Press Release VENDIMAN PRIVATE LIMITED May 12, 2023 Rating Reaffirmed & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	37.25	ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating*	-
Bank Loan Ratings	2.75	-	ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	40.00	-	-

Rating Rationale

Acuité has reaffirmed and withdrawn the long-term rating of ‘ACUITE BB’ (read as ACUITE double B) and the short term rating of ‘ACUITE A4+’ (read as ACUITE A four plus)’ on the Rs. 40.00 crore bank facilities of Vendiman Private Limited. The rating continues to be flagged as  “Issuer Not-Cooperating” . The rating has been withdrawn on Acuite's policy of withdrawal of ratings on account of the request received from the company, and the NOC received from the banker.­­­

About the Company

Mumbai based, Vendiman Private Limited (VPL) was incorporated in 2013 by Mr. Umesh Chandrasen Asher, Mr. Unmesh Kantilal Kamdar and Mr. Rajesh Kumar Shrishrimal. The company is engaged in the installation of vending machines comprising the products such as snacks & beverages, cold beverages, health and personal care and pantry supplies. The company has two business models,B- 2-BandB-2-C.VPLhas its presence across 18 cities with 1725 machines installed as on June 2019.­

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 endeavoured 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 ratingis based.­

Rating Sensitivity

­No information has been shared by the company for Acuite to comment

Material Covenants

None­

Liquidity Position

No information has been provided/available for for Acuite to comment.

Outlook:

­None

Other Factors affecting Rating

None­

Key Financials

Particulars	Unit	FY 22 (Actual)	FY 21 (Actual)
Operating Income	Rs. Cr.	18.16	12.43
PAT	Rs. Cr.	(18.93)	(11.81)
PAT Margin	(%)	(104.26)	(95.05)
Total Debt/Tangible Net Worth	Times	0.23	0.21
PBDIT/Interest	Times	(13.54)	(4.80)

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

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 18 Feb 2022 Term Loan Long Term 12.80 ACUITE BB (Downgraded and Issuer not co-operating*) Cash Credit Long Term 1.40 ACUITE BB (Downgraded and Issuer not co-operating*) Proposed Bank Facility Long Term 23.05 ACUITE BB (Downgraded and Issuer not co-operating*) Bills Discounting Short Term 2.75 ACUITE A4+ ( Issuer not co-operating*) 17 Nov 2020 Term Loan Long Term 12.80 ACUITE BB+ (Downgraded and Issuer not co-operating*) Proposed Bank Facility Long Term 23.05 ACUITE BB+ (Downgraded and Issuer not co-operating*) Bills Discounting Short Term 2.75 ACUITE A4+ (Downgraded and Issuer not co-operating*) Cash Credit Long Term 1.40 ACUITE BB+ (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 HDFC Bank Ltd Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 2.75 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* HDFC Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 1.40 Simple ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating* Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 23.05 Simple ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating* HDFC Bank Ltd Not Applicable Term Loan Not available Not available Not available 12.80 Simple ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating*

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.