Press Release August 18, 2026 MAC CHARLES INDIA LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Non Convertible Debentures (NCD)	50.00	0.00	Not Applicable | Withdrawn	-	SEBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	50.00	0.00	-	-	-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

­Acuité has withdrawn its long-term rating on Rs. 50.00 Cr. Non-Convertible Debentures (NCDs) of MAC Charles India Limited (MCIL) without assigning any rating as it has been fully redeemed. The rating is being withdrawn on account of redemption certificate received from the debenture trustee and withdrawal request received from the issuer. The rating withdrawal is in accordance with Acuite’s policy on withdrawal of ratings as applicable to the respective facility / instrument.

About the Company

Incorporated in 1979, Mac Charles India Limited is engaged in the business of real estate development and wind power generation. The present directors of the company are Mr. Aditya Virwani, Mrs. Barkha Mahtani, Mr. Pandithacholanallur Ramakrishnan Rajagopalan, Mr. Srinivasarao Nagabhushana Rao Nagendra, Mr. Bijoy Kumar Das and Mr. Harish Kumar Anand. The registered office of the company is in Bangalore.

Unsupported Rating

­Not Applicable.

Analytical Approach

­Not Applicable.

Key Rating Drivers

Strengths

­Not Applicable.

Weaknesses

­Not Applicable.

ESG Factors Relevant for Rating

­MCIL undertakes multiple CSR activities and has an existing CSR policy. Previously, the company has supported for implementing holistic health and hygiene program with focus on preventive healthcare, nutrition and sanitation at government schools in Bangalore. Further, Embassy Group is engaged in multiple ESG initiatives including supporting government schools in Bangalore, public spaces clean up in Bangalore, installation of segregated garbage bins in Bangalore CBD, transformation of 101 under fly-over pillars, among others. Additionally, all the projects undertaken by Embassy Group have IGBC Green Gold Certification or higher. Embassy group has an active engagement towards improvising education, sustainable infrastructure, community engagement and corporate connect. The group aims to facilitate students of Government Schools with a safe learning environment for skill development through holistic interventions in Education, Health and Infrastructure. It has supported more tha 85 government schools through educational and infrastructure interventions, build around 10 new government schools amongst others. Embassy group drives positive change by providing infrastructure-based solutions with new frontline services for environmental sustainability and community healthcare, it promotes grassroot results to global problems in the communities it is a part of. Embassy group is a proud partner of TAICT’s (The Anonymous Indian Charitable Trust) Ecogram Waste Management Project, which aims to catalyse communities to develop and implement strategic infrastructure for sustainable environmental management. It has completed several initiatives of public spaces clean-up, installation of segregated garbage, mobile cancer detection unit amongst others.

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.

Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	110.30	9.83
PAT	Rs. Cr.	(45.73)	(59.07)
PAT Margin	(%)	(41.46)	(600.90)
Total Debt/Tangible Net Worth	Times	3.22	2.57
PBDIT/Interest	Times	0.79	0.43

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 • Real Estate Entities: https://www.acuite.in/view-rating-criteria-63.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 17 Feb 2026 Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 135.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 135.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 99.90 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 100.10 ACUITE Not Applicable (Withdrawn) 17 Feb 2025 Non-Covertible Debentures (NCD) Long Term 135.00 ACUITE BBB | Stable (Upgraded from ACUITE BB) Non-Covertible Debentures (NCD) Long Term 135.00 ACUITE BBB | Stable (Upgraded from ACUITE BB) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE BBB | Stable (Upgraded from ACUITE BB) Non-Covertible Debentures (NCD) Long Term 99.90 ACUITE BBB | Stable (Upgraded from ACUITE BB) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BBB | Stable (Upgraded from ACUITE BB) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BBB | Stable (Upgraded from ACUITE BB) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE BBB | Stable (Upgraded from ACUITE BB) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE BBB | Stable (Upgraded from ACUITE BB) Non-Covertible Debentures (NCD) Long Term 100.10 ACUITE BBB | Stable (Upgraded from ACUITE BB) 17 Jan 2025 Non-Covertible Debentures (NCD) Long Term 135.00 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ | Stable) Non-Covertible Debentures (NCD) Long Term 135.00 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ | Stable) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ | Stable) Non-Covertible Debentures (NCD) Long Term 99.90 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ | Stable) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ | Stable) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ | Stable) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ | Stable) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ | Stable) Non-Covertible Debentures (NCD) Long Term 100.10 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ | Stable) 23 Jan 2024 Non-Covertible Debentures (NCD) Long Term 135.00 ACUITE BB+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 135.00 ACUITE BB+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE BB+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 99.90 ACUITE BB+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BB+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BB+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE BB+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE BB+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 100.10 ACUITE BB+ | Stable (Reaffirmed) 20 Feb 2023 Non-Covertible Debentures (NCD) Long Term 300.00 ACUITE BB+ | Stable (Downgraded from ACUITE BBB- | Stable) Non-Covertible Debentures (NCD) Long Term 320.00 ACUITE BB+ | Stable (Assigned)

­

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Roshni Gupta 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   1 Includes 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. 3 The 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.