Press Release

Press Release

May 29, 2026

ASHV FINANCE LIMITED
Rating Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	70.00	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*	-	RBI
Non Convertible Debentures (NCD)	0.00	165.00	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*	-	MCA
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	235.00	-	-	-
* 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Acuité has withdrawn its long-term rating on Rs.48.91 Cr. bank facilities of ASHV FINANCE LIMITED without assigning any rating as the instrument is fully repaid. The rating is being withdrawn on account of request received from the issuer and No Dues Certificate received from the lender.

Acuité has withdrawn its long-term rating on Rs.165 Cr. NCD facility of ASHV FINANCE LIMITED without assigning any rating as the instrument is fully repaid. The rating is being withdrawn on account of request received from the issuer and No Dues Certificate received from the lender

Further, Acuité has also withdrawn its long-term rating on Rs. 21.09 Cr. proposed bank facilities of ASHV FINANCE LIMITED without assigning any rating as it is a proposed facility. The rating is being withdrawn on account of request received from the Issuer.

The rating withdrawal is in accordance with Acuite’s policy on withdrawal of ratings as applicable to the respective facility / instrument. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.

About the Company

Incorporated in February 1998, Mumbai based Ashv Finance Limited (AFL) is registered as nondeposit taking systemically important non-banking financial company. AFL is engaged in funding the MSME sector through various products both secured and unsecured financing. On October 08, 2020, the company had received the approval from Registrar of Companies for change in the name of the company from “Jain Sons Finlease Ltd” to “Ashv Finance Limited”

Unsupported Rating

Not Applicable

Non-cooperation by the issuer/borrower:

Acuité has been requesting for latest financials and latest No Default Statement from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information. 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.

ESG Factors Relevant for Rating

Ashv Finance Limited (AFL) belongs to the NBFC sector which complements bank lending in India. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and community development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. AFL’s aims to provide funding to underbanked MSMEs that have a potential for growth. The company provides collateral-free, flexible financing for small businesses with the intent to assist their growth. It is important for AFL to assess the sustainability factors and the ESG practices followed by the larger borrowers in its lending portfolio. Financial inclusion being the core of its lending operations, AFL aims to create a social impact in the area of community support and development. AFL has adequate policies for business ethics and CSR. The entity also has corporate governance policies on whistle-blower programme, related party transactions and vigil mechanism. AFL also maintains transparency in terms of disclosures pertaining to interest rate policy and adheres to the Fair Practice Code as disseminated by Reserve Bank of India's circular. The NBFC also maintains high level of transparency by way of disclosures regarding functioning of its board. AFL’s board is adequately diverse with 3 women directors and 2 independent directors out of a total of 8 board of directors.

Rating Sensitivity

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 Acuite to comment upon

Outlook: Not Applicable.

Other Factors affecting Rating

None.

Key Financials :

Particulars	Unit	FY 2025 (Actual)	FY 2024 (Actual)
Total Assets*	Rs. Cr.	188.65	896.89
Total Income**	Rs. Cr.	12.22	74.59
PAT	Rs. Cr.	(226.63)	(110.14)
Net Worth	Rs. Cr.	90.20	316.98
Return on Average Assets (RoAA)	(%)	(41.75)	(10.87)
Return on Average Net Worth (RoNW)	(%)	(111.32)	(33.56)
Debt/Equity	Times	0.42	1.74
Gross NPA	(%)	N/A	4.44
Net NPA	(%)	N/A	2.00

*Total assets exclude deferred tax assets

Status of non-cooperation with previous CRA

Not Applicable.

Any other information

None.

Applicable Criteria

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.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
10 Jun 2025	Term Loan	Long Term	7.29	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	12.00	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	23.33	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	12.00	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	37.00	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	21.00	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Proposed Term Loan	Long Term	1.09	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Proposed Long Term Bank Facility	Long Term	20.00	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	5.00	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	2.50	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	3.79	ACUITE B (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
10 Jun 2024	Term Loan	Long Term	3.79	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.33	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.50	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.00	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	1.09	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	17.00	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	37.00	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	21.00	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	20.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.29	ACUITE BBB- \| Stable (Reaffirmed)
15 Feb 2024	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	17.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	37.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	21.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	2.50	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	12.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Proposed Term Loan	Long Term	1.09	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	7.29	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	3.79	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Proposed Non Convertible Debentures	Long Term	5.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	23.33	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Proposed Long Term Bank Facility	Long Term	20.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
07 Nov 2023	Term Loan	Long Term	23.33	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
	Proposed Long Term Bank Facility	Long Term	20.00	ACUITE BBB \| Stable (Assigned)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	17.00	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	37.00	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	21.00	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	2.50	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	12.00	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
	Proposed Term Loan	Long Term	1.09	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	7.29	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	3.79	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
	Proposed Non Convertible Debentures	Long Term	5.00	ACUITE BBB \| Stable (Downgraded from ACUITE BBB+ \| Stable)
28 Jun 2023	Term Loan	Long Term	7.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE BBB+ \| Stable (Assigned)
	Proposed Non Convertible Debentures	Long Term	5.00	ACUITE BBB+ \| Stable (Assigned)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	17.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	37.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	21.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	16.89	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	6.59	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	9.52	ACUITE BBB+ \| Stable (Reaffirmed)
* The issuer did not co-operate; based on best available information.

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	INE411R07103	Non-Convertible Debentures (NCD)	Unlisted	MCA	12 Nov 2021	13.45	25 Oct 2024	30.00	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Not Applicable	INE411R07111	Non-Convertible Debentures (NCD)	Unlisted	MCA	21 Dec 2021	13.30	20 Dec 2024	12.00	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Not Applicable	INE411R07129	Non-Convertible Debentures (NCD)	Unlisted	MCA	23 Dec 2021	12.30	23 Dec 2024	37.00	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Not Applicable	INE411R07137	Non-Convertible Debentures (NCD)	Unlisted	MCA	31 Mar 2022	12.75	07 Mar 2025	21.00	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Not Applicable	INE411R07152	Non-Convertible Debentures (NCD)	Unlisted	MCA	01 Jul 2022	12.90	30 Jun 2025	30.00	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Not Applicable	INE411R07194	Non-Convertible Debentures (NCD)	Unlisted	MCA	29 Mar 2023	12.50	29 Mar 2026	20.00	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Not Applicable	INE411R07186	Non-Convertible Debentures (NCD)	Unlisted	MCA	26 Sep 2022	13.25	31 Jul 2025	10.00	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Not Applicable	INE411R07111	Non-Convertible Debentures (NCD)	Unlisted	MCA	21 Dec 2021	13.30	20 Dec 2024	5.00	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.09	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	17 Oct 2026	7.29	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
A U Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Oct 2024	3.79	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	10 Mar 2027	23.33	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
A U Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Oct 2021	Not avl. / Not appl.	03 Nov 2023	2.50	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Mar 2022	Not avl. / Not appl.	29 Jan 2026	12.00	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*

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

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

Tejas Chaugule
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

¹Includes 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.
³The 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.
⁴ 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.
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.