Press Release January 15, 2024 UNITECH INTERNATIONAL LIMITED Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	20.00	ACUITE D | Downgraded | Issuer not co-operating*	-
Bank Loan Ratings	20.00	-	ACUITE D | Downgraded | Issuer not co-operating*
Total Outstanding	40.00	-	-

Rating Rationale

­Acuite has downgraded the long-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE C’ (read as ACUITE C) and also downgraded the short term rating to on ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE A4’ (read as ACUITE A four)  on the Rs.40.00 crore bank facilities of Unitech International Limited (UIL). The rating continues to be flagged as ‘Issuer Not Cooperative’ and is based on best available information. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information. The downgrade is based on CRIF and other publicly available information about the company.

About the Company

­Mumbai based Unitech International Limited (UIL), incorporated as a public limited company in 1994, is engaged in the trading of engineering polymers, co-polymers, compound polymer and ferrous and non-ferrous metals. These are used as raw material for making alloy steel products. UIL sells its products to auto parts manufacturing companies, surgical equipment manufacturing companies among others in Maharashtra. The company has begun manufacturing of plastic polymer and regenerated monomer from June, 2017 at Thane and Silvassa. At present the directors of the company are Mr. Deepak Vadilal Kothari, Mr. Palsi Nadersha Bhathena, Mr. Joseph Kuriakose Mathoor, Mrs. Grace Jose Mathoor and Mr. Thomas Joseph and Mr. Rohaan Palsi Bhathena.

Unsupported Rating

Not Applicable

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 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 statement for Acuite to comment.

Rating Sensitivity

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

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

­None

Status of non-cooperation with previous CRA

­Not Applicable

Any other information

­None

Applicable Criteria

• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Trading Entities: https://www.acuite.in/view-rating-criteria-61.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 09 Mar 2023 Proposed Letter of Credit Short Term 7.50 ACUITE A4 ( Issuer not co-operating*) Letter of Credit Short Term 12.50 ACUITE A4 ( Issuer not co-operating*) Proposed Cash Credit Long Term 7.50 ACUITE C ( Issuer not co-operating*) Cash Credit Long Term 12.50 ACUITE C ( Issuer not co-operating*) 09 Dec 2021 Letter of Credit Short Term 12.50 ACUITE A4 (Downgraded and Issuer not co-operating*) Proposed Letter of Credit Short Term 7.50 ACUITE A4 (Downgraded and Issuer not co-operating*) Proposed Cash Credit Long Term 7.50 ACUITE C (Downgraded and Issuer not co-operating*) Cash Credit Long Term 12.50 ACUITE C (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 Bank of Maharashtra Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 12.50 Simple ACUITE D | Downgraded | Issuer not co-operating* Bank of Maharashtra Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 12.50 Simple ACUITE D | Downgraded | Issuer not co-operating* Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 7.50 Simple ACUITE D | Downgraded | Issuer not co-operating* Not Applicable Not Applicable Proposed Letter of Credit Not Applicable Not Applicable Not Applicable 7.50 Simple ACUITE D | Downgraded | Issuer not co-operating*

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Abhishek Singh Analyst - Rating Operations Tel: 022-49294065 abhishek.s@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.