Press Release

Press Release

September 02, 2026

ANDREW YULE AND CO LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	126.64	ACUITE B \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	28.36	-	ACUITE A4 \| Reaffirmed	RBI
Total Outstanding	0.00	155.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 reaffirmed the long-term rating of 'ACUITÉ B' (read as ACUITÉ B) on the Rs. 126.64 Cr. bank facilities of Andrew Yule and Co Limited (AYCL) and reaffirmed the short-term rating of 'ACUITÉ A4' (read as ACUITÉ A Four) on the Rs. 28.36 Cr. bank facilities of Andrew Yule and Co Limited (AYCL). The outlook is ‘Stable’

Rationale for Rating:

The rating factors in the company’s long track record of operations, marginal moderation in operating revenue during FY2026 albeit marginal improvement in Q1FY2027 operating revenue to Rs. 58.30 crore as against Rs. 56.14 crore in Q1FY2026. The rating is, constrained by increasing operating losses in FY2026, primarily due to higher labour costs in the tea division, along with a constrained financial risk profile marked by declining net worth and weak debt protection and coverage indicators. The working capital cycle remained intensive during FY2026. While liquidity remained stretched during the year, the company has received financial assistance of Rs. 30 crore from the Government of India and Rs. 5 crore from the Tea Board and has recently availed a working capital term loan under ECGLS 5 scheme of Rs. 12 crore, which has supported and improved its overall liquidity position.

About the Company

Based in Kolkata, Andrew Yule and Co Limited is a Central Public Sector Enterprise (CPSE) in the medium and light engineering sector, engaged in the manufacturing of tea, transformers, regulators and rectifiers, circuit breakers, switches, industrial fans, and tea machinery, as well as undertaking turnkey projects. Incorporated in 1919, the company has a long-standing presence in the engineering and manufacturing industry. The company's directors are Mr. Vijay Mittal, Mr. Kulbhushan Malhotra, Mr. Sharad Kumar, Ms. Swapna Tripathy, Mr. Sanjay Verma, and Mr. Ananta Mohan Singh.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has considered the standalone financial and business risk profiles of AYCL to arrive at the rating.

Key Rating Drivers

Strengths

Established Market position with diversified business segment:

The company was taken over by the Government of India (GoI) in 1979 and currently GoI holds an 89.25 percent stake, supporting its established market position and long-standing relationships with customers and suppliers. AYCL operates primarily through three divisions: the Tea Division, which contributes around 45 percent of total revenue, while the Electrical and Engineering divisions contribute about 35 percent and 20 percent, respectively. Although revenue from the Tea Division has been declining, revenues from the Electrical and Engineering divisions have remained stable. Further, the company’s outstanding order book of Rs. 139.94 crore in the Electrical division and Rs. 13.22 crore in the Engineering division as of June 2026 provides moderate revenue visibility over the medium term.

Weaknesses

Declining Operating Performance:
The company’s scale of operations moderated to Rs. 295.28 crore in FY2026 from Rs. 310.91 crore in FY2025, primarily due to lower revenue from the Tea Division on account of reduced black tea production volumes and from the Engineering Division owing to lower realization from industrial fans. However, revenue from the Electrical Division improved by around 16 percent during FY2026 compared to FY2025, supported by increased demand for transformers. During Q1FY2027, the company reported total operating revenue of Rs.58.30 crore as against Rs. 56.14 crore in Q1FY2026. The company’s EBITDA margin moderated to (31.92 percent) in FY2026 from (20.37 percent) in FY2025, mainly due to higher production costs in the Tea Division. Further, the company sold a 1.84 percent stake in its associate company during FY2026, resulting in a one-time gain of Rs. 58.42 crore, which supported other income and partially mitigated losses during the year. Consequently, the PAT margin stood at (10.53 percent) in FY2026 as compared to (8.21 percent) in FY2025. Acuite believes that the company’s operating performance may improve over the medium term; however, improvement in profitability will remain a key monitorable.

Weak Financial Risk Profile:
The financial risk profile of AYCL stood weak marked by reduced net worth, moderate gearing and weak coverage indicators. Total net worth reduced to Rs.75.58 crore in FY 26 from Rs.101.32 crore in FY 25 mainly due to accumulation of losses. Gearing ratio also increased to 1.61 times in FY 26 from 1.04 times in FY 25. Debt Protection metrics stood below average with Interest coverage and Debt service coverage ratio stood at (0.31) times and (0.14) times in FY 26 as compared to (0.00) times and 0.14 times in FY 25. ToL/TNW and Debt/EBITDA stood at 5.61 times and (18.22) times in FY 26. Acuite believes that financial risk profile will continue to remain weak over the medium term. .

Intensive Working Capital Cycle:
The working capital cycle remained intensive, although it improved marginally, with gross current assets reducing to 236 days in FY26 from 248 days in FY25, primarily driven by an improvement in debtor days. Debtor days improved to 109 days in FY26 from 147 days in FY25, supported by a change in the sales policy of the electrical division from March 2026. Collection periods in the tea and engineering divisions generally range between 15-30 days, whereas in the electrical division collections were historically higher at 100-120 days due to direct sales to the Karnataka State Electricity Board. However, with the company shifting a majority of transformer sales to EPC contractors from March 2026 onwards, the average collection period has reduced to around 70-75 days. Inventory days increased to 54 days in FY26 from 39 days in FY25, although inventory holding generally remains in the range of 45-60 days. Creditor days moderated to 239 days in FY26 from 351 days in FY25, mainly due to high year-end booking in the previous year. Further, other current assets increased to Rs. 42.11 crore in FY26 from Rs. 39.49 crore in FY25, primarily on account of higher balances with revenue authorities. Acuité believes the company's working capital cycle is likely to improve going forward, supported by the revised payment mechanism and faster collections in the electrical division.

Rating Sensitivities

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

Improvement in scale of operation to more than Rs. 350 crore along with improvement in profitability
Improvement in financial risk profile mainly debt protection metrices

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

Further increase in losses leading to liquidity constraints
If net worth declines to Rs. 50 crore or less

Liquidity Position

Stretched

Liquidity marked stretched of AYCL supported by Net cash accrual of Rs. (24.18) crore against the long-term debt repayment of Rs.5 lakhs in FY 26. The Current ratio stood at 0.50 times in FY 26. Fund base utilisation stood at 94% for six months ended July 26. The NCA is continues to remain negative in the medium term however repayment is expected to be around Rs.2-3 crore for FY 27 and FY 28. As per management this repayment will be made through either by support received from Govt. of India or through Asset monetizing. Further the Company has maintained cash and bank balance of Rs.4.11 crore in FY 26
The company's liquidity profile is supported by financial assistance aggregating Rs. 35 crore, comprising Rs. 30 crore from the Government of India and Rs. 5 crore from the Tea Board of India, received in April 2026, along with an additional Emergency Credit Line of Rs. 12 crore availed in July 2026. Moreover, the Company is in the process of selling a parcel and expects the transaction to be completed within the next 2 to 3 months. The proposed sale consideration is estimated at around Rs. 93 crore, with an expected profit of approximately Rs. 80 crore from the transaction. Upon successful completion, the proceeds are expected to significantly strengthen the Company's liquidity position and support its overall financial profile. Acuite believes that liquidity may improve supported support received from Govt. of India and expected sales proceeds from land sale.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	295.28	310.91
PAT	Rs. Cr.	(31.09)	(25.53)
PAT Margin	(%)	(10.53)	(8.21)
Total Debt/Tangible Net Worth	Times	1.61	1.04
PBDIT/Interest	Times	(0.31)	0.00

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

Not Applicable

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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
09 Jun 2025	FBN/FBP/FBD/PSFC/FBE	Short Term	1.10	ACUITE A4 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	1.50	ACUITE A4 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	17.00	ACUITE A4 (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A4 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	0.76	ACUITE A4 (Reaffirmed)
	Cash Credit	Long Term	22.00	ACUITE B \| Stable (Reaffirmed)
	Term Loan	Long Term	1.08	ACUITE B \| Stable (Reaffirmed)
	Term Loan	Long Term	0.39	ACUITE B \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	30.00	ACUITE B \| Stable (Reaffirmed)
	Cash Credit	Long Term	6.51	ACUITE B \| Stable (Reaffirmed)
	Cash Credit	Long Term	13.00	ACUITE B \| Stable (Reaffirmed)
	Cash Credit	Long Term	37.69	ACUITE B \| Stable (Reaffirmed)
	Term Loan	Long Term	0.94	ACUITE B \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	3.03	ACUITE B \| Stable (Reaffirmed)
07 Mar 2025	FBN/FBP/FBD/PSFC/FBE	Short Term	1.10	ACUITE A4 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	0.76	ACUITE A4 (Assigned)
	Bank Guarantee (BLR)	Short Term	1.50	ACUITE A4 (Assigned)
	Bank Guarantee (BLR)	Short Term	17.00	ACUITE A4 (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A4 (Reaffirmed)
	Cash Credit	Long Term	37.69	ACUITE B \| Stable (Assigned)
	Cash Credit	Long Term	22.00	ACUITE B \| Stable (Assigned)
	Secured Overdraft	Long Term	18.72	ACUITE B \| Stable (Upgraded from ACUITE C)
	Secured Overdraft	Long Term	11.28	ACUITE B \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	3.03	ACUITE B \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	0.94	ACUITE B \| Stable (Assigned)
	Term Loan	Long Term	0.39	ACUITE B \| Stable (Assigned)
	Cash Credit	Long Term	6.51	ACUITE B \| Stable (Upgraded from ACUITE C)
	Cash Credit	Long Term	13.00	ACUITE B \| Stable (Assigned)
	Term Loan	Long Term	1.08	ACUITE B \| Stable (Assigned)
05 Jun 2024	Bank Guarantee/Letter of Guarantee	Short Term	7.00	ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+)
	Letter of Credit	Short Term	2.50	ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+)
	Bank Guarantee/Letter of Guarantee	Short Term	13.00	ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+)
	Letter of Credit	Short Term	9.00	ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+)
	FBN/FBP/FBD/PSFC/FBE	Short Term	1.10	ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+)
	Cash Credit	Long Term	7.50	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB)
	Cash Credit	Long Term	14.51	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB)
	Secured Overdraft	Long Term	11.75	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB)
22 Feb 2024	Letter of Credit	Short Term	2.50	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	FBN/FBP/FBD/PSFC/FBE	Short Term	1.10	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Bank Guarantee/Letter of Guarantee	Short Term	13.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	9.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Bank Guarantee/Letter of Guarantee	Short Term	7.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	14.51	ACUITE BB (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	7.50	ACUITE BB (Reaffirmed & Issuer not co-operating*)
	Secured Overdraft	Long Term	11.75	ACUITE BB (Reaffirmed & Issuer not co-operating*)
22 Nov 2023	Bank Guarantee/Letter of Guarantee	Short Term	13.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	9.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Bank Guarantee/Letter of Guarantee	Short Term	7.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	2.50	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	FBN/FBP/FBD/PSFC/FBE	Short Term	1.10	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	14.51	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Cash Credit	Long Term	7.50	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Secured Overdraft	Long Term	11.75	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
13 Oct 2023	Bank Guarantee/Letter of Guarantee	Short Term	13.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	9.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Bank Guarantee/Letter of Guarantee	Short Term	7.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	2.50	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	FBN/FBP/FBD/PSFC/FBE	Short Term	1.10	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	14.51	ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	7.50	ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
	Secured Overdraft	Long Term	11.75	ACUITE BB+ (Reaffirmed & Issuer not co-operating*)

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
Punjab National Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.76	Simple	ACUITE A4 \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.50	Simple	ACUITE A4 \| Reaffirmed
THE KARUR VYSYA BANK LIMITED	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 A4 \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	6.51	Simple	ACUITE B \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	37.69	Simple	ACUITE B \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	22.00	Simple	ACUITE B \| Stable \| Reaffirmed
THE KARUR VYSYA BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE B \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	FBN/FBP/FBD/PSFC/FBE	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.10	Simple	ACUITE A4 \| Reaffirmed
THE KARUR VYSYA BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A4 \| Reaffirmed
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.	11.38	Simple	ACUITE B \| Stable \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE B \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	06 Nov 2023	Not avl. / Not appl.	30 Nov 2027	1.08	Simple	ACUITE B \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Jun 2026	Not avl. / Not appl.	31 May 2031	1.14	Simple	ACUITE B \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	05 Jun 2026	Not avl. / Not appl.	31 May 2031	7.46	Simple	ACUITE B \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 May 2026	Not avl. / Not appl.	30 Apr 2031	4.38	Simple	ACUITE B \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Shreya Banerjee
Analyst-Analytical 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 ⁶	RBI
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 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
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 ⁶	RBI
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) ⁷	+
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.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

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 ⁸	Not applicable

⁸ 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.