Press Release VENUS INDIA December 06, 2022 Rating Reaffirmed & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	17.79	ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*	-
Bank Loan Ratings	2.50	-	ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	20.29	-	-

Rating Rationale

­Acuité has reaffirmed and withdrawn the long term rating and short term rating of 'ACUITE B+' (read as ACUITE B ‘Plus’) / 'A4' (read as ACUITE A four) on the Rs. 20.29 crore bank facilities of Venus india. The team has received the withdrawal request from the client because the client does not want to continue the further rating. A No Objection Certificate (NOC) for the same has been received from Punjab National Bank. The rating withdrawal is in accordance with Acuité’s policy on withdrawal of rating. The rating continues to be flagged as “Issuer Not Cooperating”.

About the Company

­Moradabad, U.P.-based, Venus India (VI) is a partnership firm established in 1994, and it started operations in 1996. The group is engaged in the manufacturing and export of stainless steel hand-forged flat-ware, silverplated cutlery, and tableware and barware. The group is managed by partners Mr. Mohammad Shakeel and Mr. Mohammad Saeed and its manufacturing facility is in Moradabad, Uttar Pradesh.

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 statements despite repeated requests.

Rating Sensitivity

­No information provided by the entity to comment upon.

Material Covenants

­None

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

­Crisil vide its press release dated 27. 09. 2018, rated VI (Venus India) to Crisil BB/A4+; INC Brickworks, vide its press release dated 10.08.2022, downgraded VI to BWR B+/A4; INC

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

• 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 28 Mar 2022 Bills Discounting Short Term 5.00 ACUITE A4 ( Issuer not co-operating*) Packing Credit Long Term 14.00 ACUITE B+ (Downgraded and Issuer not co-operating*) Term Loan Long Term 0.79 ACUITE B+ (Downgraded and Issuer not co-operating*) Standby Line of Credit Long Term 3.00 ACUITE B+ (Downgraded and Issuer not co-operating*) 31 Dec 2020 Packing Credit Long Term 14.00 ACUITE BB- (Downgraded and Issuer not co-operating*) Bills Discounting Short Term 5.00 ACUITE A4 (Downgraded and Issuer not co-operating*) Term Loan Long Term 0.79 ACUITE BB- (Downgraded and Issuer not co-operating*) Standby Line of Credit Long Term 3.00 ACUITE BB- (Downgraded and Issuer not co-operating*) 17 Oct 2019 Packing Credit Long Term 14.00 ACUITE BB | Stable (Assigned) Term Loan Long Term 0.79 ACUITE BB | Stable (Assigned) Standby Line of Credit Long Term 3.00 ACUITE BB | Stable (Assigned) Bills Discounting Short Term 5.00 ACUITE A4+ (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.) Complexity Level Rating Punjab National Bank Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 2.50 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating* Punjab National Bank Not Applicable Packing Credit Not Applicable Not Applicable Not Applicable 14.00 Simple ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating* Punjab National Bank Not Applicable Stand By Line of Credit Not Applicable Not Applicable Not Applicable 3.00 Simple ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating* Punjab National Bank Not Applicable Term Loan Not available Not available Not available 0.79 Simple ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*

Contacts

Analytical	Rating Desk
Pooja Ghosh Vice President-Rating Operations Tel: 022-49294041 pooja.ghosh@acuite.in Dipti Choudhary Management Trainee-Rating Operations Tel: 022-49294065 dipti.choudhary@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.