Press Release STAR GLOBAL ENDURA LIMITED November 18, 2022 Rating Reaffirmed & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	18.40	ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*	-
Bank Loan Ratings	8.00	-	ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	26.40	-	-

Rating Rationale

­Acuité has reaffirmed & Withdrawn the long term rating of ‘ACUITE B+' (read as ACUITE B plus) and the short term rating of 'ACUITE A4' (read as ACUITE A four) on the Rs.26.40 crore bank facilities of Star Global Endura Limited. The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. This rating continues to be an indicative rating and is based on best available information. The rating is being withdrawn on account of request received from the company and NOC received from the banker.

About the Company

­Star Global Endura Limited incorporated in 2009 under the directorship of Mr. Sanjay Jain, Mrs. Manisha Jain, Mr. Ranjan Sharma and Mrs. Sakshi Sehgal. The company engaged in manufacturing of multi-filament yarn used to stitch woven sacks. The company has a plant in Village Surana, Jaipur with manufacturing capacity of 2400 MTPA.

About the Group

­Supreme group was formed in 1998 with the establishment of Supreme Polymers Private Limited, a Company with the primary focus on production of woven laminated/ non laminated polypropylene woven sacks. The company supply its bags to cement and fertilizer manufacturers in the country. The products find application in the following industries - Cement, Fertilizers, Food grains, Building materials, Animal feed, Seeds, Chemicals minerals, Pet food, Pet care etc

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 notcooperating”, 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 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

Status of non-cooperation with previous CRA

­None

Any Other Information

Acuite is yet to receive the latest No Default Statement despite repeated requests and followups.

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 17 Oct 2022 Cash Credit Long Term 6.00 ACUITE B+ (Downgraded and Issuer not co-operating*) Bank Guarantee Short Term 2.00 ACUITE A4 (Downgraded and Issuer not co-operating*) Derivative Exposure Short Term 3.00 ACUITE A4 (Downgraded and Issuer not co-operating*) Letter of Credit Short Term 3.00 ACUITE A4 (Downgraded and Issuer not co-operating*) Term Loan Long Term 12.40 ACUITE B+ (Downgraded and Issuer not co-operating*) 20 Jul 2021 Bank Guarantee Short Term 2.00 ACUITE A4+ ( Issuer not co-operating*) Letter of Credit Short Term 3.00 ACUITE A4+ ( Issuer not co-operating*) Derivative Exposure Short Term 3.00 ACUITE A4+ ( Issuer not co-operating*) Cash Credit Long Term 6.00 ACUITE BB- (Downgraded and Issuer not co-operating*) Term Loan Long Term 12.40 ACUITE BB- (Downgraded and Issuer not co-operating*) 23 Apr 2020 Letter of Credit Short Term 3.00 ACUITE A4+ (Issuer not co-operating*) Bank Guarantee Short Term 2.00 ACUITE A4+ (Issuer not co-operating*) Term Loan Long Term 12.40 ACUITE BB (Issuer not co-operating*) Derivative Exposure Short Term 3.00 ACUITE A4+ (Issuer not co-operating*) Cash Credit Long Term 6.00 ACUITE BB (Issuer not co-operating*) 07 Feb 2019 Term Loan Long Term 12.40 ACUITE BB (Issuer not co-operating*) Letter of Credit Short Term 3.00 ACUITE A4+ (Issuer not co-operating*) Bank Guarantee Short Term 2.00 ACUITE A4+ (Issuer not co-operating*) Cash Credit Long Term 6.00 ACUITE BB (Issuer not co-operating*) Derivative Exposure Short Term 3.00 ACUITE A4+ (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 The Jammu and Kashmir Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 2.00 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating* The Jammu and Kashmir Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 6.00 Simple ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating* The Jammu and Kashmir Bank Not Applicable Derivative Exposure Not Applicable Not Applicable Not Applicable 3.00 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating* The Jammu and Kashmir Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 3.00 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating* The Jammu and Kashmir Bank Not Applicable Term Loan Not available Not available Not available 12.40 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 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.