Press Release January 08, 2025 B S SPONGE PRIVATE LIMITED Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	115.00	ACUITE A | Stable | Assigned	-
Bank Loan Ratings	547.78	ACUITE A | Stable | Reaffirmed	-
Bank Loan Ratings	130.00	-	ACUITE A1 | Reaffirmed
Total Outstanding	792.78	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has reaffirmed the long-term rating to ‘ACUITE A’ (read as ACUITE A) and the short-term rating to ‘ACUITE A1’ (read as ACUITE A One) on the Rs. 677.78 crore bank facilities of B S Sponge Private Limited (BSPL). The outlook is ‘Stable’. Acuité has also assigned the long-term rating of ‘ACUITE A’ (read as ACUITE A)  on the Rs. 115.00 crore bank facilities of B S Sponge Private Limited (BSPL).The outlook is ‘Stable’.  Rationale for Rating The rating reaffirmation takes into account the augmentation in the revenue profile of the company. The ratings further relfects the sound business profile of the company marked by its long operational track record along with integrated nature of operation. The rating also considers the company’s comfortable financial risk profile marked by healthy net worth, sound debt protection metrics and modest leverage ratios. The ratings are however, constrained by intense competition and inherent cyclicality in the steel industry.

About the Company

­Incorporated in 2000, B S Sponge Private Limited (BSPL) is a Chhattisgarh based company engaged in manufacturing of sponge iron, billets, TMT Bars, strips and ferro alloys. The company is promoted by Mr. Parmanand Agarwal and his son Mr. Ashish Agarwal.

Unsupported Rating

­­Not Applicable

Analytical Approach

A­cuité has considered the standalone business and financial risk profile of BSPL to arrive at this rating.

Key Rating Drivers

Strengths

­Integrated operations with long track record and experienced promoters The company is promoted by the Agrawal family of Raigarh (Chhattisgarh). The company is managed by Mr. Parmanand Agarwal, who has two decades of experience in the steel business. The company is ably supported by a strong and experienced line of mid-level managers. Acuité believes the vast experience of the promoter has played a pivotal role in the company's ability to cultivate robust relationships with both its customers and suppliers. This has resulted in a sustained performance of the company over the years. Healthy scale of operation  The revenue of the company witnessed 83.93% growth in FY2024 to Rs.1494.39 crore as compared to Rs.812.46 crore in FY2023, also, the company has reported operating income of Rs. 1014.91 Cr. in H1FY2025. The growth in the revenues was mainly on account of augmentation in the capacity for various products and increased sales volume despite a decline in the average sales realization. The EBITDA margin of the company stood comfortable at 19.12% in FY2024 as against 20.02% in FY2023. Further the EBITDA margins declined to 16.16% in H1FY2025 due to increase in power cost due to installed billet and ferro alloy plant in FY2024. Also, the PAT margins are comfortable with 9.75% in FY2024 against 8.36% in FY2023. Going forward, Acuite believes, that the profitability margin of the company will be sustained at healthy levels over the medium term backed by steady demand, stable realization, and integrated nature of plant. Healthy financial risk profile The financial risk profile of the company is marked by healthy net worth, modest gearing and healthy debt protection metrics. The net worth of the company stood healthy and improved to Rs.392.94 crore in FY2024 as compared to Rs. 247.19 crore in FY2023. This improvement in net worth is mainly due to the healthy accretions to the reserves. The gearing of the company stood at 1.28 times as on March 31, 2024, as compared to 1.48 times as on March 31, 2023. Interest coverage ratio (ICR) is strong and stood at 6.73 times in FY2024 as against 7.66 times in FY2023. The debt service coverage ratio (DSCR) of the company also stood strong at 3.66 times in FY2024 as compared to 2.78 times in the previous year. The net cash accruals to total debt (NCA/TD) stood comfortable at 0.41 times in FY2024 as compared to 0.27 times in the previous year. The company has been expanding its capacity over the past couple of years and Currently, the company is augmeting capacity for sponge iron with total installed capacity would reach to 6,75,000 MTPA by end of January 2025. Additionally, the company is also augmeting capacities in allied products and captive power plant.  Going forward, Acuite believes the financial risk profile of the company will remain healthy despite continous capex on account of steady net cash accruals. Efficient Working capital management The company’s working capital operations are efficient in nature marked by gross current asset days of 77 days in FY2024 as against 113 days in FY2023. Moreover, the inventory days of the company has decreased to  63 days in FY2024 as compared to 81 days in the previous year. The debtor days decreased to 07 days in FY2024 as compared to 09 days in the previous year respectively. Also, the creditors days decreased to 10 days in FY2024 as against 12 days in FY2023.

Weaknesses

­Intense competition and inherent cyclicality in the steel industry The company is operating in competitive and fragmented nature of industry especially in primarily steel producing industry. There are several players who are engaged in the sponge iron and billets manufacturing business in organized and unorganized sector. Moreover, the profit margins and sales of the company remains exposed to inherent cyclicality in the steel industry.

ESG Factors Relevant for Rating

­Environment Manufacture of metals has a substantial environmental impact. The production of basic metals is extremely power-intensive. Most steel is still produced with blast furnaces, releasing large amounts of carbon dioxide, nitrogen oxide, and particulate matters into the air. Moreover, improper waste disposal could lead to releasing toxic fluids in the surroundings having devastating effects. Other issues include efficient water utilization and managing water pollution. Social Occupation and workforce health & safety management are of primary importance to this industry given the dangerous nature of operations. Furthermore, community relations, inclusive development and human rights concerns are crucial factors considering the exploitative industry practices. Additionally, quality of the product is of utmost significance for this industry. Governance Factors such as ethical business practices, management compensation and board administration hold primary importance within this industry. Likewise, regulatory compliance, shareholder’s rights and audit control are other material issues to the industry. Long-term business continuity is key, as it ensures alignment between stockholders and stakeholders.

Rating Sensitivities

Growth in scale of operations while maintaining operating profitability and improvement in the overall credit profile. Any debt funded capex or increase in the working capital intensity resulting in increase in the debt and further impacting the overall credit profile.

Liquidity Position

Adequate

The Company has adequate liquidity marked by comfortable net cash accruals of Rs. 207.13 crore as against Rs. 25.55 crore debt obligations in FY2024. Further, the company has free cash and bank balance of Rs. 1.26 cr. as on March 31, 2024. Going forward, the cash accruals of the company are estimated to be in range of  Rs.230-280 Cr. annually against Rs.34.86 to Rs. 47.38 crore of long-term debt obligations in FY25-26. The current ratio of the company stood comfortable at 1.21 times in FY2024 against 1.43 times in FY2023. Average fund based limit utilization is around 66.24 per cent in last six months ended November 2024. Acuité believes that the liquidity of the company is likely to remain adequate over the medium term on account of comfortable cash accruals against long debt repayments over the medium term.

Outlook: Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	1494.39	812.46
PAT	Rs. Cr.	145.75	67.89
PAT Margin	(%)	9.75	8.36
Total Debt/Tangible Net Worth	Times	1.28	1.48
PBDIT/Interest	Times	6.73	7.66

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 • Rating Process and Timeline: https://www.acuite.in/view-rating-criteria-67.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 17 May 2024 Term Loan Long Term 13.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 17.87 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 68.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 25.90 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 0.21 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 1.40 ACUITE A | Stable (Assigned) Stand By Line of Credit Long Term 11.00 ACUITE A | Stable (Assigned) Cash Credit Long Term 20.00 ACUITE A | Stable (Assigned) Proposed Long Term Bank Facility Long Term 28.60 ACUITE A | Stable (Assigned) Proposed Long Term Bank Facility Long Term 0.13 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 70.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 90.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Cash Credit Long Term 6.90 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Cash Credit Long Term 40.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 7.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Cash Credit Long Term 73.10 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Working Capital Demand Loan (WCDL) Long Term 10.48 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Working Capital Demand Loan (WCDL) Long Term 4.19 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Cash Credit Long Term 32.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Cash Credit Long Term 28.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Letter of Credit Short Term 12.00 ACUITE A1 (Upgraded from ACUITE A2+) Letter of Credit Short Term 20.00 ACUITE A1 (Assigned) Bank Guarantee (BLR) Short Term 3.00 ACUITE A1 (Upgraded from ACUITE A2+) Letter of Credit Short Term 7.55 ACUITE A1 (Upgraded from ACUITE A2+) Letter of Credit Short Term 7.45 ACUITE A1 (Upgraded from ACUITE A2+) Bank Guarantee (BLR) Short Term 9.00 ACUITE A1 (Assigned) Letter of Credit Short Term 21.00 ACUITE A1 (Assigned) Bank Guarantee/Letter of Guarantee Short Term 2.00 ACUITE A1 (Upgraded from ACUITE A2+) Bank Guarantee/Letter of Guarantee Short Term 6.00 ACUITE A1 (Assigned) Letter of Credit Short Term 17.00 ACUITE A1 (Upgraded from ACUITE A2+) Letter of Credit Short Term 25.00 ACUITE A1 (Assigned) 31 Mar 2023 Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.23 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.21 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 73.10 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 6.90 ACUITE A- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 13.81 ACUITE A- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 6.93 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 32.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 28.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 27.75 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 25.85 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 68.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 70.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 90.00 ACUITE A- | Stable (Assigned) Bank Guarantee/Letter of Guarantee Short Term 2.00 ACUITE A2+ (Reaffirmed) Letter of Credit Short Term 17.00 ACUITE A2+ (Reaffirmed) Letter of Credit Short Term 12.00 ACUITE A2+ (Reaffirmed) Bank Guarantee (BLR) Short Term 3.00 ACUITE A2+ (Reaffirmed) Letter of Credit Short Term 7.55 ACUITE A2+ (Reaffirmed) Letter of Credit Short Term 7.45 ACUITE A2+ (Assigned) 01 Feb 2023 Term Loan Long Term 22.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 25.85 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 27.75 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 28.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 32.00 ACUITE A- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 6.93 ACUITE A- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 13.81 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 6.90 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 73.10 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.21 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.23 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 68.00 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 7.55 ACUITE A- | Stable (Reaffirmed) Bank Guarantee (BLR) Short Term 3.00 ACUITE A2+ (Reaffirmed) Letter of Credit Short Term 12.00 ACUITE A2+ (Reaffirmed) Letter of Credit Short Term 17.00 ACUITE A2+ (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 2.00 ACUITE A2+ (Reaffirmed) 07 Feb 2022 Term Loan Long Term 14.65 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 27.75 ACUITE A- | Stable (Assigned) Term Loan Long Term 33.25 ACUITE A- | Stable (Reaffirmed) Proposed Cash Credit Long Term 90.00 ACUITE A- | Stable (Assigned) Proposed Long Term Loan Long Term 90.00 ACUITE A- | Stable (Assigned) Working Capital Demand Loan (WCDL) Long Term 8.47 ACUITE A- | Stable (Assigned) Working Capital Demand Loan (WCDL) Long Term 10.00 ACUITE A- | Stable (Assigned) Cash Credit Long Term 6.90 ACUITE A- | Stable (Assigned) Cash Credit Long Term 43.10 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.21 ACUITE A- | Stable (Assigned) Bank Guarantee (BLR) Short Term 3.00 ACUITE A2+ (Reaffirmed) Letter of Credit Short Term 12.00 ACUITE A2+ (Reaffirmed) Letter of Credit Short Term 17.00 ACUITE A2+ (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 2.00 ACUITE A2+ (Reaffirmed) 29 Jan 2022 Cash Credit Long Term 43.10 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.65 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 33.25 ACUITE A- | Stable (Reaffirmed) Bank Guarantee (BLR) Short Term 3.00 ACUITE A2+ (Reaffirmed) Letter of Credit Short Term 10.00 ACUITE A2+ (Assigned) Letter of Credit Short Term 2.00 ACUITE A2+ (Reaffirmed) Letter of Credit Short Term 10.00 ACUITE A2+ (Assigned) Letter of Credit Short Term 7.00 ACUITE A2+ (Reaffirmed) Bank Guarantee/Letter of Guarantee Short Term 2.00 ACUITE A2+ (Reaffirmed)

­

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating HDFC Bank Ltd Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE A1 | Reaffirmed State Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.00 Simple ACUITE A1 | Reaffirmed Indian Bank Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 8.00 Simple ACUITE A1 | Reaffirmed HDFC Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 40.00 Simple ACUITE A | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 32.00 Simple ACUITE A | Stable | Reaffirmed Axis Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 28.00 Simple ACUITE A | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 73.10 Simple ACUITE A | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.90 Simple ACUITE A | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE A | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 21.00 Simple ACUITE A1 | Reaffirmed State Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.45 Simple ACUITE A1 | Reaffirmed State Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.55 Simple ACUITE A1 | Reaffirmed Indian Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 42.00 Simple ACUITE A1 | Reaffirmed HDFC Bank Ltd Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 32.00 Simple ACUITE A1 | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.93 Simple ACUITE A | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Stand By Line of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 11.00 Simple ACUITE A | Stable | Reaffirmed HDFC Bank Ltd Not avl. / Not appl. Term Loan 26 Jun 2024 Not avl. / Not appl. 30 Mar 2034 47.00 Simple ACUITE A | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Term Loan 30 Nov 2019 Not avl. / Not appl. 30 Jun 2027 5.38 Simple ACUITE A | Stable | Reaffirmed HDFC Bank Ltd Not avl. / Not appl. Term Loan 31 Dec 2019 Not avl. / Not appl. 31 Dec 2025 6.25 Simple ACUITE A | Stable | Reaffirmed Axis Bank Not avl. / Not appl. Term Loan 28 Feb 2022 Not avl. / Not appl. 31 Jul 2030 16.50 Simple ACUITE A | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Term Loan 31 May 2022 Not avl. / Not appl. 31 Dec 2031 63.63 Simple ACUITE A | Stable | Reaffirmed HDFC Bank Ltd Not avl. / Not appl. Term Loan 31 Jan 2023 Not avl. / Not appl. 30 Sep 2032 70.00 Simple ACUITE A | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Term Loan 31 Jan 2023 Not avl. / Not appl. 30 Sep 2032 90.00 Simple ACUITE A | Stable | Reaffirmed HDFC Bank Ltd Not avl. / Not appl. Term Loan 30 Nov 2021 Not avl. / Not appl. 31 Dec 2029 23.55 Simple ACUITE A | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Term Loan 31 Jul 2017 Not avl. / Not appl. 31 Dec 2025 0.99 Simple ACUITE A | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Term Loan 15 Oct 2024 Not avl. / Not appl. 30 Sep 2031 58.00 Simple ACUITE A | Stable | Assigned HDFC Bank Ltd Not avl. / Not appl. Term Loan 26 Jun 2024 Not avl. / Not appl. 30 Mar 2034 33.00 Simple ACUITE A | Stable | Assigned Axis Bank Not avl. / Not appl. Term Loan 11 Jun 2024 Not avl. / Not appl. 31 Dec 2033 24.00 Simple ACUITE A | Stable | Assigned HDFC Bank Ltd Not avl. / Not appl. Working Capital Demand Loan (WCDL) 31 Dec 2020 Not avl. / Not appl. 31 Mar 2028 8.18 Simple ACUITE A | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Working Capital Demand Loan (WCDL) 31 Jan 2021 Not avl. / Not appl. 31 Jan 2026 2.37 Simple ACUITE A | Stable | Reaffirmed

­

Contacts

Mohit Jain Senior Vice President - Rating Operations Nidhi Gala Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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.