Press Release LASER POWER AND INFRA PRIVATE LIMITED October 13, 2023 Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	35.00	ACUITE A+ | Stable | Assigned	-
Bank Loan Ratings	251.89	ACUITE A+ | Stable | Reaffirmed	-
Bank Loan Ratings	165.00	-	ACUITE A1+ | Assigned
Bank Loan Ratings	785.11	-	ACUITE A1+ | Reaffirmed
Total Outstanding Quantum (Rs. Cr)	1237.00	-	-

Rating Rationale

Rating Rationale ­Acuité has reaffirmed its long-term rating of ‘ACUITE A+’ (read as ACUITE A plus) and its short term rating of ‘ACUITE A1+’ (read as ACUITE A one plus) on the Rs.1037.00 crore bank facilities of Laser Power and Infra Private Limited (LPIPL). The outlook is ‘Stable’. Furthermore, Acuité has assigned a long-term of ‘ACUITE A+’ (read as ACUITE A plus) and its short term rating of ‘ACUITE A1+’ (read as ACUITE A one plus) on the Rs.200.00 crore bank facilities of Laser Power and Infra Private Limited (LPIPL). The outlook is ‘Stable’. Rationale for Reaffirmation The rating takes into cognizance the sound business risk profile of the company majorly driven by diversified revenue streams, particularly in manufacturing power cables and conductors, and also in the Engineering, Procurement and Construction (EPC) segment. Furthermore, the Company has a well-established customer base, supported by consistent volume growth, rising product prices, and improving industry demand from power industry, complemented by government initiatives in infrastructure industry. The revenue from operations of the company increased to Rs. 1233.59 Cr in FY2023 as compared to revenues of Rs. 923.95 Cr in FY2022 on account of healthy order inflow during the period. The rating also factors in the healthy combined order book of the company from manufacturing as well as EPC business segments which stood at Rs.4112.02 Cr as on 31st August,2023 to be executed over the medium term. The rating also draws comfort from management’s extensive experience and healthy financial position, characterized by a comfortable gearing ratio, moderate debt coverage indicators, consistent net worth growth, and strong cash accruals. However, these strengths are partially offset by the company’s moderation in profitability margins which decreased to 9.05% in FY2023 compared to 13.57% in FY2022. The revenue mix of the Company between manufacturing business and EPC business keeps fluctuating year-on-year, resulting in an effect on its overall margins. In FY2023, the manufacturing business contributed a share of about 91.19% (65.66 % in FY2022). This line of operation carries lower profitability margin compared to the EPC business, thus resulting in lower operating margin on a y-o-y basis. However, the operating margins are expected to improve on the back of increasing share of EPC business over the medium term. Going forward, any further dip in the operating margin of the Company will remain a key rating sensitivity factor. The rating is further constrained by intensive working capital management reflected by high Gross Current Asset (GCA) days of 273 days as on March 31, 2023.

About the Company

Established in 1988, LPIPL, headquartered in Kolkata, specializes in the production of power cables and conductors like aerial bunched cables, HT cables, XLPE insulated cables, and aluminum conductors at Dhulagarh (West Bengal). Since February 2015, the company has expanded into power distribution projects through its EPC. LPIPL is a registered supplier of railway signaling and power cables to Indian Railways, accredited by the Research Design & Standard Organization (RDSO). Founded by Mr. Purushottam Dass Goel and family, the company is currently under the leadership of the second generation, with Mr. Deepak Goel, Managing Director and son of Mr. Purushottam Dass Goel, overseeing its operations and Mr. Navin Kumar Saffar.

Standalone (Unsupported) Rating

­Not Applicable

Analytical Approach

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

Key Rating Drivers

Strengths

­Long track record of operations The company, led by Mr. Deepak Goel and Mr. Navin Kumar Saffar, boasts a three-decade history in manufacturing aluminium conductors and power cables. Beyond this, they have expanded into infrastructure turnkey projects, specializing in transmission and distribution lines and power substations. LPIPL has become a prominent player in the eastern part of India, particularly excelling in EPC projects for power distribution, collaborating with entities like West Bengal State Electricity Distribution Company Ltd, Assam Power Distribution Company Ltd. In the manufacturing sector, the Company has a reputed clientele base which includes Larsen & Toubro Ltd, Jindal Steel & Power Ltd, and Tata Steel Ltd among others. Acuité believes that the Company is expected to benefit from the promoters’ extensive experience and established relationships with their key suppliers and customers.   Healthy order book position The company has achieved revenues of Rs. 1233.59 Cr in FY2023 as compared to revenues of Rs. 923.95 Cr in FY2022. The turnover of the company has been growing at y-o-y of more than 33.51 per cent. LPIPL has an unexecuted healthy order book position to the tune of about Rs.4112.02 Cr as on 31st August,2023 which will be executed shortly in the next2 4 months, with new orders being added regularly, thus providing moderate revenue visibility over the medium term. Further, the Company has achieved a turnover of ~Rs. 400 Cr upto June 2023.However, in FY2023, the operating margin decreased to 9.05%, down from 13.57% in FY2022, mainly due to the fluctuating revenue mix of the Company. The manufacturing business accounted for a larger portion (91.19% in FY2023) of the revenue mix, which has lower margin compared to the EPC segment.  However, the operating margins are expected to improve on the back of increasing share of EPC business over the medium term. The company’s PAT margin also saw a decline to 1.78% in FY2023 from 5.15% in FY2022 due to higher interest costs on account of higher bank charges and bank guarantee commissions paid for the newer order acquired for EPC business.  Going forward, Acuité believes that the profitability margins will remain a key monitorable over the medium term.              Healthy financial risk profile The company’s financial risk profile is marked by healthy adjusted networth, comfortable gearing and moderate debt protection metrics. The adjusted tangible networth of the company stood at Rs.356.47 Cr as on March 31, 2023 from Rs.333.85 Cr as on March 31, 2022 due to accretion of reserves.  Acuité has considered unsecured loans of Rs.25.00 Cr as on March 31, 2023, as quasi-equity as the management has undertaken to maintain the amount in the business over the medium term and the same is subordinated to bank loans. Adjusted gearing of the company stood at moderate levels of 0.89 times as on March 31, 2023 compared to 0.87 times as on March 31, 2022. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood high at 2.39 times as on March 31, 2023 compared to 2.15 times as on March 31, 2022. The company has been regularly incurring capex in the last few years for debottlenecking and improving efficiency. In FY2022 and FY2023, an expenditure of ~Rs 30 Cr was taken towards increasing its manufacturing capacity of the conductor business funded by term debt of Rs. 20 Cr and balance by internal accruals. Consequently, the installed capacity has risen from 25,000 MTPA to 30,000 MT. As per management, any further capex is expected to be funded by internal accruals and will be debt free.  The debt protection metrics of the company remained moderate marked by Interest Coverage Ratio at 1.76 times and Debt Service Coverage Ratio at 1.38 times as on March 31, 2023. Net Cash Accruals/Total Debt (NCA/TD) stood at 0.13 times as on March 31, 2023. Since in FY2023, the company experienced a decline in profit margins; this led to a weakening of the company’s debt protection metrics. Acuité believes that going forward the financial risk profile of the company will remain healthy marked by comfortable gearing and debt protection metrices over the medium term.

Weaknesses

­Working capital intensive nature of operation The working capital management of the company is intensive marked by improving albeit high Gross Current Assets (GCA) of 273 days in 31st March 2023 as compared to 343 days in 31st March 2022. The GCA days is high primarily on account of high receivables and inventory. The bills on EPC business are mostly raised towards year end, resulting in skewed receivable cycle towards year end. Despite that, the debtors have improved to 153 days in FY2023 compared to 241 days in FY2022. The EPC business retains a naturally elevated working capital intensity, attributed to prolonged project execution timelines, payments tied to project milestones, and the release of retention money after the defect liability period. Further, the inventory holding stood at 105 days in 31st March 2023 as compared to 98 days in 31st March 2022. The inventory levels of the company have been historically high owing to the lengthy order execution cycle, which entails multiple inspections at various stages of execution. The fund based limit remained utilized at ~81.00 per cent over the six months ended July, 2023. This has mostly been a result of lesser dependence on mobilisation advances which carries high rate of interest.  Acuité believes that the working capital operations of the company will remain at similar levels over the medium term and will remain a key monitorable.

Rating Sensitivities

Sharp decline in revenue growth and fall in operating profitability, materially impacting cash generation would form a negative bias Any elongation in the receivable period and further straining the working capital cycle

All Covenants

­None

Liquidity Position

Adequate

­The company has an adequate liquidity marked by adequate net cash accruals of Rs.40.33 Cr. as on March 31, 2023 as against Rs.11.19 Cr. long term debt obligations over the same period. Despite the lower levels of overall profits and cash accruals in FY2023 compared to the previous year, it is anticipated to be adequate for meeting the scheduled debt obligations over the medium term. The current ratio of the company stood comfortable at 1.33 times in FY2023. However, the fund based limit remained utilized at ~81.00 per cent over the six months ended July, 2023. Moreover, working capital management of the company is intensive marked by improving albeit high Gross Current Assets (GCA) of 273 days in 31st March 2023 as compared to 343 days in 31st March 2023. The unencumbered cash and bank balances stood at Rs. 0.29Cr. in FY 2023. Acuité believes that going forward the company will maintain adequate liquidity position due to steady accruals and absence of debt funded capex plans.

Outlook: Stable

­Acuité believes the outlook on LPIPL rated facilities will remain ‘Stable’ over the medium term backed by its long track record of operations and healthy order book position, healthy financial risk profile and strong liquidity profile. The outlook may be revised to ‘Positive’ in case the company registers healthy growth in revenues while achieving sustained improvement in operating margins, capital structure and improvement in working capital management. The outlook may be revised to ‘Negative’ in case of any further decrease in operating profitability of the company which might affect its financial risk profile and or deterioration in its working capital cycle.

Other Factors affecting Rating

­Not Applicable

Key Financials

Particulars	Unit	FY 23 (Actual)	FY 22 (Actual)
Operating Income	Rs. Cr.	1233.59	923.95
PAT	Rs. Cr.	21.92	47.59
PAT Margin	(%)	1.78	5.15
Total Debt/Tangible Net Worth	Times	0.89	0.87
PBDIT/Interest	Times	1.76	2.77

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

­Not Applicable

Any other information

­Not Applicable

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.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 10 Jan 2023 Cash Credit Long Term 5.00 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 8.00 ACUITE A+ | Stable (Assigned) Bank Guarantee Short Term 35.00 ACUITE A1+ (Reaffirmed) Bank Guarantee Short Term 45.00 ACUITE A1+ (Reaffirmed) Bank Guarantee Short Term 118.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 40.00 ACUITE A+ | Stable (Reaffirmed) Letter of Credit Short Term 41.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee Short Term 44.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 5.00 ACUITE A1+ (Assigned) Cash Credit Long Term 15.00 ACUITE A+ | Stable (Assigned) Letter of Credit Short Term 6.00 ACUITE A1+ (Assigned) Cash Credit Long Term 5.00 ACUITE A+ | Stable (Assigned) Covid emergency line Long Term 1.18 ACUITE A+ | Stable (Assigned) Letter of Credit Short Term 66.00 ACUITE A1+ (Reaffirmed) Bank Guarantee Short Term 31.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 20.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 4.00 ACUITE A1+ (Assigned) Cash Credit Long Term 18.00 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 7.00 ACUITE A+ | Stable (Assigned) Letter of Credit Short Term 2.00 ACUITE A1+ (Assigned) Letter of Credit Short Term 32.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Covid emergency line Long Term 12.78 ACUITE A+ | Stable (Assigned) Bank Guarantee Short Term 30.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 7.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 49.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee Short Term 30.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 1.00 ACUITE A+ | Stable (Reaffirmed) Letter of Credit Short Term 10.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 1.00 ACUITE A+ | Stable (Reaffirmed) Letter of Credit Short Term 48.00 ACUITE A1+ (Reaffirmed) Bank Guarantee Short Term 15.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 22.00 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 4.00 ACUITE A+ | Stable (Reaffirmed) Letter of Credit Short Term 35.00 ACUITE A1+ (Reaffirmed) Proposed Bank Facility Short Term 25.11 ACUITE A1+ (Assigned) Bank Guarantee Short Term 17.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 15.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Assigned) Cash Credit Long Term 5.00 ACUITE A+ | Stable (Assigned) Covid emergency line Long Term 2.93 ACUITE A+ | Stable (Assigned) Letter of Credit Short Term 9.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 50.00 ACUITE A1+ (Reaffirmed) Covid emergency line Long Term 4.00 ACUITE A+ | Stable (Assigned) Bank Guarantee Short Term 35.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 16.00 ACUITE A+ | Stable (Assigned) 22 Jun 2022 Cash Credit Long Term 1.00 ACUITE A+ | Stable (Reaffirmed) Letter of Credit Short Term 50.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 11.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 5.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee Short Term 15.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 1.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee Short Term 30.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 62.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 15.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 14.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee Short Term 44.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 7.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 4.00 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 40.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee Short Term 35.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 1.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 49.00 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee Short Term 35.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 35.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 19.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee Short Term 45.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 35.00 ACUITE A1+ (Reaffirmed) Bank Guarantee Short Term 118.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Letter of Credit Short Term 15.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 18.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee Short Term 17.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 20.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 40.00 ACUITE A1+ (Reaffirmed) Bank Guarantee Short Term 31.00 ACUITE A1+ (Reaffirmed) Bank Guarantee Short Term 30.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 9.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 22.00 ACUITE A+ | Stable (Reaffirmed) 06 Apr 2021 Term Loan Long Term 14.00 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 6.00 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Proposed Bank Guarantee Short Term 65.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 39.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee Short Term 99.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 15.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Letter of Credit Short Term 70.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 5.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee Short Term 35.00 ACUITE A1+ (Reaffirmed) Bank Guarantee Short Term 19.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 8.00 ACUITE A1+ (Reaffirmed) Bank Guarantee Short Term 33.00 ACUITE A1+ (Reaffirmed) Bank Guarantee Short Term 35.00 ACUITE A1+ (Reaffirmed) Bank Guarantee Short Term 45.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 19.00 ACUITE A+ | Stable (Reaffirmed) Letter of Credit Short Term 25.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 40.00 ACUITE A+ | Stable (Reaffirmed) Letter of Credit Short Term 15.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 37.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 21.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Letter of Credit Short Term 24.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 1.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee Short Term 25.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 47.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 6.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee Short Term 52.00 ACUITE A1+ (Reaffirmed) Bank Guarantee Short Term 15.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 8.00 ACUITE A+ | Stable (Reaffirmed) Letter of Credit Short Term 9.00 ACUITE A1+ (Reaffirmed) Letter of Credit Short Term 11.00 ACUITE A1+ (Reaffirmed) 03 Feb 2021 Bank Guarantee Short Term 19.00 ACUITE A1+ (Upgraded from ACUITE A1) Cash Credit Long Term 6.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Bank Guarantee Short Term 99.00 ACUITE A1+ (Upgraded from ACUITE A1) Term Loan Long Term 14.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Letter of Credit Short Term 25.00 ACUITE A1+ (Upgraded from ACUITE A1) Letter of Credit Short Term 21.00 ACUITE A1+ (Upgraded from ACUITE A1) Letter of Credit Short Term 15.00 ACUITE A1+ (Upgraded from ACUITE A1) Bank Guarantee Short Term 52.00 ACUITE A1+ (Upgraded from ACUITE A1) Bank Guarantee Short Term 35.00 ACUITE A1+ (Upgraded from ACUITE A1) Letter of Credit Short Term 47.00 ACUITE A1+ (Upgraded from ACUITE A1) Cash Credit Long Term 6.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Bank Guarantee Short Term 25.00 ACUITE A1+ (Upgraded from ACUITE A1) Letter of Credit Short Term 70.00 ACUITE A1+ (Upgraded from ACUITE A1) Cash Credit Long Term 39.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Letter of Credit Short Term 24.00 ACUITE A1+ (Upgraded from ACUITE A1) Cash Credit Long Term 1.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Letter of Credit Short Term 15.00 ACUITE A1+ (Upgraded from ACUITE A1) Cash Credit Long Term 8.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Letter of Credit Short Term 9.00 ACUITE A1+ (Upgraded from ACUITE A1) Cash Credit Long Term 40.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Cash Credit Long Term 25.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Cash Credit Long Term 20.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Letter of Credit Short Term 37.00 ACUITE A1+ (Upgraded from ACUITE A1) Letter of Credit Short Term 11.00 ACUITE A1+ (Upgraded from ACUITE A1) Bank Guarantee Short Term 35.00 ACUITE A1+ (Upgraded from ACUITE A1) Bank Guarantee Short Term 45.00 ACUITE A1+ (Upgraded from ACUITE A1) Bank Guarantee Short Term 33.00 ACUITE A1+ (Upgraded from ACUITE A1) Bank Guarantee Short Term 15.00 ACUITE A1+ (Upgraded from ACUITE A1) Cash Credit Long Term 20.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Term Loan Long Term 19.00 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 8.00 ACUITE A1+ (Upgraded from ACUITE A1)

­

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 Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 30.00 Simple ACUITE A1+ | Reaffirmed Union Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 45.00 Simple ACUITE A1+ | Reaffirmed Axis Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 17.00 Simple ACUITE A1+ | Reaffirmed IDFC First Bank Limited Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 44.00 Simple ACUITE A1+ | Reaffirmed State Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 35.00 Simple ACUITE A1+ | Reaffirmed Indian Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 30.00 Simple ACUITE A1+ | Reaffirmed IDFC First Bank Limited Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 25.00 Simple ACUITE A1+ | Assigned UCO Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 55.00 Simple ACUITE A1+ | Assigned Indusind Bank Ltd Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 35.00 Simple ACUITE A1+ | Reaffirmed Canara Bank Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 118.00 Simple ACUITE A1+ | Reaffirmed Bank of Baroda Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 31.00 Simple ACUITE A1+ | Reaffirmed IDBI Bank Ltd. Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 15.00 Simple ACUITE A1+ | Reaffirmed Canara Bank Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 20.00 Simple ACUITE A1+ | Assigned Punjab National Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 20.00 Simple ACUITE A+ | Stable | Reaffirmed Canara Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 54.00 Simple ACUITE A+ | Stable | Reaffirmed Bank of Baroda Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 4.00 Simple ACUITE A+ | Stable | Reaffirmed IDBI Bank Ltd. Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 6.00 Simple ACUITE A+ | Stable | Reaffirmed Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 22.00 Simple ACUITE A+ | Stable | Reaffirmed HDFC Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 25.00 Simple ACUITE A+ | Stable | Reaffirmed State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 40.00 Simple ACUITE A+ | Stable | Reaffirmed Indian Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 15.00 Simple ACUITE A+ | Stable | Reaffirmed Indusind Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE A+ | Stable | Reaffirmed Axis Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 11.00 Simple ACUITE A+ | Stable | Reaffirmed RBL Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 8.00 Simple ACUITE A+ | Stable | Reaffirmed Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE A+ | Stable | Assigned Canara Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE A+ | Stable | Assigned UCO Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 25.00 Simple ACUITE A+ | Stable | Assigned RBL Bank Not Applicable Covid Emergency Line. Not Applicable Not Applicable Not Applicable 2.93 Simple ACUITE A+ | Stable | Reaffirmed Union Bank of India Not Applicable Covid Emergency Line. Not Applicable Not Applicable Not Applicable 4.00 Simple ACUITE A+ | Stable | Reaffirmed Union Bank of India Not Applicable Covid Emergency Line. Not Applicable Not Applicable Not Applicable 2.00 Simple ACUITE A+ | Stable | Reaffirmed IDBI Bank Ltd. Not Applicable Covid Emergency Line. Not Applicable Not Applicable Not Applicable 1.18 Simple ACUITE A+ | Stable | Reaffirmed Canara Bank Not Applicable Covid Emergency Line. Not Applicable Not Applicable Not Applicable 10.78 Simple ACUITE A+ | Stable | Reaffirmed Indian Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 25.00 Simple ACUITE A1+ | Reaffirmed State Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 15.00 Simple ACUITE A1+ | Reaffirmed RBL Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 32.00 Simple ACUITE A1+ | Reaffirmed Punjab National Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 50.00 Simple ACUITE A1+ | Reaffirmed Canara Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 66.00 Simple ACUITE A1+ | Reaffirmed Bank of Baroda Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 9.00 Simple ACUITE A1+ | Reaffirmed Union Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 35.00 Simple ACUITE A1+ | Reaffirmed IDBI Bank Ltd. Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE A1+ | Reaffirmed HDFC Bank Ltd Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 45.00 Simple ACUITE A1+ | Reaffirmed Axis Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 13.00 Simple ACUITE A1+ | Reaffirmed Indusind Bank Ltd Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 50.00 Simple ACUITE A1+ | Reaffirmed Canara Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE A1+ | Reaffirmed Union Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 45.00 Simple ACUITE A1+ | Assigned UCO Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 20.00 Simple ACUITE A1+ | Assigned Not Applicable Not Applicable Proposed Short Term Bank Facility Not Applicable Not Applicable Not Applicable 25.11 Simple ACUITE A1+ | Reaffirmed RBL Bank Not Applicable Term Loan Not available Not available Not available 16.00 Simple ACUITE A+ | Stable | Reaffirmed

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Dipti Choudhary Analyst - Rating Operations Tel: 022-49294065 dipti.choudhary@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in 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. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.