Press Release April 10, 2026 INDOSPACE CHITTOOR II PRIVATE LIMITED (ERSTWHILE ECOBOX INDUSTRIALS ASSET III PRIVATE LIMITED) Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Non Convertible Debentures (NCD)	25.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	25.00	-	-

Rating Rationale

­Acuité has withdrawn its long-term rating on Rs.17.65 Cr. Non-convertible debentures (NCD) of Indospace Chittoor II Private Limited (Erstwhile Ecobox Industrials Asset III Private Limited) without assigning any rating as the NCDs are fully redeemed. The rating is being withdrawn on account of request received from the issuer and redemption confirmation of the NCDs received from the debenture trustee. Further, Acuité has also withdrawn its long-term on Rs.7.35 Cr non-convertible debentures of Indospace Chittoor II Private Limited (Erstwhile Ecobox Industrials Asset III Private Limited) without assigning any rating as the facility is proposed non-convertible debentures. The rating is being withdrawn on account of request received from the issuer.  Further, the rating withdrawal is in accordance with Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument.

About the Company

­Incorporated in July 2024, Ecobox Industrials Asset III Private Limited (EIAPL-III) is a special purpose vehicle formed for acquiring warehousing assets from Indospace group i.e. Indospace Chittoor II Private Limited (incorporated in 2015) at Sri City, Andhra Pradesh. Further, in 2025, EIAPL-III was amalgamated with Indospace Chittoor II Private Limited. The company is a part of the Ecobox Group which is promoted by Rava Partners; Singapore based fund house. The current directors are Mr. Abhay Goyal and Mr. Ashish Shah.

About the Group

Formed in 2024, Ecobox Group (group) is an investment venture of Rava Partners (RP), indulged in operation of acquired warehouses. The sponsors i.e Rava Partners vide this group has acquired four operational industrial warehousing assets from Indospace group in FY25, two at Pune and other two in Andhra Pradesh with asset size of ~3.53 Mn Sq. ft. at an acquisition value of ~Rs. 811.04 Cr and housed these assets under its SPV’s namely- Ecobox Industrials Asset I Private Limited, Indospace Chittoor Private Limited (Erstwhile Ecobox Industrials Asset II Private Limited), and Indospace Chittoor II Private Limited (Erstwhile Ecobox Industrials Asset III Private Limited) respectively.

Unsupported Rating

­Not applicable.

Analytical Approach

Extent of Consolidation-Not Applicable

Rationale for Consolidation or Parent / Group / Govt. Support

Not Applicable

Key Rating Drivers

Strengths

­Not applicable.

Weaknesses

­­Not applicable.

Rating Sensitivities

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

­­Not applicable.

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

­­Not applicable.

Liquidity Position

­­Not applicable.

Outlook: Not Applicable

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Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	22.56	0.00
PAT	Rs. Cr.	(100.23)	0.00
PAT Margin	(%)	(444.30)	0.00
Total Debt/Tangible Net Worth	Times	16.86	0.00
PBDIT/Interest	Times	0.32	0.00

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

­­Not applicable.

Any Other Information

­The consolidated financial performance presented is from the formation/ acquisition date to the period ended 31st March, 2025.

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.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 18 Aug 2025 Proposed Non Convertible Debentures Long Term 7.35 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Stable) Non-Covertible Debentures (NCD) Long Term 17.65 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Stable) 31 Jan 2025 Proposed Non Convertible Debentures Long Term 7.35 ACUITE BB+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 17.65 ACUITE BB+ | Stable (Reaffirmed) 03 Oct 2024 Proposed Non Convertible Debentures Long Term 25.00 ACUITE BB+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 37.00 ACUITE Not Applicable (Withdrawn) 11 Sep 2024 Proposed Non Convertible Debentures Long Term 62.00 ACUITE BB+ | Stable (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable INE12W807011 Non-Convertible Debentures (NCD) 05 Nov 2024 10.15 05 Feb 2029 17.65 Simple ACUITE Not Applicable | Withdrawn Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.35 Simple ACUITE Not Applicable | Withdrawn

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

­ Sr. No Name of the company 1 Ecobox Industrials Asset I Private Limited 2 Indospace Chittoor Private Limited (Erstwhile Ecobox Industrials Asset II Private Limited) 3 Indospace Chittoor II Private Limited (Erstwhile Ecobox Industrials Asset III Private Limited)

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Dhruvi Chauhan 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.