Press Release

Press Release

July 15, 2026

SHERA ENERGY LIMITED (ERSTWHILE SHERA ENERGY PRIVATE LIMITED)
Rating Upgraded

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	130.01	ACUITE A- \| Stable \| Upgraded	-	RBI
Bank Loan Ratings	0.00	132.60	-	ACUITE A2+ \| Upgraded	RBI
Total Outstanding	0.00	262.61	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

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

Acuite has upgraded the long-term ratings to 'ACUITE A-' (read as ACUITE A minus) from 'ACUITE BBB+' (read as ACUITE Triple B plus) and the short-term ratings to 'ACUITE A2+' (read as ACUITE A Two plus) from 'ACUITE A2' (read as ACUITE A two) for bank facilities of Rs. 262.61 crore of Shera Energy Limited (Erstwhile Shera Energy Private Limited). The outlook is revised from 'Positive' to 'Stable'.

Rational for rating
The rating upgrade factors in the sustained improvement in the group's scale of operations, with revenue registering a CAGR of 33.02% during FY 2022–FY 2026, supported by a steady enhancement in profitability over the years. The group reported a 28.4% growth in net revenue in FY 2026, with the topline increasing to Rs. 1,640.05 crore from Rs. 1,277.30 crore in FY 2025. Furthermore, the group's operating profitability improved, with EBITDA increasing to Rs. 87.58 crore in FY 2026 from Rs. 58.73 crore in FY 2025. The rating also derives comfort from the group's adequate liquidity position and moderate financial risk profile.

However, the rating strengths are partially constrained by the group's moderately intensive working capital requirements, as reflected by GCA days of 129 days in FY 2026. The profitability margins also remain susceptible to fluctuations in raw material prices, particularly non-ferrous metal prices, exposing the group to commodity price volatility.

About the Company

Jaipur-based Shera Energy Limited (SEL) was originally established as a proprietorship concern, Shera Metals & Engineers, by Mr. Naseem Sheikh in 2003 and was subsequently reconstituted as a private limited company in 2009. The company is engaged in the manufacturing of winding wire products, including paper-wrapped, enamelled (magnet), and fibre glass-taped round and rectangular wires. SEL primarily caters to transformer and electrical equipment manufacturers and has an established presence in the domestic winding wire industry.

About the Group

The Shera Group (SG) was established in 2003 by Mr. Naseem Sheikh with the inception of Shera Metals & Engineers. Shera Energy Limited (SEL) is the flagship company of the group and is engaged in the manufacturing of winding wire products. The group has diversified operations across copper and brass-based products through its subsidiaries, namely Shera Metal Private Limited (SMPL), Rajputana Industries Limited (RIL), and Shera Zambia Limited, which support the group's integrated presence in the non-ferrous metals value chain. The group serves a diversified customer base across the electrical, transformer, and industrial segments.

Unsupported Rating

Not Applicable.

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has considered the consolidated business and financial risk profiles of Shera Energy Limited (SEL), Shera Metal Private Limited (SMPL), Rajputana Industries Limited (RIL), and Shera Zambia Limited to arrive at this rating. The consolidation is on account of common management, presence in the same line of business, and significant business and financial synergies between the entities. The group is herein referred to as "Shera Group (SG)''.

Key Rating Drivers

Strengths

Experienced management and established track record of operations
The group's operational profile benefits from the extensive industry experience of its promoters, led by Mr. Naseem Sheikh, who has been associated with the non-ferrous metals industry for over two decades. Over the years, the group has established a diversified product portfolio comprising copper and aluminium winding wires, bus bars, and various copper, brass, and copper-alloy products. The group caters to a diversified customer base across industries such as electrical equipment, power, automobiles, marine, LPG valve manufacturing, and forgings. Acuite believes that he long operational track record, coupled with established customer relationships and product diversification, will continue to support the group's business profile over the medium term.

Improving Scale of Operations & Profitability
The group's scale of operations witnessed a healthy improvement in FY 2026, with operating income increasing by 28.40% to Rs. 1,640.05 crore from Rs. 1,277.30 crore in FY 2025. The growth was primarily driven by higher sales volumes across key product segments, supported by improved realizations. The sustained growth reflects the group's expanding scale of operations, increased market penetration, and growing demand for its products. The group's operating profitability also strengthened, with EBITDA increasing to Rs. 87.58 crore in FY 2026 from Rs. 58.73 crore in FY 2025. Consequently, the EBITDA margin improved by 74 bps to 5.34% from 4.60% in the previous year, supported by better operating leverage arising from increased scale of operations. Accordingly, the group's net profit improved to Rs. 36.97 crore in FY 2026 from Rs. 22.40 crore in FY2025, while the net profit margin increased to 2.25% from 1.75% during the same period. Acuite believes going forward, the scale of operations & profitability of the group will improve on account of expected higher sales volume & demand.

Moderate Financial Risk Profile
The group has moderate financial risk profile marked by high net worth, moderate gearing and comfortable debt coverage indicators. The total tangible net worth of the group improved & stood at Rs. 247.01 Cr. as on 31st March 2026 against Rs. 199.05 Cr. as on 31st March 2025. The improvement in net worth is mainly due to accretion of profits into reserves and increase in non-controlling interest (minority) in FY 26. The gearing ratio stood at 1.06 times in FY 26 deteriorated marginally against 0.93 times in FY 25. The deterioration is mainly due to increase in working capital facilities and increase in long term debt due to ongoing debt funded capex within the group. The group was setting up a manufacturing facility for CTC Conductors, Super Fine Copper Wires, and Copper Ribbons under Shera Metal Private Limited. The project has been funded through mix of external debt & internal accruals. The trail runs are ongoing and commercial production is expected to commence from end of July 2026. the TOL/TNW slightly moderated & stood at 2.21 times as on FY 2026 against 2.08 times in FY 2025. Debt/EBITDA improved & stood at 2.78 times for FY 26 against 3.07 times for FY 25. Further, Debt coverage indicators marked by ISCR & DSCR stood comfortable at 2.55 & 1.52 times for FY 26 respectively. ROCE stood at 19.17% for FY 26. Acuite believes that financial risk profile of the group is expected to improve in near to medium term on the account of steady accruals and further no debt funded capex planned in near to medium term.

Weaknesses

Moderately intensive working capital operations
The group's working capital operations remained moderately intensive, albeit with some improvement, as reflected in GCA days of 129 days in FY 2026 as against 133 days in FY 2025. The debtor collection period remained healthy at 44 days, while inventory holding stood at a moderate 76 days during FY 2026. Supported by efficient management of receivables and inventory, the group maintained a healthy working capital cycle of 56 days in FY 2026. Acuité believes that the group's working capital position is likely to witness gradual improvement over the near to medium term, aided by its growing scale of operations and established customer relationships.

Susceptibility of profitability to volatility in raw material prices
The group's profitability remains susceptible to fluctuations in raw material prices, particularly copper, aluminium, and other non-ferrous metals, which constitute a significant portion of its cost structure. Any sharp adverse movement in metal prices or a mismatch in the timing of raw material procurement and pass-through of price changes to customers could exert pressure on margins. Nevertheless, the diversified product portfolio and established customer relationships provide some cushion against such volatility.

Rating Sensitivities

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

Improvement in capital structure
Improvement in scale of operations by 30% with sustained profitability margins

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

Any additional debt funded capex which may adversely impact on the leverage ratios
Decline in scale of operations by 25% leading to weakened cash accruals
Elongation of working capital operations

Liquidity Position

Adequate

The liquidity profile of the group is adequate marked by generating net cash accruals of Rs. 43.64 cr. in FY 26 against the maturing debt obligations of Rs. 16.10 cr. for the same period. The group has free cash & bank balance including free fixed deposits of Rs. 23.50 cr. as on 31st March 2026. The current ratio stood moderate at 1.30 times for FY 26. The average fund based and non-based facility for last six month ended April 2026 is 77.42% and 83.38% respectively. Acuite believes, the liquidity of the group is expected to improve in near to medium term with steady cash accruals indicating availability of funds for any future endeavours.

Outlook - Stable

Other Factors affecting Rating

None.

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	1640.05	1277.30
PAT	Rs. Cr.	36.97	22.40
PAT Margin	(%)	2.25	1.75
Total Debt/Tangible Net Worth	Times	1.06	0.93
PBDIT/Interest	Times	2.55	2.49

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

Not Applicale

Any Other Information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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
18 Nov 2025	Letter of Credit	Short Term	0.75	ACUITE A2 (Reaffirmed)
	Letter of Credit	Short Term	27.25	ACUITE A2 (Reaffirmed)
	Letter of Credit	Short Term	4.00	ACUITE A2 (Reaffirmed)
	Letter of Credit	Short Term	5.00	ACUITE A2 (Assigned)
	Letter of Credit	Short Term	64.00	ACUITE A2 (Reaffirmed)
	Letter of Credit	Short Term	28.00	ACUITE A2 (Assigned)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A2 (Reaffirmed)
	Derivative Exposure	Short Term	0.60	ACUITE A2 (Reaffirmed)
	Cash Credit	Long Term	24.00	ACUITE BBB+ \| Positive (Reaffirmed)
	Cash Credit	Long Term	16.00	ACUITE BBB+ \| Positive (Assigned)
	Cash Credit	Long Term	51.00	ACUITE BBB+ \| Positive (Reaffirmed)
	Term Loan	Long Term	0.70	ACUITE BBB+ \| Positive (Reaffirmed)
	Term Loan	Long Term	1.82	ACUITE BBB+ \| Positive (Reaffirmed)
	Cash Credit	Long Term	24.00	ACUITE BBB+ \| Positive (Assigned)
	Proposed Long Term Bank Facility	Long Term	0.49	ACUITE BBB+ \| Positive (Reaffirmed)
20 Aug 2024	Letter of Credit	Short Term	64.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Letter of Credit	Short Term	0.75	ACUITE A2 (Upgraded from ACUITE A3+)
	Letter of Credit	Short Term	27.25	ACUITE A2 (Upgraded from ACUITE A3+)
	Derivative Exposure	Short Term	0.60	ACUITE A2 (Upgraded from ACUITE A3+)
	Cash Credit	Long Term	51.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Positive)
	Term Loan	Long Term	0.38	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Positive)
	Cash Credit	Long Term	24.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Positive)
	Term Loan	Long Term	2.99	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Positive)
	Term Loan	Long Term	0.24	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Positive)
	Term Loan	Long Term	2.96	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Positive)
	Proposed Long Term Bank Facility	Long Term	0.44	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Positive)
12 Jul 2024	Letter of Credit	Short Term	64.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	0.75	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	27.25	ACUITE A3+ (Reaffirmed)
	Derivative Exposure	Short Term	0.60	ACUITE A3+ (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE BBB \| Positive (Reaffirmed)
	Cash Credit	Long Term	21.00	ACUITE BBB \| Positive (Assigned)
	Term Loan	Long Term	0.38	ACUITE BBB \| Positive (Reaffirmed)
	Cash Credit	Long Term	24.00	ACUITE BBB \| Positive (Reaffirmed)
	Term Loan	Long Term	2.99	ACUITE BBB \| Positive (Reaffirmed)
	Term Loan	Long Term	0.24	ACUITE BBB \| Positive (Reaffirmed)
	Term Loan	Long Term	2.96	ACUITE BBB \| Positive (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.44	ACUITE BBB \| Positive (Reaffirmed)
15 May 2024	Letter of Credit	Short Term	64.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	0.75	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	27.25	ACUITE A3+ (Reaffirmed)
	Derivative Exposure	Short Term	0.60	ACUITE A3+ (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE BBB \| Positive (Reaffirmed)
	Term Loan	Long Term	0.53	ACUITE BBB \| Positive (Reaffirmed)
	Cash Credit	Long Term	24.00	ACUITE BBB \| Positive (Reaffirmed)
	Term Loan	Long Term	3.00	ACUITE BBB \| Positive (Reaffirmed)
	Term Loan	Long Term	0.28	ACUITE BBB \| Positive (Reaffirmed)
	Term Loan	Long Term	3.20	ACUITE BBB \| Positive (Reaffirmed)
11 Mar 2024	Letter of Credit	Short Term	64.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	0.75	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	27.25	ACUITE A3+ (Reaffirmed)
	Derivative Exposure	Short Term	0.60	ACUITE A3+ (Reaffirmed)
	Term Loan	Long Term	3.20	ACUITE BBB \| Positive (Reaffirmed)
	Term Loan	Long Term	1.04	ACUITE BBB (Reaffirmed & Withdrawn)
	Term Loan	Long Term	1.33	ACUITE BBB (Reaffirmed & Withdrawn)
	Cash Credit	Long Term	30.00	ACUITE BBB \| Positive (Reaffirmed)
	Term Loan	Long Term	0.53	ACUITE BBB \| Positive (Reaffirmed)
	Cash Credit	Long Term	24.00	ACUITE BBB \| Positive (Reaffirmed)
	Term Loan	Long Term	3.00	ACUITE BBB \| Positive (Reaffirmed)
	Term Loan	Long Term	0.28	ACUITE BBB \| Positive (Reaffirmed)
06 Jun 2023	Letter of Credit	Short Term	64.00	ACUITE A3+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	0.75	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	27.25	ACUITE A3+ (Assigned)
	Cash Credit	Long Term	30.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.85	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	24.00	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	0.40	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.53	ACUITE BBB \| Stable (Assigned)
	Proposed Term Loan	Long Term	0.20	ACUITE BBB \| Stable (Assigned)

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
State Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
BANK OF MAHARASHTRA	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	24.00	Simple	ACUITE A- \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB+ )
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	75.00	Simple	ACUITE A- \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB+ )
Canara Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	16.00	Simple	ACUITE A- \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB+ )
State Bank of India	Not avl. / Not appl.	Derivative Exposure	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.60	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
State Bank of India	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	80.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
BANK OF MAHARASHTRA	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.75	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
Canara Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	9.00	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
BANK OF MAHARASHTRA	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	27.25	Simple	ACUITE A2+ \| Upgraded ( from ACUITE A2 )
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.	14.31	Simple	ACUITE A- \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB+ )
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Mar 2027	0.70	Simple	ACUITE A- \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB+ )

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No.	Company Name
1	Shera Energy Limited
2	Shera Metal Private Limited
3	Rajputana Industries Limited
4	Shera Zambia Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Kartik Arora
Senior 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.