Press Release March 18, 2025 WINDLASS STEELCRAFTS LLP Rating Downgraded, Reaffirmed, Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	10.19	ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*	-
Bank Loan Ratings	0.31	Not Applicable | Withdrawn	-
Bank Loan Ratings	10.50	-	ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding	0.00	-	-
Total Withdrawn	21.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

­Acuite has downgraded and withdrawn its long-term rating to 'ACUITE B+' (read as ACUITE B plus) from 'ACUITE BB-' (read as ACUITE Double B Minus) on the Rs 10.19 crore bank facilities of Windlass Steelcrafts LLP. Acuite has reaffirmed and withdrawn the short-term rating of ‘ACUITE A4' (read as ACUITE A Four) on the Rs.10.50 crore bank facilities of Windlass Steelcrafts LLP. The rating is being withdrawn on account of the request received from the company and the No Objection Certificate received from the banker. Acuité has withdrawn its long-term proposed limit on the Rs 0.31 crore bank facilities of Windlass Steelcrafts LLP without assigning the rating as the instrument was proposed limit. The rating is being withdrawn on account of the request received from the company . The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. The rating is downgraded due to information risk. The rating withdrawal is in accordance with Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument.

About the Company

­Windlass Steelcrafts (WSC) was started in the year 1943 by Late Shri VP Windlass and later was reconstituted to a partnership firm in 2010. Subsequently in 2014, the firm was converted into a Limited Liability Partnership (LLP) along with change in name to “Windlass Steelcrafts LLP”. The firm is managed by Mr. Sudhir Kumar Windlass, Mr. Pradeep Kumar Windlass, Mr. Ranit Windlass and Mr. Rajiv Goil. It is engaged in the manufacturing of swords, bayonets, daggers and licensed replicas for defence as well as decorative purposes. The firm also designed and supplied props, clothing and accessories to studios & television production such as Batman Begins, Pirates of the Caribbean – 2 &3, Gladiator and Game of Thrones, amongst others. The registered office is in Delhi while the manufacturing facility is in Dehradun.

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

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

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

Key Financials

Particulars	Unit	FY 23 (Actual)	FY 22 (Actual)
Operating Income	Rs. Cr.	39.29	30.97
PAT	Rs. Cr.	2.82	2.01
PAT Margin	(%)	7.17	6.47
Total Debt/Tangible Net Worth	Times	2.87	3.83
PBDIT/Interest	Times	3.98	3.23

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 • 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 19 Mar 2024 Packing Credit Short Term 10.50 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+) Term Loan Long Term 2.23 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) Term Loan Long Term 7.34 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) Term Loan Long Term 0.62 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) Proposed Long Term Bank Facility Long Term 0.31 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) 03 Jan 2023 Packing Credit Short Term 10.50 ACUITE A4+ (Assigned) Term Loan Long Term 2.23 ACUITE BB | Stable (Assigned) Term Loan Long Term 7.34 ACUITE BB | Stable (Assigned) Term Loan Long Term 0.62 ACUITE BB | Stable (Assigned) Proposed Long Term Bank Facility Long Term 0.31 ACUITE BB | Stable (Assigned) * The issuer did not co-operate; based on best available information.

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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 State Bank of India Not avl. / Not appl. Packing Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.50 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating* Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.31 Simple Not Applicable|Withdrawn State Bank of India Not avl. / Not appl. Term Loan 01 Aug 2016 Not avl. / Not appl. 01 May 2024 2.23 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating* ( from ACUITE BB- ) Small Industries Development Bank of India Not avl. / Not appl. Term Loan 10 Mar 2019 Not avl. / Not appl. 01 Nov 2024 7.34 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating* ( from ACUITE BB- ) Siemens Financial Services Pvt. Ltd. Not avl. / Not appl. Term Loan 05 Oct 2021 Not avl. / Not appl. 05 Oct 2025 0.62 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating* ( from ACUITE BB- )

* The issuer did not co-operate; based on best available information.

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Contacts

Mohit Jain Senior Vice President - Rating Operations Abhishek Singh Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@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. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.