Term Loan Long Term 9.00 ACUITE B+ (Downgraded and Issuer not co-operating*) 08 Jul 2020 Term Loan Long Term 9.00 ACUITE BB- (Downgraded and Issuer not co-operating*) 24 Apr 2019 Term Loan Long Term 9.00 ACUITE BB | Stable (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.) Rating Small Industries Development Bank of India Not Applicable Term Loan Not available Not available Not available 9.00 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 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.