Press Release April 15, 2026 SLC PROJECTS PRIVATE LIMITED Rating Reaffirmed, Withdrawn & Issuer Not Cooperating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	15.57	ACUITE BB- | Reaffirmed & Withdrawn | Issuer not co-operating*	-	RBI
Bank Loan Ratings	0.00	28.68	ACUITE Not Applicable | Withdrawn | Issuer not co-operating*	-	RBI
Bank Loan Ratings	0.00	12.00	-	ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*	RBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	56.25	-	-	-
* The issuer did not co-operate; based on best available information.

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has reaffirmed and withdrawn its long-term rating of ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs.15.57 Cr. bank facilities and short-term rating of 'ACUITE A4+' (read as ACUITE A Four plus) on the Rs.12.00 Cr. bank facilities of SLC Projects Private Limited (SLCPPL). The rating has been withdrawn on account of the request received from the issuer and No objection certificate (NOC) received from the lender. Further, Acuité has also withdrawn its rating on the proposed long-term bank facilities of Rs.28.68 Cr. of SLC Projects Private Limited (SLCPPL) without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the issuer. The rating withdrawal is in accordance with Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility. The rating is now being flagged as “Issuer Not Cooperating” and is based on the best available information.

About the Company

­Incorporated in 2005, ­­SLC Projects Private Limited (SLCPPL) provides infrastructure construction and engineering services. The company is actively involved in construction, electrical, and mechanical works for government defence-related projects. The company is set up by Mr. P. Subbaraju and the company operates from Visakhapatnam, Andhra Pradesh.

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 surveilance & 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 non cooperation by the issuer along with unwilingness to provide information could be a sign of potential deterioration in its overal 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 Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Not Applicable

Potential triggers (individual or collective) for a downward rating action:

Not Applicable

Liquidity Position

­­­No information provided by the issuer / available for Acuité to comment upon.

Outlook: Not Applicable

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Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	100.44	102.05
PAT	Rs. Cr.	5.40	4.29
PAT Margin	(%)	5.38	4.21
Total Debt/Tangible Net Worth	Times	1.71	2.42
PBDIT/Interest	Times	2.32	2.28

Status of non-cooperation with previous CRA

­Not applicable.

Any other information

­None.

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 • Infrastructure Investment Trust (InvIT): https://www.acuite.in/view-rating-criteria-72.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 27 Jan 2026 Bank Guarantee/Letter of Guarantee Short Term 12.00 ACUITE A4+ (Reaffirmed) Cash Credit Long Term 14.00 ACUITE BB- | Stable (Reaffirmed) Term Loan Long Term 1.57 ACUITE BB- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 28.68 ACUITE BB- | Stable (Reaffirmed) 29 Oct 2024 Bank Guarantee/Letter of Guarantee Short Term 12.00 ACUITE A4+ (Upgraded from ACUITE A4) Cash Credit Long Term 14.00 ACUITE BB- | Stable (Upgraded from ACUITE C) Proposed Long Term Bank Facility Long Term 2.43 ACUITE BB- | Stable (Upgraded from ACUITE C) Term Loan Long Term 1.57 ACUITE BB- | Stable (Upgraded from ACUITE C) Proposed Long Term Bank Facility Long Term 26.25 ACUITE BB- | Stable (Assigned) 02 May 2024 Bank Guarantee/Letter of Guarantee Short Term 12.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 14.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B+) Proposed Long Term Bank Facility Long Term 1.24 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B+) Working Capital Term Loan Long Term 0.93 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B+) Term Loan Long Term 1.83 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B+) 07 Sep 2023 Bank Guarantee/Letter of Guarantee Short Term 12.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 14.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*) Proposed Long Term Bank Facility Long Term 1.24 ACUITE B+ (Reaffirmed & Issuer not co-operating*) Working Capital Term Loan Long Term 0.93 ACUITE B+ (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 1.83 ACUITE B+ (Reaffirmed & Issuer not co-operating*) 04 May 2023 Bank Guarantee/Letter of Guarantee Short Term 12.00 ACUITE A4 (Reaffirmed) Working Capital Term Loan Long Term 0.93 ACUITE B+ | Stable (Reaffirmed) Term Loan Long Term 1.83 ACUITE B+ | Stable (Reaffirmed) Cash Credit Long Term 14.00 ACUITE B+ | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 1.24 ACUITE B+ | Stable (Reaffirmed)

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Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php • Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Dhruvi Chauhan Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below: A. Rating Activity:   Sr. No. Instrument / activity Name Regulator of the instrument 1 Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities) SEBI 2 Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) MCA 3 Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)1 SEBI 4 Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)1 SEBI 5 Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)1 RBI 6 Listed Commercial Paper and NCDs with original maturity less than 1 year RBI 7 Unlisted Commercial Paper and NCDs with original maturity less than 1 year RBI 8 Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs 2 RBI 9 External Commercial Borrowings and other similar borrowings RBI 10 Certificates of Deposit RBI 11 Fixed Deposits raised by NBFCs, Banks, HFCs, FIs RBI 12 Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs MCA 13 Inter Corporate Deposits/Loans extended by Corporates MCA 14 Borrowing programme 3 - 15 Issuer Ratings 4 - 16 Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) SEBI 17 Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs SEBI 18 Listed Security Receipts SEBI 19 Unlisted Security Receipts RBI 20 Independent Credit Evaluation (ICE) RBI 21 Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) RBI 22 Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities)) SEBI 23 Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities)) MCA 24 Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1 Investor-side Regulator such as IRDAI, PFRDA 5   1 Includes securitisation transactions involving assignee payout, acquirer's payout. 2 Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions. 3 There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. 4 The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators. 5 These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.   B. Other activities:   Sr. No. Activity Name Regulator of the activity 1 Monitoring Agency SEBI 2 Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 Not applicable 6 permitted by SEBI vide SEBI Master Circular for CRAs. Disclosure on instruments / activities and names of regulators: A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference: https://acuite.in/Activities-and-Regulators.html   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.