Press Release

August 25, 2026

GODAVARI COMMODITIES LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	60.00	ACUITE A+ \| Stable \| Assigned	-	RBI
Bank Loan Ratings	170.00	ACUITE A+ \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	40.00	-	ACUITE A1 \| Assigned	RBI
Bank Loan Ratings	330.00	-	ACUITE A1 \| Reaffirmed	RBI
Total Outstanding	600.00	-	-	-
Total Withdrawn	0.00	-	-	-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

Acuité has reaffirmed the long-term rating at ‘ACUITE A+’ (read as ACUITE A plus) on the Rs. 170 Cr. bank facilities and the short-term rating of 'ACUITE A1’ (read as ACUITE A one) on the Rs. 330 Cr. bank facilities of Godavari Commodities Limited (GCL). The outlook is ‘Stable’.
Acuité has assigned the long-term rating at ‘ACUITE A+’ (read as ACUITE A plus) on the Rs. 60 Cr. bank facilities and the short-term rating of 'ACUITE A1’ (read as ACUITE A one) on the Rs. 40 Cr. bank facilities of Godavari Commodities Limited (GCL). The outlook is ‘Stable’

Rationale for rating

The rating takes into cognizance the improvement in the revenues to Rs. 2197.57 Cr. in FY 26(Prov.) as compared to Rs. 1972.25 Cr. in FY 25 on account of increase in volume sold albeit decline in realisation and improvement in operating profitability to 6.52 percent in FY 26(Prov.) as compared to Rs. 5.70 percent in FY 25 due to better absorption of costs. The financial risk profile of the company is healthy marked by increasing networth, low gearing and robust debt coverage indicators. Further, it factors in the strong liquidity profile marked by healthy cash accrual generation against minimal repayment obligations and moderate reliance on working capital limits. The company has also diversified into civil construction from FY 25, working for Government bodies which forms a smaller portion of the revenue generation. Furthermore, it considers extensive experience of its promoters and established operational track record of over three decades in the coal trading industry. However, the rating remains constrained by the intensive working capital cycle and presence in an intensively competitive industry.

About the Company

Incorporated in 1992, Godavari Commodities Limited (GCL) is a Kolkata based company, engaged in trading of non-coking coal. The company also provides coal handling, supervision, and transportation services. The company has further diversified into civil construction from FY 25 working for Government bodies. GCL is promoted by the Bhutoria family associated in coal trading business since last three decades.

Unsupported Rating

Not Applicable

Analytical Approach

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

Key Rating Drivers

Strengths

Experienced management
The promoter, Mr. Padam Chand Bhutoria and the Bhutoria family has more than three decades of experience in the coal trading business. The present directors of the company are Ms. Payal Bafna, Mr. Arun Kumar Maitra, Mr. Indraj Mal Bhutoria, Mr. Kamal Singh Bhutoria and Mr. Pranab Ray. The benefits derived from the promoters and long-track record of operations have helped them to establish longstanding relationships with suppliers and reputed customers. Acuité believes that the extensive experience of the company’s management will continue to support the business going forward.

Improving revenues and operating profitability
The revenues of the company have increased to Rs. 2197.57 Cr. in FY 26(Prov.) as compared to Rs. 1972.25 Cr. in FY 25 on account of increase in volume sold despite decline in realization. The company has achieved revenues of about Rs.519.12 Cr. as of Q1FY27. The operating profitability has increased to 6.52 percent in FY 26(Prov.) as compared to 5.70 percent in FY 25 on account of better absorption of costs.
The company has entered into civil construction business, that of buildings, rail bridges among others since FY 25 and it forms 2 percent of revenues in FY 26(Prov). The unexecuted orderbook position stands at Rs. 253.40 Cr. as of June 2026 to be executed within 12-24 months. Acuite believes that the scale of operations and operating profitability is expected to increase with the diversification into civil construction along with coal trading business.

Healthy financial risk profile
The financial risk profile of the company stood healthy, marked by improving net worth, low gearing and robust debt protection metrics. The tangible net worth of the company increased to Rs. 1053.95 Cr. as of March 31, 2026(Prov.) as compared to Rs. 946.19 Cr. on March 31, 2025, due to accretion of profits to reserves. The gearing (debt-equity) ratio stood below unity, and it stood at 0.04 times as on 31 March 2026(Prov.) as compared to 0.15 times as on 31 March 2025. The debt protection metrics where the Interest Coverage Ratio stood at 9.91 times for FY2026(Prov.) and Debt Service Coverage Ratio (DSCR) stood at 6.41 times in FY2026(Prov). Total outside Liabilities/Total Net Worth (TOL/TNW) stood at 0.48 times as on 31 March 2026(Prov.) as against 0.63 times as on 31 March 2025. Net Cash Accruals to Total Debt (NCA/TD) stood at 2.55 times for FY2026(Prov.) as against 0.67 times for FY2025. Going forward, Acuité believes that the financial risk profile of the company will remain healthy backed by steady accruals and no major debt funded capex plans.

Weaknesses

Intensive nature of working capital operations
The working capital cycle of the company is intensive in nature marked by increasing Gross Current Assets (GCA) of 213 days as on March 31,2026(Prov.) as compared to 230 days as on March 31,2025. The inventory days decreased to 40 days in FY2026(Prov.) as compared to 66 days in FY2025. The inventory holding for the company on an average is around 60 days. The debtor days stood at 82 days in FY2026(Prov.) as against 89 days in FY2025. The average credit period allowed to customers on an average is around 70-90 days. In terms of EPC, it is a monthly basis billing, the payments are received within 1-2 months. The other current assets amounts to Rs. 429.53 Cr. in FY 26(Prov.) as compared to Rs. 333.23 Cr. in FY 25 Further, the creditor days stood at 81 days in FY2026(Prov.) as compared to 125 days in FY2025. Acuité believes that the working capital operations of the company is expected to remain at similar levels given the nature of the industry over the medium term.

Rating Sensitivities

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

Improvement in the revenues in the medium-term alongwith improved operating profitability increase to 7-8 percent
Reduction in other current assets reducing the working capital intensity

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

Deterioration in the revenues and operating profitability
Elongation of working capital cycle to more than 275 days
Increase in exposure to other entities limiting the company’s available liquidity

Liquidity Position

Strong

The company’s liquidity position is strong marked by generation of sufficient net cash accruals of Rs. 108.71 Cr. in FY2026(Prov.) as against its minimal debt obligations of Rs. 3.31 Cr. in the same tenure. The company also maintains free deposits with bank. The cash and bank balances of the company stood at Rs. 130.91 Cr. as on March 31, 2026(Prov.) as compared to Rs. 90.89 Cr. as on March 31, 2025. The current ratio stood at 2.57 times as on March 31, 2026(Prov.), as compared to 2.16 times as on March 31, 2025. The average utilisation of fund-based limits at 63.46% over the past twelve months ending June 2026, and non-fund based limit utilisation at 56.57% during the same period. Going ahead, liquidity position of the company is expected to remain strong on account of steady accruals against nominal repayment obligation and in the absence of any debt funded capex plans.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	2197.57	1972.25
PAT	Rs. Cr.	105.48	89.29
PAT Margin	(%)	4.80	4.53
Total Debt/Tangible Net Worth	Times	0.04	0.15
PBDIT/Interest	Times	9.91	7.95

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
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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
28 May 2025	Cash Credit	Long Term	10.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Cash Credit	Long Term	15.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Cash Credit	Long Term	10.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Cash Credit	Long Term	20.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Cash Credit	Long Term	20.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Cash Credit	Long Term	50.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Cash Credit	Long Term	5.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Bank Guarantee/Letter of Guarantee	Short Term	25.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	38.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	17.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	40.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	65.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A1 (Reaffirmed)
15 Apr 2024	Cash Credit	Long Term	50.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	15.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	25.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	15.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	15.00	ACUITE A \| Stable (Reaffirmed)
	Letter of Credit	Short Term	5.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	27.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	60.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	43.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	17.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	5.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Proposed Bank Guarantee	Short Term	73.00	ACUITE A1 (Reaffirmed)
06 Mar 2023	Cash Credit	Long Term	30.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	20.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A \| Stable (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	30.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	27.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	20.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	5.00	ACUITE A1 (Reaffirmed)
	Proposed Bank Guarantee	Short Term	10.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A1 (Reaffirmed)
	Proposed Letter of Credit	Short Term	3.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	33.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	25.00	ACUITE A1 (Reaffirmed)
	Proposed Bank Guarantee	Short Term	220.00	ACUITE A1 (Assigned)
27 Jan 2023	Cash Credit	Long Term	30.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	5.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	5.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	20.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Proposed Cash Credit	Long Term	15.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	5.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Letter of Credit	Short Term	20.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	5.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	30.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	27.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Bank Guarantee/Letter of Guarantee	Short Term	20.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Bank Guarantee/Letter of Guarantee	Short Term	5.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Proposed Bank Guarantee	Short Term	20.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	30.00	ACUITE A1 (Assigned)
	Letter of Credit	Short Term	5.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Bank Guarantee/Letter of Guarantee	Short Term	15.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Proposed Letter of Credit	Short Term	3.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	10.00	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
State Bank of India	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE A1 \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	17.00	Simple	ACUITE A1 \| Reaffirmed
INDUSIND BANK LIMITED	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE A1 \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	65.00	Simple	ACUITE A1 \| 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.	20.00	Simple	ACUITE A+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	60.00	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
INDUSIND 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 A+ \| Stable \| Reaffirmed
RBL Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	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	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	40.00	Simple	ACUITE A+ \| Stable \| Assigned
AXIS 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 \| Assigned
Union Bank of India	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	40.00	Simple	ACUITE A1 \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A1 \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	38.00	Simple	ACUITE A1 \| Reaffirmed
RBL Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE A1 \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	40.00	Simple	ACUITE A1 \| Assigned
YES 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.	35.00	Simple	ACUITE A+ \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Vedika Lahoti
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.