Press Release WESTERN STAINLESS STEEL LLP June 06, 2023 Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	13.50	Not Applicable | Withdrawn	-
Bank Loan Ratings	2.62	-	Not Applicable | Withdrawn
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	16.12	-	-

Rating Rationale

Acuité has withdrawn the rating on the Rs.16.12 crore bank facilities of Western Stainless Steel LLP (WSSL). The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NDC received from the banker. Since the loan availed by the company has been repaid, the rating has been withdrawn.­

About the Company

­Established in the year 2018, Western Stainless Steel LLP (WSSL) is a Delhi based limited liability partnership firm. The firm is promoted by Mr. Vishal Aggarwal, Mr. Gaurav Aggarwal and Mr. Arun Aggarwal. The firm started its commercial production from February, 2019. The firm is engaged in manufacturing of stainless steel ingots. The firm has its manufacturing unit located at Village Kerala in Gujarat with an installed capacity of 1200 MTPM.­

Analytical Approach

Not Applicable ­

Key Rating Drivers

Strengths

­Not Applicable

Weaknesses

­Not Applicable

Rating Sensitivities

­Not Applicable

Material covenants

­Not Applicable

Liquidity Position

­­Not Applicable

Outlook:

­Not Applicable­

Other Factors affecting Rating

None­

Key Financials

Particulars	Unit	FY 21 (Actual)	FY 20 (Actual)
Operating Income	Rs. Cr.	60.28	76.58
PAT	Rs. Cr.	0.55	0.06
PAT Margin	(%)	0.91	0.08
Total Debt/Tangible Net Worth	Times	17.51	41.95
PBDIT/Interest	Times	1.45	1.48

Status of non-cooperation with previous CRA (if applicable)

None

Any other information

None­

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 10 Mar 2023 Proposed Long Term Loan Long Term 0.39 ACUITE B+ ( Issuer not co-operating*) Letter of Credit Short Term 1.50 ACUITE A4 ( Issuer not co-operating*) Working Capital Demand Loan Long Term 0.90 ACUITE B+ ( Issuer not co-operating*) Term Loan Long Term 1.86 ACUITE B+ ( Issuer not co-operating*) Proposed Bank Facility Long Term 0.36 ACUITE B+ ( Issuer not co-operating*) Cash Credit Long Term 9.00 ACUITE B+ ( Issuer not co-operating*) Bank Guarantee Short Term 1.12 ACUITE A4 ( Issuer not co-operating*) Working Capital Demand Loan Long Term 0.99 ACUITE B+ ( Issuer not co-operating*) 10 Dec 2021 Cash Credit Long Term 9.00 ACUITE B+ ( Issuer not co-operating*) Proposed Long Term Loan Long Term 0.39 ACUITE B+ ( Issuer not co-operating*) Working Capital Demand Loan Long Term 0.90 ACUITE B+ ( Issuer not co-operating*) Letter of Credit Short Term 1.50 ACUITE A4 ( Issuer not co-operating*) Term Loan Long Term 1.86 ACUITE B+ ( Issuer not co-operating*) Proposed Bank Facility Long Term 0.36 ACUITE B+ ( Issuer not co-operating*) Bank Guarantee Short Term 1.12 ACUITE A4 ( Issuer not co-operating*) Working Capital Demand Loan Long Term 0.99 ACUITE B+ ( Issuer not co-operating*) 21 Sep 2020 Bank Guarantee Short Term 1.12 ACUITE A4 (Reaffirmed) Working Capital Demand Loan Long Term 0.90 ACUITE B+ | Stable (Assigned) Cash Credit Long Term 9.00 ACUITE B+ | Stable (Upgraded from ACUITE B | Stable) Proposed Long Term Loan Long Term 0.39 ACUITE B+ | Stable (Assigned) Working Capital Term Loan Long Term 0.99 ACUITE B+ | Stable (Assigned) Proposed Bank Facility Long Term 0.36 ACUITE B+ | Stable (Upgraded from ACUITE B | Stable) Letter of Credit Short Term 1.50 ACUITE A4 (Reaffirmed) Term Loan Long Term 1.86 ACUITE B+ | Stable (Upgraded from ACUITE B | Stable)

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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 Canara Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 1.12 Simple Not Applicable|Withdrawn Canara Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 9.00 Simple Not Applicable|Withdrawn Canara Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 1.50 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 0.36 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 0.39 Simple Not Applicable|Withdrawn Canara Bank Not Applicable Term Loan Not available Not available Not available 1.86 Simple Not Applicable|Withdrawn Canara Bank Not Applicable Working Capital Demand Loan (WCDL) Not available Not available Not available 0.90 Simple Not Applicable|Withdrawn Canara Bank Not Applicable Working Capital Demand Loan (WCDL) Not available Not available Not available 0.99 Simple Not Applicable|Withdrawn

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.