MSTC Limited — Capital/Financing Update 2022

Jan 5, 2022

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Rating Letter - Intimation of Rating Action

Letter Re-Issued on: January 05, 2022 Letter Expires on: December 13, 2022 Annual Fee valid till: December 26, 2022

MSTC Limited

225-C, A J C Bose Road Kolkata, West Bengal Pin : 700020

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Scan this QR Code to verify
authenticity of this rating
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Kind Attn.: Mr. Mr. Subrata Sarkar, Director (Tel. No. 9434083344)

Dear Mr. Sarkar,

Sub.: Rating(s) Reaffirmed - Bank Loans / Debt Instruments of MSTC Limited

Please note that the current rating(s) and outlook, instrument details, and latest rating action for the aforementioned instrument are as under:

	Long Term Instruments	Short Term Instruments
Total Rated Quantum (Rs. Cr.)	58.25 Cr	275.00 Cr
Quantum of Enhancement (Rs. Cr.)	Not applicable	Not applicable
Rating	ACUITE A+	ACUITE A1+
Outlook	Stable	Not applicable
Most recent Rating Action	Reaffirmed	Reaffirmed
Date of most recent Rating Action	September 16, 2021	September 16, 2021
Rating Watch	Not applicable	Not applicable

Acuité reserves the right to revise the ratings, along with the outlook, at any time, on the basis of new information, or other circumstances which Acuité believes may have an impact on the ratings. Such revisions, if any, would be appropriately disseminated by Acuité as required under prevailing SEBI guidelines and Acuité ’s policies.

This letter will expire on December 13, 2022 or on the day when Acuité takes the next rating action, whichever is earlier. It may be noted that the rating is subject to change anytime even before the expiry date of this letter. Hence lenders / investors are advised to visit https://www.acuite.in/ OR scan the QR code given above to confirm the current outstanding rating.

Acuité will re-issue this rating letter on December 14, 2022 subject to receipt of surveillance fee as applicable. If the rating is reviewed before December 13, 2022Acuité will issue a new rating letter.

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Suman Chowdhury Chief Analytical Officer

Annexures: A. Details of the Rated Instrument

B. Details of the rating prior to the above rating action

Acuité Ratings & Research Limited

SEBI Registered | RBI Accredited

708, Lodha Supremus, Lodha iThink Techno Campus, Kanjurmarg (East), Mumbai - 400042 | +91 22 49294000 SMS: +91 9969898000 | www.acuite.in | CIN: U74999MH2005PLC155683

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Annexure A. Details of the rated instrument

Bank	Facilities	Scale	Previous Amount (Rs. Crore)	Current Amount (Rs. Crore)	Ratings	Rating Action
Fund Based Facilities
Union Bank	Cash Credit	Long Term	170.00	170.00	ACUITE A+	Withdrawn
Indian Bank	Open Cash Credi t	Long term	150.00	150.00	ACUITE A+	Withdrawn
Punjab National Bank	Cash Credit	Long Term	200.00	200.00	ACUITE A+	Withdrawn
Punjab National Bank	Bill Discounting	Short Term	488.00	488.00	ACUITE A1+	Withdrawn
Bank Of India	Cash Credit	Long Term	100.00	100.00	ACUITE A+	Withdrawn
State Bank of India	Term Loan1	Long Term	-	8.25	ACUITE A+	Reaffirmed
Proposed fund based facility		Long Term	-	50.00	ACUITE A+	Reaffirmed
Total Fund Based Facilities			1108.00	58.25
Non-Fund Based Facilities
Union Bank	L/C Impor t/ Inland	Short Term	400.00	400.00	ACUITE A1+	Withdrawn
Union Bank	Letter of Credit	Short Term	400.00	400.00	ACUITE A1+	Withdrawn
Punjab National Bank	Letter of Credit	Short Term	2045.00	2045.00	ACUITE A1+	Withdrawn
Indian Bank	Letter of Credit	Short Term	900.00	900.00	ACUITE A1+	Withdrawn
Bank Of India	Letter of Credit	Short Term	230.00	230.00	ACUITE A1+	Withdrawn
Bank Of India	Proposed Letterof Credit	Short Term	139.00	139.00	ACUITE A1+	Withdrawn
Indian Bank	Proposed Letterof Credit	Short Term	194.00	194.00	ACUITE A1+	Withdrawn
Union Bank	Proposed Letterof Credit	Short Term	84.00	84.00	ACUITE A1+	Withdrawn
Punjab National Bank	Bank Guarantee	Short Term	-	125.00	ACUITE A1+	Reaffirmed
Proposed Bank Guarantee		Short Term	-	150.00	ACUITE A1+	Reaffirmed
Total Non-Fund Based Facilities			4392.00	275.00
Total Facilities			5500.00	333.25

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Annexure B. Details of the rating prior to the above rating action

	Long Term Instruments	Short Term Instruments
Previous Rated Quantum	620.00 Cr.	4880.00 Cr.
Rating	ACUITE A+	ACUITE A1+
Outlook	Stable	Not applicable

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. Acuité ratings 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.Acuité ratings 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 , Acuité ’s rating scale and its definitions.

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