Press Release STRUC RITE METAL BUILDING SYSTEMS May 08, 2023 Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	10.50	Not Applicable | Withdrawn	-
Bank Loan Ratings	1.50	-	Not Applicable | Withdrawn
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	12.00	-	-

Rating Rationale

Acuité has withdrawn the rating on the­ on the Rs. 12.00 crore bank facilities of Struc Rite Metal Building Systems (SRMS). The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NDC received from the banker. Since the loan availed by the company has been repaid, the rating has been withdrawn.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

Established in December 2012, Struc Rite Metal Building Systems (SRMS) is a Chhattisgarhbased partnership firm engaged in the installation of pre-engineered buildings for residential, commercial and industrial buildings. Currently, the operations are being managed by Mr. Rajesh Kumar Jain and Mr. Mohammad Ali Kamdar, having an equal profit sharing ratio.­

Analytical Approach

Not Applicable

Key Rating Drivers

Strengths

­Not Applicable

Weaknesses

­Not Applicable

Rating Sensitivities

­None

Material covenants

­None

Liquidity Position

Not Applicable­

Outlook: Not Applicable­

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Other Factors affecting Rating

None­

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

­None

Any other information

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

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 23 Feb 2022 Cash Credit Long Term 3.00 ACUITE B+ ( Issuer not co-operating*) Term Loan Long Term 2.76 ACUITE B+ ( Issuer not co-operating*) Proposed Bank Facility Long Term 1.98 ACUITE B+ ( Issuer not co-operating*) Working Capital Term Loan Long Term 2.76 ACUITE B+ ( Issuer not co-operating*) Letter of Credit Short Term 1.50 ACUITE A4 ( Issuer not co-operating*) 20 Nov 2020 Cash Credit Long Term 3.00 ACUITE B+ (Downgraded and Issuer not co-operating*) Term Loan Long Term 2.76 ACUITE B+ (Downgraded and Issuer not co-operating*) Working Capital Term Loan Long Term 2.76 ACUITE B+ (Downgraded and Issuer not co-operating*) Proposed Bank Facility Long Term 1.98 ACUITE B+ (Downgraded and Issuer not co-operating*) Letter of Credit Short Term 1.50 ACUITE A4 (Downgraded and 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 Kotak Mahindra Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 3.00 Simple Not Applicable|Withdrawn Kotak Mahindra Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 1.50 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 1.98 Simple Not Applicable|Withdrawn Kotak Mahindra Bank Not Applicable Term Loan Not available Not available Not available 2.76 Simple Not Applicable|Withdrawn Kotak Mahindra Bank Not Applicable Working Capital Term Loan Not available Not available Not available 2.76 Simple Not Applicable|Withdrawn

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.