Press Release

Press Release

October 01, 2026

GIRRAJJI BUILDTECH PRIVATE LIMITED (ERSTWHILE GIRRAJJI STONE CRUSHERS PRIVATE LIMITED)
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	64.50	ACUITE A- \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	55.00	ACUITE A- \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	77.50	-	ACUITE A1 \| Assigned	RBI
Bank Loan Ratings	0.00	245.00	-	ACUITE A1 \| Reaffirmed	RBI
Total Outstanding	0.00	442.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 its long-term rating of 'ACUITE A-' (read as ACUITE A minus) and the short-term rating of 'ACUITE A1' (read as ACUITE A one) on the Rs. 300 Cr. bank facilities of Girrajji Buildtech Private Limited (Erstwhile Girrajji Stone Crushers Private Limited). The Outlook is 'Stable'.
Acuite has assigned the long-term rating of 'ACUITE A-' (read as ACUITE A minus) and short-term rating of 'ACUITE A1' (read as ACUITE A one) on the Rs. 142 Cr. bank facilities of Girrajji Buildtech Private Limited (Erstwhile Girrajji Stone Crushers Private Limited). The Outlook is 'Stable'.

Rationale for Rating
The rating reflects the extensive experience of the promoters and GBPL's established track record of over three decades in executing railway infrastructure projects for Indian Railways . Further, the financial risk profile remains comfortable, marked by healthy net worth, adequate debt protection metrics, and support from unsecured loans treated as quasi-equity. The liquidity position is adequate, with net cash accruals being sufficient to meet its debt repayment obligations with comfortable current ratio, and moderate bank limit utilisation.
While the company's revenue declined to Rs. 556.87 crore in FY2026 (Prov.) from Rs. 582.58 crore in FY2025 due to deferred billing and revenue recognition arising from a temporary technical glitch in the Indian Railways payment portal, its profitability remained stable benefited from the escalation clause embedded in its contracts.
The rating is, however, constrained by the intensive working capital nature of operations, reflected in elevated GCA days. Inventory levels remained high in FY2026 owing to the accumulation of unbilled work-in progress. Exactly the same thing is written in the last sentence, which led to deferment of billing and revenue recognition. The resulting increase in working capital requirements also led to higher short-term borrowings during the year which increased the gearing level In FY2026. Acuité believes that the company's established market position and healthy order prospects will support its business risk profile; however, efficient management of working capital and debt levels will remain key monitorable.

About the Company

Agra, Uttar Pradesh based, Girrajji Buildtech Private Limited (Erstwhile Girrajji Stone Crushers Private Limited) was incorporated in 1994. The company is engaged in the business of supply of Ballast & formation of Railways Tracks, etc. The company is engaged in undertaking projects for track laying and linking, construction of railway bridges and supply of ballast to Indian Railway in four zones- North Central, Norther and North Eastern, and West Central. It is an ‘A’ class contractor which makes the company eligible for all type of contracts. Girrajji Buildtech Private Limited (Erstwhile Girrajji Stone Crushers Private Limited) is primarily engaged as a work contractor for Indian Railways for more than three decades and is managed by Mr. Sunil Kumar Agarwal, Mrs. Neeti Agarwal, Mrs. Khushboo Agarwal and Mr. Jatin Garg.

Unsupported Rating

Not Applicable.

Analytical Approach

Acuité has considered the standalone business and financial risk profile of Girrajji Buildtech Private Limited (Erstwhile Girrajji Stone Crushers Private Limited) to arrive at the rating.

Key Rating Drivers

Strengths

Benefits derived from ?experienced management

The company is engaged as a work contractor for Indian Railways for more than three decades and is solely managed by Agarwal family having extensive experience in the same line of industry. This helped the company to establish its market position and maintain healthy & longstanding relations with its customers and suppliers. The company has an unexecuted order book of Rs. 1,080.27 Cr. as on 31st July 2026 indicating revenue visibility for near to medium term. Acuité believes that going forward, with management's long track of operations the company will be able to bag fresh orders and timely execution of existing orders in medium term.

Healthy profitability despite moderation in revenue

The company's profitability improved during FY2026 despite a moderation in its reported revenue, with EBITDA margins increasing to 10.06 percent in FY2026 (Prov.) from 8.62 percent in FY2025 and PAT margins improving to 5.01 percent from 4.44 percent over the same period. The healthy profitability was supported by the presence of price escalation clauses for major raw materials, which partially mitigated the impact of input cost fluctuations. However, revenue moderated to Rs. 556.87 crore (Prov.) in FY2026 from Rs. 582.58 crore in FY2025. Nevertheless, the company reported revenue of Rs. 161.49 crore in 3MFY2027, indicating healthy execution momentum. Acuité believes that the company's operating performance will remain healthy over the near to medium term, supported by timely order execution and stable profitability margins; however, timely billing and revenue recognition, along with the resolution of any recurring issues relating to the Indian Railways payment portal, will remain key monitorables.

Comfortable financial risk profile

The company's financial risk profile remains comfortable, supported by a tangible net worth of Rs. 172.72 crore as on March 31, 2026 (Prov.), as against Rs. 144.89 crore as on March 31, 2025. The improvement was driven by accretion of profits to reserves and the treatment of subordinated unsecured loans amounting to Rs. 23.21 crore as quasi equity. Total debt increased to Rs. 213.14 crore in FY2026 (Prov.) from Rs. 113.90 crore in FY2025, primarily on account of higher working capital borrowings to support the growing scale of operations. Consequently, the gearing and TOL/TNW ratios moderated to 1.23 times and 1.64 times, respectively, as on March 31, 2026 (Prov.), against 0.79 times and 1.32 times in the previous year. Nevertheless, the debt protection metrics remained comfortable, with ISCR and DSCR at 3.89 times and 1.19 times, respectively, in FY2026 (Prov.). Further, the company's working capital limits have been enhanced in FY27 to support the growing scale of operations and the associated increase in working capital requirements. Acuité believes that the financial risk profile will remain healthy over the near to medium term in the absence of any significant debt-funded capital expenditure. However, the company's ability to efficiently manage its working capital requirements while maintaining healthy leverage and debt protection metrics will remain a key monitorable.

Weaknesses

Intensive working Capital Operations

The company's working capital operations remain moderately intensive, as reflected in its Gross Current Assets (GCA) of 119 days in FY2026 (Prov.) as compared to 80 days in FY2025. The increase in GCA days was primarily attributable to higher inventory levels and other current assets during the year.
The company's clientele largely comprises Indian Railways and other government entities, which supports timely realization of receivables due to the centralized nature of fund disbursements. As a result, debtor days remained comfortable at 23 days in FY2026 (Prov.) as against 17 days in FY2025. Inventory days increased to 90 days in FY2026 (Prov.) from 52 days in FY2025, primarily on account of the accumulation of unbilled work-in progress and finished goods .
Creditor days declined to 30 days in FY2026 (Prov.) from 40 days in FY2025, owing to timely payments made to suppliers during periods of healthy liquidity. The company generally operates with a supplier credit period of 30-45 days. Acuité believes that the working capital operations of the company are expected to remain moderately intensive over the near to medium term, given the nature of its business and project execution cycle.

Customer Concentration Risk

The company is undertaking the mainly only from Indian Railways. This makes the company highly susceptible to business risk profile indicating customer concentration risk. However the aforesaid risk is partly mitigated as Indian Railways is controlled by central government. However, company has a long track record of operations with Indian Railways providing comfort near to medium term.

Rating Sensitivities

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

Sustained growth in revenue above Rs 650 cr and profitability while maintaining healthy leverage.
Improvement in working capital cycle and reduction in dependence on short-term borrowings.
Healthy order inflows translating into improved revenue visibility.

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

Decline in revenue or operating margin below 8 %
Further elongation of working capital cycle leading to higher debt reliance.

Liquidity Position

Adequate

The liquidity profile of the company is adequate marked by net cash accruals of company stood at Rs. 37.54 Cr. in FY 2026 (Prov.) against the current maturities of debt obligation of Rs. 29.06 Cr. for the same period. The company has unencumbered cash & bank position of Rs. 3.78 Cr. The company maintains an adequate liquidity cushion, as reflected in its current investment portfolio of Rs. 50.62 crore in FY2026 (Prov.), compared to Rs. 43.70 crore in FY2025. As of FY2026 (Prov.), the investments comprise free fixed deposits of Rs. 28.11 crore, mutual fund investments of Rs. 3.13 crore, and other investment amounting to Rs. 10.62 crore. The sizeable investment portfolio provides adequate financial flexibility and supports the company's liquidity position. The current ratio stood at 0.86x in FY26 (Provisional). The ratio remained on the lower side primarily because Earnest Money Deposits (EMDs) and security deposits related to orders have been classified as non-current assets. As a result, current assets were lower, which adversely impacted the current ratio. The average fund based and non-fund-based utilization for the last six months ending July 2026 is 78.91% and 80.25% respectively. Acuite believes that the company will be able to maintain strong liquidity with steady accruals without any debt funded capital expenditure.

Outlook: stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	556.87	582.58
PAT	Rs. Cr.	27.90	25.84
PAT Margin	(%)	5.01	4.44
Total Debt/Tangible Net Worth	Times	1.23	0.79
PBDIT/Interest	Times	3.89	4.58

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
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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
19 Aug 2025	Cash Credit	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	8.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Assigned)
	Secured Overdraft	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	80.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	35.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	40.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	2.50	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	57.00	ACUITE A1 (Reaffirmed)
	Proposed Bank Guarantee	Short Term	15.50	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A1 (Reaffirmed)
11 Jul 2025	Secured Overdraft	Long Term	5.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	8.00	ACUITE A- \| Stable (Assigned)
	Secured Overdraft	Long Term	5.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	20.00	ACUITE A- \| Stable (Assigned)
	Bank Guarantee (BLR)	Short Term	35.00	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	80.00	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	40.00	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	57.00	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A1 (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
YES BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	57.00	Simple	ACUITE A1 \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	80.00	Simple	ACUITE A1 \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	42.50	Simple	ACUITE A1 \| Reaffirmed
A U Small Finance Bank	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 A1 \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	35.00	Simple	ACUITE A1 \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A1 \| Assigned
H D F C Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A1 \| Assigned
YES BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	18.00	Simple	ACUITE A1 \| Assigned
YES BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.00	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A- \| 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.	12.00	Simple	ACUITE A- \| Stable \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A- \| Stable \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A- \| Stable \| Assigned
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A- \| Stable \| Assigned
YES BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.00	Simple	ACUITE A- \| Stable \| Assigned
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	27.50	Simple	ACUITE A- \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Bank Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.50	Simple	ACUITE A1 \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Bank Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	34.50	Simple	ACUITE A1 \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A- \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A- \| Stable \| Assigned
A U Small Finance Bank	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A- \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Prashant Dey
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 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.