Press Release SINTEX BAPL LIMITED June 20, 2023 Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	1962.10	Not Applicable | Withdrawn	-
Non Convertible Debentures (NCD)	200.00	Not Applicable | Withdrawn	-
Bank Loan Ratings	250.00	-	Not Applicable | Withdrawn
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	2412.10	-	-

Rating Rationale

Acuité has withdrawn the rating on the Rs. 2212.1 crore bank facilities and Rs. 200.00 crore of Non-Convertible Debentures of Sintex BAPL Limited (SBAPL). The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NDC received from the banker. Since the loan availed by the company has been repaid, the rating has been withdrawn.

About the Company

Sintex-BAPL, incorporated in December 2007, is a Gujarat-based company engaged in the manufacture of automotive components for Original Equipment Manufacturers (OEMs), tier I auto ancillaries and electrical goods manufacturers in the domestic market. Subsequent to incorporation, Sintex- BAPL acquired automotive business of Bright Brothers Limited, which has been engaged in the automotive business since 1975. As on March 31, 2016, Sintex-BAPL had an aggregate installed capacity of 24,000 metric tons per annum (MTPA) for manufacturing of moulded plastic products. The company is directed by Mr. Amit D. Patel, Mr. Rahul Patel, Mr. Samir Joshipura, Mr. Sandeep M. Singhi, Mr. Pravin K. Laheri and Dr. Gauri S. Trivedi. The company has its manufacturing facilities located at various places like Chennai, Pithampur, Pune, Sohna, Nasik and Dharuhera­

Analytical Approach

Not Applicable­

Key Rating Drivers

Strengths

­Not Applicable

Weaknesses

­Not Applicable

Rating Sensitivities

­Not Applicable

Material covenants

None­

Liquidity Position

Not Applicable­

Outlook

Not Applicable­

Other Factors affecting Rating

­None

About the Rated Entity - Key Financials

­The rated entity has not shared the latest financial statement for Acuite to comment.

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

Brickworks vide its press release dated 9.9.2022, had rated the company to BWR D/D & BWR D; Issuer Not Cooperating.

Any other information

­Acuite is yet to receive the latest No Default Statement from the rated entity.

Applicable Criteria

• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.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 03 Aug 2022 Proposed Long Term Loan Long Term 162.10 ACUITE D ( Issuer not co-operating*) Term Loan Long Term 63.64 ACUITE D ( Issuer not co-operating*) Term Loan Long Term 15.00 ACUITE D ( Issuer not co-operating*) Proposed Letter of Credit Short Term 120.00 ACUITE D ( Issuer not co-operating*) Cash Credit Long Term 25.00 ACUITE D ( Issuer not co-operating*) Proposed Long Term Loan Long Term 194.52 ACUITE D ( Issuer not co-operating*) Non Convertible Debentures Long Term 200.00 ACUITE D ( Issuer not co-operating*) Cash Credit Long Term 10.48 ACUITE D ( Issuer not co-operating*) Proposed Letter of Credit Short Term 15.00 ACUITE D ( Issuer not co-operating*) Proposed Bank Facility Long Term 50.00 ACUITE D ( Issuer not co-operating*) Proposed Cash Credit Long Term 125.00 ACUITE D ( Issuer not co-operating*) Proposed Cash Credit Long Term 179.00 ACUITE D ( Issuer not co-operating*) Proposed Bank Guarantee Short Term 39.00 ACUITE D ( Issuer not co-operating*) Proposed Cash Credit Long Term 45.00 ACUITE D ( Issuer not co-operating*) Proposed Letter of Credit Short Term 26.00 ACUITE D ( Issuer not co-operating*) Proposed Bank Facility Long Term 1142.36 ACUITE D ( Issuer not co-operating*) 09 Aug 2021 Proposed Bank Facility Short Term 50.00 ACUITE D ( Issuer not co-operating*) Proposed Bank Facility Long Term 1142.36 ACUITE D ( Issuer not co-operating*) Proposed Cash Credit Long Term 125.00 ACUITE D ( Issuer not co-operating*) Proposed Letter of Credit Short Term 120.00 ACUITE D ( Issuer not co-operating*) Proposed Long Term Loan Long Term 194.52 ACUITE D ( Issuer not co-operating*) Term Loan Long Term 15.00 ACUITE D ( Issuer not co-operating*) Cash Credit Long Term 25.00 ACUITE D ( Issuer not co-operating*) Non Convertible Debentures Long Term 200.00 ACUITE D ( Issuer not co-operating*) Cash Credit Long Term 10.48 ACUITE D ( Issuer not co-operating*) Proposed Bank Guarantee Short Term 39.00 ACUITE D ( Issuer not co-operating*) Term Loan Long Term 63.64 ACUITE D ( Issuer not co-operating*) Proposed Letter of Credit Short Term 26.00 ACUITE D ( Issuer not co-operating*) Proposed Cash Credit Long Term 45.00 ACUITE D ( Issuer not co-operating*) Proposed Cash Credit Long Term 179.00 ACUITE D ( Issuer not co-operating*) Proposed Letter of Credit Short Term 15.00 ACUITE D ( Issuer not co-operating*) Proposed Long Term Loan Long Term 162.10 ACUITE D ( Issuer not co-operating*) 16 Apr 2021 Proposed Cash Credit Long Term 125.00 ACUITE D (Downgraded and Issuer not co-operating*) Proposed Letter of Credit Short Term 26.00 ACUITE D (Downgraded and Issuer not co-operating*) Proposed Cash Credit Long Term 45.00 ACUITE D (Downgraded and Issuer not co-operating*) Proposed Bank Facility Long Term 1142.36 ACUITE D (Downgraded and Issuer not co-operating*) Cash Credit Long Term 25.00 ACUITE D (Downgraded and Issuer not co-operating*) Proposed Letter of Credit Short Term 15.00 ACUITE D (Downgraded and Issuer not co-operating*) Proposed Letter of Credit Short Term 120.00 ACUITE D (Downgraded and Issuer not co-operating*) Proposed Bank Guarantee Short Term 39.00 ACUITE D (Downgraded and Issuer not co-operating*) Cash Credit Long Term 10.48 ACUITE D (Downgraded and Issuer not co-operating*) Term Loan Long Term 63.64 ACUITE D (Downgraded and Issuer not co-operating*) Proposed Long Term Loan Long Term 162.10 ACUITE D (Downgraded and Issuer not co-operating*) Proposed Long Term Loan Long Term 194.52 ACUITE D (Downgraded and Issuer not co-operating*) Term Loan Long Term 15.00 ACUITE D (Downgraded and Issuer not co-operating*) Non Convertible Debentures Long Term 200.00 ACUITE D (Downgraded and Issuer not co-operating*) Proposed Bank Facility Short Term 50.00 ACUITE D (Downgraded and Issuer not co-operating*) Proposed Cash Credit Long Term 179.00 ACUITE D (Downgraded and Issuer not co-operating*) 15 Apr 2021 Proposed Letter of Credit Short Term 120.00 ACUITE D (Issuer not co-operating*) Cash Credit Long Term 25.00 ACUITE D (Issuer not co-operating*) Proposed Cash Credit Long Term 45.00 ACUITE D (Issuer not co-operating*) Proposed Long Term Loan Long Term 162.10 ACUITE D (Issuer not co-operating*) Cash Credit Long Term 10.48 ACUITE D (Issuer not co-operating*) Proposed Bank Guarantee Short Term 39.00 ACUITE D (Issuer not co-operating*) Term Loan Long Term 63.64 ACUITE D (Issuer not co-operating*) Proposed Cash Credit Long Term 125.00 ACUITE D (Issuer not co-operating*) Proposed Letter of Credit Short Term 15.00 ACUITE D (Issuer not co-operating*) Non Convertible Debentures Long Term 200.00 ACUITE D (Issuer not co-operating*) Term Loan Long Term 15.00 ACUITE D (Issuer not co-operating*) Proposed Long Term Loan Long Term 194.52 ACUITE D (Issuer not co-operating*) Proposed Bank Facility Long Term 1142.36 ACUITE D (Issuer not co-operating*) Proposed Bank Facility Short Term 50.00 ACUITE D (Issuer not co-operating*) Proposed Cash Credit Long Term 179.00 ACUITE D (Issuer not co-operating*) Proposed Letter of Credit Short Term 26.00 ACUITE D (Issuer not co-operating*) 10 Aug 2020 Non Convertible Debentures Long Term 200.00 ACUITE D (Issuer not co-operating*) Proposed Cash Credit Long Term 45.00 ACUITE D (Issuer not co-operating*) Proposed Cash Credit Long Term 179.00 ACUITE D (Issuer not co-operating*) Proposed Letter of Credit Short Term 120.00 ACUITE D (Issuer not co-operating*) Proposed Letter of Credit Short Term 15.00 ACUITE D (Issuer not co-operating*) Cash Credit Long Term 25.00 ACUITE D (Issuer not co-operating*) Proposed Bank Facility Long Term 1142.36 ACUITE D (Issuer not co-operating*) Proposed Cash Credit Long Term 125.00 ACUITE D (Issuer not co-operating*) Proposed Bank Facility Short Term 50.00 ACUITE D (Issuer not co-operating*) Term Loan Long Term 63.64 ACUITE D (Issuer not co-operating*) Term Loan Long Term 15.00 ACUITE D (Issuer not co-operating*) Proposed Letter of Credit Short Term 26.00 ACUITE D (Issuer not co-operating*) Proposed Long Term Loan Long Term 194.52 ACUITE D (Issuer not co-operating*) Proposed Long Term Loan Long Term 162.10 ACUITE D (Issuer not co-operating*) Cash Credit Long Term 10.48 ACUITE D (Issuer not co-operating*) Proposed Bank Guarantee Short Term 39.00 ACUITE D (Issuer not co-operating*)

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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 HDFC Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 25.00 Simple Not Applicable|Withdrawn Kotak Mahindra Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 10.48 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Non-Convertible Debentures (NCD) Not Applicable Not Applicable Not Applicable 200.00 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Bank Guarantee Not Applicable Not Applicable Not Applicable 39.00 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 179.00 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 125.00 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 45.00 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Letter of Credit Not Applicable Not Applicable Not Applicable 120.00 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Letter of Credit Not Applicable Not Applicable Not Applicable 26.00 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Letter of Credit Not Applicable Not Applicable Not Applicable 15.00 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 1142.36 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Long Term Loan Not Applicable Not Applicable Not Applicable 194.52 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Long Term Loan Not Applicable Not Applicable Not Applicable 162.10 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Short Term Bank Facility Not Applicable Not Applicable Not Applicable 50.00 Simple Not Applicable|Withdrawn HDFC Bank Ltd Not Applicable Term Loan Not available Not available Not available 15.00 Simple Not Applicable|Withdrawn HDFC Bank Ltd Not Applicable Term Loan Not available Not available Not available 63.64 Simple Not Applicable|Withdrawn

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Contacts

Analytical	Rating Desk
Aditya Gupta Vice President-Rating Operations Tel: 022-49294041 aditya.gupta@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.