PR

Press Release
GANNON DUNKERLEY AND COMPANY LIMITED
September 27, 2022
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	2846.51	-	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Bank Loan Ratings	288.50	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	3135.01	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the Short-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 3135.01 crore bank facilities of Gannon Dunkerley And Company Limited (GDCL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company

GDCL, incorporated as a private limited company in 1924 in Mumbai by HIRALAL PANDEY, PRAGATI RAGHAVDAS MUNDHRA, MANOJ KUMAR SINGH was converted into a public limited company in 1948 subsequent to being taken over by the Morarka Group. GDCL undertakes civil construction, construction of industrial units, executes irrigation and hydroelectric projects and sets up water treatment plants. The company is engaged in the execution of large construction contracts involving engineering, procurement and construction (EPC) projects for more than nine decades. The client base of the company largely includes heavy weights from the engineering, power, chemicals and petrochemical sectors.

Non-cooperation by the issuer/borrower:

Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability:

The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

About the Rated Entity - Key Financials

The rated entity has not shared the latest financial statements despite repeated requests.

Rating Sensitivity

"No information provided by the issuer / available for Acuite to comment upon."

Material Covenants

Not Applicable

Liquidity Position

"No information provided by the issuer / available for Acuite to comment upon."

Outlook

Not Applicable

Other Factors affecting Rating

None

Status of non-cooperation with previous CRA

None

Any other information

Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

Applicable Criteria

• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on Complexity Levels of the Rated Instrument

https://www.acuite.in/view-rating-criteria-55.htm

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
05 Jul 2021	Bank Guarantee	Short Term	90.00	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	5.00	ACUITE D ( Issuer not co-operating*)
	Letter of Credit	Short Term	40.00	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	10.00	ACUITE D ( Issuer not co-operating*)
	Letter of Credit	Short Term	10.00	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	80.38	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	40.00	ACUITE D ( Issuer not co-operating*)
	Letter of Credit	Short Term	40.00	ACUITE D ( Issuer not co-operating*)
	Proposed Bank Facility	Long Term	5.50	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	15.00	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	1040.00	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	10.00	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	35.00	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	116.60	ACUITE D ( Issuer not co-operating*)
	Letter of Credit	Short Term	20.00	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	28.00	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	8.00	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	10.00	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	5.00	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	348.53	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	100.00	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	277.00	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	36.00	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	75.00	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	166.00	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	7.00	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	125.00	ACUITE D ( Issuer not co-operating*)
	Working Capital Demand Loan	Short Term	10.00	ACUITE D ( Issuer not co-operating*)
	Bank Guarantee	Short Term	260.00	ACUITE D ( Issuer not co-operating*)
	Term Loan	Long Term	22.00	ACUITE D ( Issuer not co-operating*)
	Cash Credit	Long Term	100.00	ACUITE D ( Issuer not co-operating*)
09 Apr 2020	Bank Guarantee	Short Term	100.00	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	10.00	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	36.00	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	125.00	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	40.00	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	28.00	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	100.00	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	10.00	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	7.00	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	90.00	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	75.00	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	260.00	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	348.53	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	166.00	ACUITE D (Issuer not co-operating*)
	Letter of Credit	Short Term	40.00	ACUITE D (Issuer not co-operating*)
	Term Loan	Long Term	22.00	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	5.00	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	277.00	ACUITE D (Issuer not co-operating*)
	Letter of Credit	Short Term	10.00	ACUITE D (Issuer not co-operating*)
	Working Capital Demand Loan	Short Term	10.00	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	80.38	ACUITE D (Issuer not co-operating*)
	Proposed Bank Facility	Long Term	5.50	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	35.00	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	10.00	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	1040.00	ACUITE D (Issuer not co-operating*)
	Letter of Credit	Short Term	20.00	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	8.00	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	15.00	ACUITE D (Issuer not co-operating*)
	Cash Credit	Long Term	5.00	ACUITE D (Issuer not co-operating*)
	Letter of Credit	Short Term	40.00	ACUITE D (Issuer not co-operating*)
	Bank Guarantee	Short Term	116.60	ACUITE D (Issuer not co-operating*)
25 Jan 2019	Cash Credit	Long Term	28.00	ACUITE D (Downgraded from ACUITE BBB \| Negative)
	Cash Credit	Long Term	35.00	ACUITE D (Downgraded from ACUITE BBB \| Negative)
	Cash Credit	Long Term	100.00	ACUITE D (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	22.00	ACUITE D (Downgraded from ACUITE BBB \| Negative)
	Cash Credit	Long Term	10.00	ACUITE D (Downgraded from ACUITE BBB \| Negative)
	Cash Credit	Long Term	5.00	ACUITE D (Downgraded from ACUITE BBB \| Negative)
	Cash Credit	Long Term	36.00	ACUITE D (Downgraded from ACUITE BBB \| Negative)
	Cash Credit	Long Term	15.00	ACUITE D (Downgraded from ACUITE BBB \| Negative)
	Cash Credit	Long Term	10.00	ACUITE D (Downgraded from ACUITE BBB \| Negative)
	Cash Credit	Long Term	5.00	ACUITE D (Downgraded from ACUITE BBB \| Negative)
	Cash Credit	Long Term	7.00	ACUITE D (Downgraded from ACUITE BBB \| Negative)
	Cash Credit	Long Term	10.00	ACUITE D (Downgraded from ACUITE BBB \| Negative)
	Working Capital Demand Loan	Short Term	10.00	ACUITE D (Downgraded from ACUITE A3+)
	Bank Guarantee	Short Term	100.00	ACUITE D (Downgraded from ACUITE A3+)
	Bank Guarantee	Short Term	260.00	ACUITE D (Downgraded from ACUITE A3+)
	Bank Guarantee	Short Term	1040.00	ACUITE D (Downgraded from ACUITE A3+)
	Letter of Credit	Short Term	40.00	ACUITE D (Downgraded from ACUITE A3+)
	Bank Guarantee	Short Term	90.00	ACUITE D (Downgraded from ACUITE A3+)
	Bank Guarantee	Short Term	116.60	ACUITE D (Downgraded from ACUITE A3+)
	Letter of Credit	Short Term	20.00	ACUITE D (Downgraded from ACUITE A3+)
	Bank Guarantee	Short Term	277.00	ACUITE D (Downgraded from ACUITE A3+)
	Bank Guarantee	Short Term	125.00	ACUITE D (Downgraded from ACUITE A3+)
	Letter of Credit	Short Term	10.00	ACUITE D (Downgraded from ACUITE A3+)
	Bank Guarantee	Short Term	40.00	ACUITE D (Downgraded from ACUITE A3+)
	Bank Guarantee	Short Term	75.00	ACUITE D (Downgraded from ACUITE A3+)
	Bank Guarantee	Short Term	166.00	ACUITE D (Downgraded from ACUITE A3+)
	Bank Guarantee	Short Term	8.00	ACUITE D (Downgraded from ACUITE A3+)
	Letter of Credit	Short Term	40.00	ACUITE D (Downgraded from ACUITE A3+)
	Bank Guarantee	Short Term	348.53	ACUITE D (Downgraded from ACUITE A3+)
	Bank Guarantee	Short Term	80.38	ACUITE D (Downgraded from ACUITE A3+)
	Proposed Bank Facility	Long Term	5.50	ACUITE D (Downgraded from ACUITE BBB \| Negative)
23 Aug 2018	Cash Credit	Long Term	28.00	ACUITE BBB \| Negative (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	35.00	ACUITE BBB \| Negative (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	100.00	ACUITE BBB \| Negative (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	22.00	ACUITE BBB \| Negative (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE BBB \| Negative (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	5.00	ACUITE BBB \| Negative (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	36.00	ACUITE BBB \| Negative (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	15.00	ACUITE BBB \| Negative (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE BBB \| Negative (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	5.00	ACUITE BBB \| Negative (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	7.00	ACUITE BBB \| Negative (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE BBB \| Negative (Assigned)
	Working Capital Demand Loan	Short Term	10.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Bank Guarantee	Short Term	100.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Bank Guarantee	Short Term	260.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Bank Guarantee	Short Term	1040.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Letter of Credit	Short Term	40.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Bank Guarantee	Short Term	90.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Bank Guarantee	Short Term	116.60	ACUITE A3+ (Downgraded from ACUITE A2+)
	Letter of Credit	Short Term	20.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Bank Guarantee	Short Term	277.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Bank Guarantee	Short Term	125.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Letter of Credit	Short Term	10.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Bank Guarantee	Short Term	40.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Bank Guarantee	Short Term	75.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Bank Guarantee	Short Term	166.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Bank Guarantee	Short Term	8.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Letter of Credit	Short Term	40.00	ACUITE A3+ (Downgraded from ACUITE A2+)
	Bank Guarantee	Short Term	348.53	ACUITE A3+ (Downgraded from ACUITE A2+)
	Bank Guarantee	Short Term	80.38	ACUITE A3+ (Assigned)
	Proposed Bank Facility	Long Term	5.50	ACUITE BBB \| Negative (Downgraded from ACUITE A- \| Stable)
16 May 2017	Cash Credit	Long Term	251.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	40.00	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan	Short Term	10.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee	Short Term	2118.60	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	110.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee	Short Term	206.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee	Short Term	349.15	ACUITE A2+ (Reaffirmed)
	Proposed Bank Facility	Long Term	39.00	ACUITE A- \| Stable (Withdrawn)
	Proposed Bank Facility	Long Term	0.26	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee	Short Term	50.00	ACUITE A2+ (Assigned)
20 Apr 2017	Cash Credit	Long Term	251.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	40.00	ACUITE A- \| Stable (Assigned)
	Working Capital Demand Loan	Short Term	10.00	ACUITE A2+ (Assigned)
	Bank Guarantee	Short Term	2118.60	ACUITE A2+ (Assigned)
	Letter of Credit	Short Term	110.00	ACUITE A2+ (Assigned)
	Bank Guarantee	Short Term	206.00	ACUITE A2+ (Assigned)
	Bank Guarantee	Short Term	349.15	ACUITE A2+ (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Rating
Punjab National Bank	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	100.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	260.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	1040.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Canara Bank	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	90.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Indusind Bank Ltd	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	116.60	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	277.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	125.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	40.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Yes Bank Ltd	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	75.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
IDBI Bank Ltd.	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	166.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Federal Bank	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	8.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	348.53	ACUITE D \| Reaffirmed \| Issuer not co-operating*
UCO Bank	Not Applicable	Bank Guarantee/Letter of Guarantee	Not Applicable	Not Applicable	Not Applicable	80.38	ACUITE D \| Reaffirmed \| Issuer not co-operating*
UCO Bank	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	10.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Punjab National Bank	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	28.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	35.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	100.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Canara Bank	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	10.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Indusind Bank Ltd	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	5.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	36.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	15.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	10.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Yes Bank Ltd	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	5.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Federal Bank	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	7.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Letter of Credit	Not Applicable	Not Applicable	Not Applicable	10.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not Applicable	Letter of Credit	Not Applicable	Not Applicable	Not Applicable	20.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Letter of Credit	Not Applicable	Not Applicable	Not Applicable	40.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Federal Bank	Not Applicable	Letter of Credit	Not Applicable	Not Applicable	Not Applicable	40.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not Applicable	Proposed Long Term Bank Facility	Not Applicable	Not Applicable	Not Applicable	5.50	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not Applicable	Term Loan	Not available	Not available	Not available	22.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Federal Bank	Not Applicable	Working Capital Demand Loan (WCDL)	Not available	Not available	Not available	10.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*

Contacts

Analytical	Rating Desk
Aditya Gupta Vice President-Rating Operations Tel: 022-49294041 aditya.gupta@acuite.in Radhika Kolwankar Analyst-Rating Operations Tel: 022-49294065 radhika.kolwankar@acuite.in	Varsha Bist Senior Manager-Rating Operations Tel: 022-49294011 rating.desk@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.