Press Release VGN HOMES PRIVATE LIMITED October 12, 2022 Rating Reaffirmed & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	175.00	ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	175.00	-	-

Rating Rationale

­Acuité has reaffirmed & withdrawn the long term rating of 'ACUITE BB' (read as ACUITE double B) on the Rs.175 crore bank facilities of VGN Homes Private Limited. The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. This rating is now an indicative rating and is based on best available information. The rating is being withdrawn on account of request received from the company and NOC received from the banker.

About the Company

­VGN Homes Private Limited and VGN Enterprises Private Limited are the two flagship Companies of the Chennai based “VGN Group”. The group is in the realty business since 1984 headed by Sri. V.N. Devadoss, Chairman of the group.The company is mainly engaged in developing of plotted real estate projects. The company has over 9-10 years of relations with their suppliers

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 notcooperating”, 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.

Rating Sensitivities

­No information provided by the issuer / available for Acuite 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

­None

Key Financials:

­The issuer has not provided the latest financials for Acuite to comment upon

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

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 09 Jun 2022 Secured Overdraft Long Term 14.00 ACUITE BB | Stable (Reaffirmed) Proposed Bank Facility Long Term 115.29 ACUITE BB | Stable (Reaffirmed) Term Loan Long Term 31.00 ACUITE BB | Stable (Reaffirmed) Working Capital Term Loan Long Term 2.54 ACUITE BB | Stable (Reaffirmed) Working Capital Term Loan Long Term 1.44 ACUITE BB | Stable (Reaffirmed) Term Loan Long Term 7.84 ACUITE BB | Stable (Reaffirmed) Working Capital Term Loan Long Term 2.89 ACUITE BB | Stable (Reaffirmed) 06 May 2020 Term Loan Long Term 8.36 ACUITE BB (Withdrawn) Term Loan Long Term 14.86 ACUITE BB | Stable (Upgraded from ACUITE B+ | Stable) Term Loan Long Term 13.91 ACUITE BB (Withdrawn) Secured Overdraft Long Term 14.00 ACUITE BB | Stable (Upgraded from ACUITE B+ | Stable) Proposed Bank Facility Long Term 146.14 ACUITE BB | Stable (Upgraded from ACUITE B+ | Stable) 08 May 2019 Term Loan Long Term 18.58 ACUITE B+ | Stable (Assigned) Term Loan Long Term 13.91 ACUITE B+ | Stable (Assigned) Proposed Bank Facility Long Term 45.15 ACUITE B+ | Stable (Assigned) Term Loan Long Term 8.36 ACUITE B+ | Stable (Assigned) Secured Overdraft Long Term 14.00 ACUITE B+ | 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 Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 115.29 ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating* Union Bank of India Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 14.00 ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating* Kotak Mahindra Bank Not Applicable Term Loan 07-07-2021 7.25 31-07-2028 31.00 ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating* State Bank of India Not Applicable Term Loan 28-05-2015 12.35 30-06-2023 7.84 ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating* Union Bank of India Not Applicable Working Capital Term Loan 30-12-2020 7.50 31-01-2025 2.54 ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating* State Bank of India Not Applicable Working Capital Term Loan 19-12-2020 7.95 31-01-2025 2.89 ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating* State Bank of India Not Applicable Working Capital Term Loan 26-11-2021 7.65 31-12-2027 1.44 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 Radhika Kolwankar Analyst-Rating Operations Tel: 022-49294065 radhika.kolwankar@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.