Press Release December 06, 2023 SHREE NAMAN SECURITIES AND FINANCE PRIVATE LIMITED Rating Downgraded,Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	4.65	ACUITE B+ | Downgraded | Issuer not co-operating*	-
Bank Loan Ratings	10.50	-	ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding	15.15	-	-

Rating Rationale

­Acuité has downgraded its long-term rating from ‘ACUITE BB-' (read as ACUITE double B minus) to ‘ACUITE B+' (read as ACUITE B plus)  on the Rs.4.65 Cr. bank facilities of Shree Naman Securities and Finance Pvt Ltd. The rating is now flagged as "Issuer not corporating' and is based on the best avaliable information. ­Acuité has reaffirmed its short term rating to ‘ACUITE A4' (read as ACUITE A Four) on the Rs.10.50 Cr. bank facilities of Shree Naman Securities and Finance Pvt Ltd. The rating is flagged as "Issuer not corporating' and is based on the best avaliable information.

About the company

­Incorporated in 1995, Shree Naman Securities and Finance Private Limited (SNPL) is a Mumbai based financial and stock broking house. Mr. Jayesh Shah is the owner/promoter of the company. He has more than three decades of experience in the industry. The company is a member of Bombay Stock Exchange (BSE) & National Stock Exchange (NSE), F&O Currency Derivatives segment and a self-clearing member in F&O & Currency. The company is registered as a Depository Participant with CDSL.

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 an 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

Unsupported Rating

­Not Applicable

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.

Rating Sensitivity

­"No information provided by the issuer / available for Acuite to comment upon."­

All Covenants

Not Applicable

Liquidity Position

­No information provided by the issuer / available for Acuite to comment upon.

Outlook: Not Applicable

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Other Factors affecting Rating

­Not Applicable

Key Financials - Standalone / Originator

­ Particulars Unit FY22 (Prov) FY21 (Actual) Operating Income Rs. Cr.            17.53            12.16 PAT Rs. Cr.              7.24              4.85 PAT Margin (%)             41.30             39.84 Total Debt/Tangible Net Worth Times              0.25                 0.22 PBDIT/Interest Times               5.80               3.83 *Total income equals to Net Interest Income

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 theShree Naman Securities and Finance Pvt Ltd, despite repeated requests and follow-ups

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 • Service Sector: https://www.acuite.in/view-rating-criteria-50.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 07 Sep 2022 Bank Guarantee Short Term 3.00 ACUITE A4 (Reaffirmed) Bank Guarantee Short Term 7.50 ACUITE A4 (Reaffirmed) Secured Overdraft Long Term 2.25 ACUITE BB- | Stable (Reaffirmed) Secured Overdraft Long Term 2.40 ACUITE BB- | Stable (Reaffirmed) 26 Feb 2021 Bank Guarantee Short Term 7.50 ACUITE A4 (Reaffirmed) Secured Overdraft Long Term 2.25 ACUITE BB- | Stable (Reaffirmed) Bank Guarantee Short Term 3.00 ACUITE A4 (Reaffirmed) Secured Overdraft Long Term 2.40 ACUITE BB- | Stable (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 Canara Bank Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 7.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating* Bank of India Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 3.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating* Bank of India Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 2.40 Simple ACUITE B+ | Downgraded | Issuer not co-operating* Canara Bank Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 2.25 Simple ACUITE B+ | Downgraded | Issuer not co-operating*

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Akancha Singh Analyst - Rating Operations Tel: 022-49294065 akancha.singh@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in 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. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.