Press Release

Press Release

May 05, 2026

KARNATAKA AGRO CHEMICALS
Rating Assigned and Upgraded

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	26.91	ACUITE BBB \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	65.11	ACUITE BBB \| Stable \| Upgraded	-	RBI
Bank Loan Ratings	0.00	0.67	-	ACUITE A3+ \| Upgraded	RBI
Total Outstanding	0.00	92.69	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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.

Erratum: There was an inadvertent typographical error in the first paragraph, which has now been rectified.

Rating Rationale

Acuite has upgraded the long term rating to “ACUITE BBB” (read as ACUITE triple B) from “ACUITE C” (read as ACUITE C) and short term rating to “ACUITE A3+” (read as ACUITE A three plus) from “ACUITE A4” (read as ACUITE A four) on the bank loan facilities of Rs.65.78 Cr. of Karnataka Agro Chemicals. The outlook is “Stable”.
Further, Acuite has assigned long term rating of “ACUITE BBB” (read as ACUITE triple B) on the bank loan facilities of Rs.26.91 Cr. of Karnataka Agro Chemicals. The outlook is “Stable”.

Rationale for Rating
The rating upgrade and migration from "Issuer Non-Cooperating” is on account of curing period of earlier defaults being attained for Multiplex Biotech Private Limited. For Multiplex Agricare Private Limited, the account was reported delinquent in CIC report. The account was frozen by the lender as per RBI circular on “Opening current account by bank- Need for discipline” dated August 6, 2020 and could not be closed as a result. This was not an intentional default or default due to inability to pay debt, but mostly due to account falling under this circular, which was an operational issue.

The rating also factors the sound business risk profile of the group majorly driven by improvement in revenue and profitability. The consolidated revenue of the group increased to Rs.448.89 Cr. in FY2025 (Prov.) as against Rs.379.40 Cr. in FY2024. Furthermore, the operating margin of the group increased to 15.17% in FY2025 (Prov.) as against to 14.32% in FY2024. Likewise, the profitability margin stood at 7.78% in FY2025 (Prov.) as against 6.04% in FY2024. The improvement in margins is backed by lower operating expenses in FY2025 (Prov.) as compared to the previous year. In addition, the financial risk profile of the group is moderate marked by gearing at 1.37 times as on 31st March, 2025 (Prov.) and comfortable coverage indicators reflected by interest coverage ratio and debt service coverage ratio at 6.15 times and 2.13 times respectively as on 31st March 2025 (Prov.) and liquidity profile is adequate supported by sufficient accruals to repayment and adequate cash and cash equivalents. The rating also draws comfort from the group’s long track record of operations, extensive experience of the promoters, wide product portfolio and distribution network. However, the rating is constrained by moderately intensive working capital operations, intense competition in the industry, exposure to risks related to the regulated nature of the fertilizer industry in India and to volatility in raw material prices and agro-climatic risks.

About the Company

Karnataka Based, Karnataka Agro chemicals is established in 1974. The partnership firm is engaged in manufacturing of various fertilizer products. The partners of the company are Mr. Gopalakrishna Pommayya Shetty, Mr. Mahesh Gopalakrishna Shetty, Mrs. Nishchita Mahesh Shetty and Multiplex Biotech Private Limited.

About the Group

Multiplex Agricare Private Limited
Karnataka based, Multiplex Agricare Private Limited is incorporated in 1994. The Company is engaged in the manufacturing and marketing fertilizers, pesticides, nutrients (both major and minor), organic manure, biofertilizers, bio-pesticides, and bio-stimulants. The Directors of the company are Mr. Gopalakrishna Pommayya Shetty, Mrs. Nishchita Mahesh Shetty and Mr. Mahesh Gopalakrishna Shetty.

Multiplex Biotech Private Limited
Karnataka Based, Multiplex Biotech Private Limited is incorporated in 2000. The Company is engaged in manufacturing and marketing of micronutrients fertilizers and various bio-Products. The Directors of the company are Mr. Gopalakrishna Pommayya Shetty, Mrs. Nishchita Mahesh Shetty and Mr. Mahesh Gopalakrishna Shetty.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuite has consolidated the business and financial risk profiles of Karnataka Agro Chemicals (KAC), Multiplex Agricare Private Limited (MAPL) and Multiplex Bio-Tech Private Limited (MBPL), together referred to as the ‘Multiplex Group’(MG). The consolidation is in view of the common management, strong operational and financial linkages among the entities.

Key Rating Drivers

Strengths

Promoters’ extensive experience and established track record in the fertilizer industry
Multiplex Group’was set up in 1974 and currently Mr. Mahesh G Shetty manages the day-to-day operations of the group who has extensive experience of over five decades in the fertilizer industry which has led to understanding of the dynamics of the market and enabled to establish healthy relationships with its suppliers and customers to get repeated business. Acuite believes that the group will continue to benefit from its established track record and experience of promoters in this line of business.

Sound Business Risk Profile
The group has a wide distribution network across the country wherein it supplies its products through a network of 19 branches and 6000+ dealers with strong presence in Tamil Nadu, Telangana and Andhra Pradesh. The product portfolio of the group has more than 150 varities thereby allowing high value addition and diversification. It manufactures a wide range of products~ from micronutrients to biofertilizers and water-soluble fertilizers. The group’s ability to suitably modify its product mix in response to changes in market conditions partially mitigates the risks associated with cyclicality.

The revenue of the group improved to Rs.448.89 Cr. in FY2025 (Prov.) as compared to Rs.379.40 Cr. in FY2024 and Rs.359.91 Cr. in FY2023. The operating margin of the group increased to 15.17 percent in FY2025 (Prov.) as compared to 14.32 percent in FY2024 and 12.38 percent in FY2023. The improvement is driven by lower operating expenses in FY2025 (Prov.) as compared to the previous years. Likewise, the PAT margin stood at 7.78 percent in FY2025 (Prov.) as against 6.04 percent in FY2024 and 5.72 percent in FY2023. Moreover, the group has registered a revenue of Rs.175.98 Cr. till 30th June, 2025. Acuite expects the scale of operations of the group to remain healthy in near to medium term backed by its strong diversity in clientele and product profile.

Moderate Financial Risk Profile
The financial risk profile of the group is marked by moderate net worth, gearing and comfortable debt protection metrics. The net-worth of the group stood at Rs.102.85 Crore as on 31st March 2025 (Prov.) as against Rs.57.72 Crore as on 31st March 2024. The increase in the net-worth is on account of accretion of profits into reserves along with capital contribution by MBPL in KAC in FY2025 (Prov.). Further, the total debt of the group stood at Rs.141.30 Crore as on 31st March 2025 (Prov.) against Rs.133.38 Crore as on 31st March 2024. The capital structure of the group is moderate marked by gearing ratio which stood at 1.37 times as on 31st March 2025 (Prov.) against 2.31 times as on 31st March 2024. Further, the coverage indicators improved reflected by interest coverage ratio and debt service coverage ratio which stood at 6.15 times and 2.13 times respectively as on 31st March 2025 (Prov.) against 4.53 times and 1.75 times respectively as on 31st March 2024. The TOL/TNW ratio of the group stood at 2.83 times as on 31st March 2025 (Prov.) against 5.03 times as on 31st March 2024 and DEBT-EBITDA stood at 2.00 times as on 31st March 2025 (Prov.) against 2.39 times as on 31st March 2024. Acuité expects that going forward the financial risk profile of the group will remain in similar range with no major debt-funded capex plans in near to medium term.

Weaknesses

Moderately intensive Working Capital operations
The working capital operations of the group are moderately intensive marked by Gross Current Assets (GCA) of 152 days as on 31st March, 2025 (Prov.) as against 146 days as on 31st March, 2024. The high GCA days are mainly on account of inventory days of the group which stood at 97 days as on 31st March, 2025 (Prov.) as against 107 days as on 31st March, 2024. Further, the debtor days of the group stood at 33 days as on 31st March, 2025 (Prov.) as against 26 days as on 31st March, 2024 and the creditors stood at 175 days as on March 31, 2025 (Prov.) as against 255 days as on 31st March, 2024. The group relies on its fund based bank lines to meet its working capital requirement which stood utilised at 82.58% in last six months ended June, 2025. Acuité expects that working capital operations of group will likely remain at the similar levels in near to medium term due to nature of operations.

Vulnerability of profitability to agro-climatic conditions, regulatory risks and seasonality of the fertilizer business
The group’s sales and profitability remains susceptible to agro-climatic conditions, development of pest-resistant genetically modified seeds and regulatory risks inherent in the business. The agriculture sector in India remains vulnerable to the vagaries of monsoon as the area under irrigation remains low which exposes the fertilizer sector to volatility as well. The group faces intense competition from small, unorganised players, and has to compete with strong players in markets where it plans to expand its reach necessitates constant marketing and branding expenditure.

Rating Sensitivities

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

Consistent growth in operating income by more than 30%.
Significant improvement in the operating profitability position.
Improvement in capital structure and debt protection metrics.

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

Decline in revenue y-o-y and/or operating profitability margins below 8%.
Stretch in the working capital cycle.
Deterioration in the financial risk profile owing to any major debt-funded capex.

Liquidity Position

Adequate

The liquidity profile of the group is adequate marked by net cash accruals of Rs.45.51 Crore as on 31 st March 2025 (Prov.) against the debt repayment obligation of Rs.15.32 Crore over the same period. Going forward, the group is expected to generate net cash accruals under the range of Rs.55.00 Crore to Rs.65.00 Crore against the debt repayment obligations up to Rs.17.72 Crore in the next two years. The current ratio of the group stood at 1.07 times as on 31st March 2025 (Prov.) against 0.78 times as on 31st March 2024. The cash and cash equivalents available with the group stood at Rs.31.62 Crore as on 31st March 2025 (Prov.). In addition, the fund based bank limit utilisation of the group stood at 82.58% in last six months ended June, 2025. Acuité expects liquidity profile of the group to remain adequate in near to medium term supported by sufficient accruals to repayment and adequate cash and cash equivalents.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Provisional)	FY 24 (Actual)
Operating Income	Rs. Cr.	448.89	379.40
PAT	Rs. Cr.	34.92	22.91
PAT Margin	(%)	7.78	6.04
Total Debt/Tangible Net Worth	Times	1.37	2.31
PBDIT/Interest	Times	6.15	4.53

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

Not Applicable

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
22 Aug 2025	Letter of Credit	Short Term	5.00	ACUITE A4 (Reaffirmed & Issuer not co-operating*)
	Secured Overdraft	Long Term	25.00	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	16.76	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Proposed Long Term Bank Facility	Long Term	19.02	ACUITE C (Reaffirmed & Issuer not co-operating*)
28 May 2024	Letter of Credit	Short Term	5.00	ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A3)
	Secured Overdraft	Long Term	25.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	16.76	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Proposed Long Term Bank Facility	Long Term	19.02	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
06 Mar 2023	Letter of Credit	Short Term	5.00	ACUITE A3 (Reaffirmed)
	Secured Overdraft	Long Term	25.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.76	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	19.02	ACUITE BBB- \| Stable (Reaffirmed)

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
H D F C Bank Limited	Not avl. / Not appl.	Dropline Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	13.87	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
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.	1.09	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.67	Simple	ACUITE A3+ \| Upgraded ( from ACUITE A4 )
H D F C Bank Limited	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB \| Stable \| Assigned
Deutsche Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	06 Jul 2022	Not avl. / Not appl.	01 Jul 2032	1.95	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
Deutsche Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	06 Jul 2022	Not avl. / Not appl.	01 Jul 2032	3.23	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
Deutsche Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	06 Jul 2022	Not avl. / Not appl.	01 Jul 2032	3.52	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
Deutsche Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	06 Jul 2022	Not avl. / Not appl.	01 Jul 2032	1.66	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
Deutsche Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Aug 2018	Not avl. / Not appl.	05 Oct 2028	3.44	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
Deutsche Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	07 Feb 2020	Not avl. / Not appl.	05 Mar 2030	1.14	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
Deutsche Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	18 Feb 2020	Not avl. / Not appl.	05 Mar 2030	4.13	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Aug 2019	Not avl. / Not appl.	31 Aug 2029	5.28	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Mar 2023	Not avl. / Not appl.	30 Mar 2033	3.85	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jun 2023	Not avl. / Not appl.	30 Jun 2030	2.39	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2020	Not avl. / Not appl.	10 May 2026	0.07	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	04 Nov 2020	Not avl. / Not appl.	28 Jul 2028	0.35	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	04 Nov 2020	Not avl. / Not appl.	28 Jul 2028	12.79	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2023	Not avl. / Not appl.	15 Oct 2028	4.28	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2023	Not avl. / Not appl.	29 May 2027	1.96	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2023	Not avl. / Not appl.	29 May 2027	0.11	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE C )
THE KARUR VYSYA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	15 Mar 2025	Not avl. / Not appl.	12 May 2035	6.24	Simple	ACUITE BBB \| Stable \| Assigned
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2023	Not avl. / Not appl.	29 May 2027	0.67	Simple	ACUITE BBB \| Stable \| Assigned
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB \| Stable \| Assigned

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

Sr No.	Company
1	Multiplex Agricare Private Limited
2	Multiplex Bio-Tech Private Limited
3	Karnataka Agro Chemicals

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Archita Sharma
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

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.
³There 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.