Press Release THEOREM INDIA PRIVATE LIMITED September 12, 2022 Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	7.50	ACUITE BB- | Downgraded | Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	7.50	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

­Acuité has downgraded the long-term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) from ‘ACUITE BB’ (Read as ACUITE double B) on the Rs.7.50 crore bank facilities of Theorem India Private Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.

About the Company

­TIPL, incorporated in 2002, is a Bengaluru-based company promoted by Mr. Jay Kulkarni. A subsidiary of the US-based Theorem INC, the company provides digital marketing and analytical services for its parent company.

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 non-cooperation 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.

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 financial statements despite repeated requests.

Rating Sensitivity

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

Material Covenants

­Not Applicable.

Liquidity Position

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

Outlook

­­Not Applicable.

Other Factors affecting Rating

­­Not Applicable.

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

• Service Sector: https://www.acuite.in/view-rating-criteria-50.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 14 Jun 2021 Cash Credit Long Term 7.50 ACUITE BB (Downgraded and Issuer not co-operating*) 20 Mar 2020 Cash Credit Long Term 7.50 ACUITE BB+ (Issuer not co-operating*) 16 Jan 2019 Secured Overdraft Long Term 7.50 ACUITE BB+ (Issuer not co-operating*) 08 Nov 2017 Cash Credit Long Term 7.50 ACUITE BB+ | Stable (Reaffirmed) 21 Aug 2017 Cash Credit Long Term 6.50 ACUITE BB+ | Stable (Reaffirmed) 13 Jun 2016 Cash Credit Long Term 6.50 ACUITE BB+ | Stable (Reaffirmed) Term Loan Long Term 1.50 ACUITE BB+ | Stable (Withdrawn) 05 Mar 2015 Term Loan Long Term 1.50 ACUITE BB+ | Stable (Assigned) Cash Credit Long Term 5.00 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 Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 7.50 ACUITE BB- | Downgraded | Issuer not co-operating*

Contacts

Analytical	Rating Desk
Pooja Ghosh Vice President-Rating Operations Tel: 022-49294041 pooja.ghosh@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.